Banca March: It is becoming increasingly difficult for companies to fill jobs that require a high level of training or specific knowledge. Thus, salaries for new vacancies are growing at a year-on-year rate of 6% compared to the 3.4% wage increase agreed by collective bargaining agreement. The Governor of the Bank of Spain explains the reasons for the tightening of the market – the mismatch between job vacancies and job seekers. On the one hand, the greater demands of workers to accept a job and, on the other hand, the disparity between the training required by companies and the qualifications of workers. A disparity is particularly noticeable among technology sectors: cybersecurity experts, data analysts and software developers, among others. These wage increases could start to have a negative impact on labour demand.
Bank of Spain warns of wage rises above collective bargaining due to difficulty in filling new vacancies
