What happens to the Portuguese labor market? (And yes, salary matters) – Human Resources

Yes, salary matters. How do you not care? It is often said that money does not bring happiness, nor does the lack of minimum financial conditions for an independent, balanced and healthy family life.

By Miguel D’Almeida, Principal Operations Manager – Specialized Recruitment at Kelly Portugal

What happens to a country where the majority of young people entering the labor market cannot envision an independent start in life, starting a family and a career with children? What happens to a country where the alternative for young people entering the labor market is to live for the next seven years in their parents’ home? What happens to a theoretically developed country where the birth rate is low? What is happening in a country where the wage gap is the lowest ever among young people with secondary and higher education? What happens to a country that is considered one of the countries with a great shortage of qualified talent in the world, but has the best universities, technical institutes and internationally recognized high-quality vocational training? What happens to a country that has a strong interest, investment and even merger of several multinational corporations, but still fails to retain most of its qualified human capital?

Portugal is one of the largest distributors of qualified talent internationally. A country that, in addition to a heavy tax burden, has experienced a sudden rise in inflation in recent months, an increase in interest rates, and still practices wages that do not keep pace with the current reality of most Portuguese.

What does Europe do in crisis and lack of qualified talent? Come to Portugal to be employed, in the country of outstanding professionals, with low wages.

Without realizing it, we are losing the best IT professionals, who are now facilitated by remote work. We are allowing engineers, managers, financial professionals, health professionals, researchers and specialized technicians to leave gradually. We are talking about the main pillars of business and economic balance in our country.

A country with a lot of potential, but which continues to ignore market indicators and trends. Talent is gradually running out, and little has been done to reverse this situation.

Make no mistake. Salary matters and, more than ever, is one of the main factors of attraction and retention in Portugal.