Partner Series | Portugal, growth and transformation at full sail

Welcome to another ENEX Partner series, where we introduce our global Partner firms and the people behind the organisations. Today we introduce to you another Psicotec office (aside from Spain), our Portuguese ENEX Partner.

As it can still be heard in some parts of the country “Portugal is not a small country”. On the contrary, if economic data is anything to go by, the Portuguese economy has shown sustained growth over the last decade, driven by key sectors such as technology, renewable energy and logistics. However, the labor market faces major challenges such as its wage level, inflation and the need for skilled professionals to meet the demand in certain sectors. Will Portugal be able to take advantage of the current that will propel it to new horizons?

Economic growth, stability and international openness

The Portuguese economy has shown remarkable resilience following the 2008 financial crisis and subsequent recession. Since then, the country has embarked on a series of economic and fiscal reforms that are now paying off, with GDP growing steadily, reaching 1.5% growth in the second quarter of 2024. 

In a global context of inflation and slowdown in many major economies, Portugal remains attractive for foreign investment and company relocation. This is especially notable in sectors such as tech & digital, logistics & transport, healthcare & biotech and green energy, where the metropolitan areas of Lisbon and Porto are consolidating as hotspots for startups and multinationals. In turn, this investment has boosted job creation, especially for young people and highly qualified professionals.

One of the aspects that has most energized the Portuguese labor landscape is closely related to qualified young people. Since 2023 Portugal is considered the 7th best global destination for digital nomads, ahead of other developed countries such as France or Canada.  

The attraction of this global digital talent has given a new boost to one of the most characteristic features of Portuguese culture: its openness to the world. Its languages’ proficiency, its quality of life and its professional and development incentives have made Portugal one of the main poles of attraction for tech talent in Europe.

Technology and innovation: emerging sectors

The technology and biotech sector is precisely one of the pillars of Portugal's recent growth. Lisbon has positioned itself as a European technology hub, attracting companies and professionals from all over the world. This sector offers job opportunities in the areas of programming, artificial intelligence, and software development, generating quality and well-paid jobs. However, the country faces a talent challenge, as many companies find it difficult to fill vacancies due to the shortage of professionals specialized in these areas.

Renewable energies: growing greener

Portugal has been a pioneer in the development of renewable energies, with a large part of its energy coming from clean sources, such as hydroelectric, wind and solar. This sector has not only contributed to reducing the country's energy dependence and carbon footprint, but has also been a growing source of employment.

The Portuguese government has ambitious plans to expand its renewable energy capacity in the coming years, which will generate more jobs in the installation, maintenance and operation of clean energy infrastructure. Moreover, this commitment enables the country to move towards its goal of carbon neutrality by 2050.

Future challenges

All in all, Portugal's economy shows a solid path, driven by innovation, technology and sustainability. However, the modernization of the labor market, the improvement of employment conditions, training and the commitment to new work models will be crucial to consolidate this growth and avoid talent drain. 

In all this panorama, there is one topic that will be crucial in the coming years: the identification of the best talent capable of guiding Portuguese companies through this sea of change.

ENEX Portugal | Psicotec Portugal | History of our Portuguese Partner

Psicotec launched its activity in Portugal in 2006 with the opening of its offices in Lisbon. Its original objective was always to strengthen synergies with its clients at Iberian level, being able to offer, both in Spain and Portugal, the best tailor-made solutions in Human Resources:

• Talent Selection and Executive Search
• Training and Development of internal Talent
• Talent Assessment and Evaluation
• HR Consulting and Transformation

But this initial objective was soon overtaken by the enormous opportunities offered by the Portuguese market. First of all, an international opening towards both sides of the Atlantic, towards Portuguese-speaking countries, but also, with a broader view towards a global market.

Thus, this Iberian origin was transformed into a global vocation that led Psicotec Portugal to become the IT Hub of the entire Psicotec Group, an international center of excellence for recruitment, attraction and development of tech and executive talent.

Psicotec Portugal has always solved Executive Search with an international perspective. Being part of ENEX is a natural step in our evolution. Together we can further expand our reach and offer our clients what they are really looking for: to find the professionals they need anywhere in the world.

Susana Bogalho, Director at Psicotec Portugal

Want to learn more? Go to www.psicotec.com/pt