According to a study by the Madrid Family Business Association (ADEFAM), there is a firm commitment to the strengthening of their businesses, despite the complexity of the current economic scenario.
This assessment is confirmed by the fact that 76% of family businessmen declare their intention to increase its investments in Spain throughout this financial year, as well as in their forecasts to increase sales and employment (more than 60% contemplate this scenario).
However, they identify among the main risks for the Spanish economy in the short and medium term the persistence of the inflation (64% of those surveyed believe so); the high public debt that Spain supports (47% share this opinion) and the increase in the cost of financing that is causing the more restrictive monetary policy applied by the ECB to stop the escalation of prices, as indicated by 46%.
In his opinion, factors such as the high rigidity of the hiring and firing systemshigh labor costs.
Likewise, an added problem that they detect in the labor market is the absence of professionals with profiles appropriate to their needs. In concept, almost 8 out of ten businessmen (78%) pronounce themselves in this sense, and believe that the degree of adequacy of the professional profiles of the market to their structures barely touches the approved (4.86 of 9 points). They also ensure that the professionals most in demand by them at this time would be those related to trades in industry and services (49%); business and commercial developers (30%) and engineers (23%).
As a curious fact from the survey, it can be deduced that one of the main reasons for concern of family businessmen for economic growth in Spain is “the capacity of the political class” (86% of those surveyed believe so). In fact, this would be the main factor of concern for the majority, quite a distance from other factors, such as the increase in prices (49%); corruption (39%) or the war between Russia and Ukraine (33%).
Structural measures to boost growth
“Family businesses are very aware of the complex national and international economic situation, and have been pointing out structural measures for some time that would make it possible to strengthen the competitiveness of companies and the Spanish economy in general. However, by nature they tend to overcome difficulties and continue planning in the long term and with an eye on the territories in which they settle.” declares Victoria Plantalamor, ADEFAM President.
Based on the results of the survey, family businessmen believe that the structural measures that Spain would need to intensify its economic growth would be, in this order: cutting back on Public Administrations and increasing their efficiency, improving the educational system , reducing regulatory complexity and improving legal certainty; the reform of corporate taxation, with special attention to a reduction in corporate tax and better treatment of reinvestment of profits; the reform of the energy system, in order to reduce the cost of energy; the introduction of incentives for innovation; the reduction of company social contributions, and a salary model adapted to each company and associated with productivity.
Climate change and Artificial Intelligence
For the first time, ADEFAM’s economic perception survey has asked family entrepreneurs about the incidence in their organizations of phenomena such as climate change or the irruption of Artificial Intelligence (AI). In relation to these aspects, six out of ten (61%) consider climate change as a risk factor that can condition the growth of their companies in the medium and long term, and 65% perceive the implementation of AI in various areas of the economy, society and business as an opportunity. Despite this appreciation, the majority (85%) state that they do not use AI-based applications or systems in their processes on a recurring basis.
