The Spanish talent market is perceived to be mature and easy to operate in. This makes some sense from afar. There is a solid network of business centers, a developing international business presence, and a considerable pool of experienced talent. Problems arise when businesses attempt to recruit senior executives. In Spain, executive search is shifting from talent arbitrage to understanding the true gaps and the reasons behind their expansion. Where the Talent Gaps Are Actually Emerging Spain may appear to have many senior professionals, but the issues here are more complex. The problem is not the experience, but the type of experience that is most required by the different companies. As per McKinsey & Company, the nature of change of senior leadership roles in Europe is at a much quicker pace than the nature of change in the senior leadership roles in the talent pool. Executives are required who are able to be strategic, also have the ability to execute, and be the change agent. That blend is still too little. This is especially the case in Spain in the industries that are shifting the fastest—energy transition, infrastructure, and technology. There are many executives who have strong functional experience, but far fewer who have held positions to manage large, complex transformations, or to operate internationally in complex situations. This results in the mismatch between the hopes of the companies and the actual situation in the labor market. The Shift from Stability to Transformation Leadership For many years, leadership in Spain emphasized operational stability and incremental change. This is not enough anymore. At present, companies expect executives to manage change and uncertainty, and lead in multiple dimensions simultaneously, including at the same time digital transformation, new business models, and the increased need for operational efficiency.