In 2024, demand for remote Latin American tech professionals surged, driven by U.S. companies seeking talent in similar time zones. Chile and Colombia led with notable growth rates. Trends indicate a preference for young talent, particularly Gen Z. Efforts to enhance skills through EdTech and focus on employee well-being are pivotal for talent retention.
In 2024, the demand for remote tech professionals from Latin America surged significantly as U.S. companies sought talent that aligns with similar time zones. According to Deel’s Global Hiring Report, international hiring within the region experienced double-digit growth. The company, a leader in global HR and payroll, has benefitted from the increased interest in remote work following the Covid pandemic.
Chile exhibited the most remarkable growth with a 67% increase in talent demand from the previous year, according to Bloomberg Linea. Colombia also saw significant growth at 55%, while Mexico and Argentina recorded a 54% increase each. Brazil was close behind, reflecting a 53% increase, although Argentina’s evolving inflation proved to hinder interest despite its well-established talent pool.
Prominent cities for hiring in 2024 included Buenos Aires, Bogotá, and São Paulo, among others. Amidst fluctuating foreign exchange markets, many local workers are now opting for payments in U.S. dollars. Notably, Argentina witnessed a 7% increase in dollar payments, while Colombia and Mexico each saw 6% growth.
The report noted a growing preference for younger professionals, particularly Gen Z individuals. Although they generally lack experience, their enthusiasm and proficiency with emerging technologies like artificial intelligence are valuable assets. Employment growth for this age group surged by 97%, revealing companies’ increasing willingness to hire them over seasoned workers.
Among countries, Chile was at the forefront, with a striking 147% increase in Gen Z hires, while Argentina and Mexico also exceeded 112% growth. Interestingly, Gen Z experienced the fastest wage growth, often with lower job turnover rates compared to previous generations. Software engineers and developers were identified as the most sought-after professionals, followed by customer service agents and accountants.
According to Daniel Peña Ronderos, CEO of DevSavant, the talent shortage in Latin America is being addressed through various initiatives, particularly EdTech platforms that are equipping people with essential skills for the tech industry. These programs include bootcamps and online academies designed to teach coding to those without formal backgrounds.
To retain talent, Ronderos suggested that U.S. firms should extend similar benefits to Latin American professionals as they offer to their domestic employees, such as stock options and bonuses. Notably, layoffs have decreased significantly, with a 21% decline across global markets, suggesting a stable outlook for retention.
Additionally, employees are less inclined to switch jobs, attributed to lower salary increases and heightened market competition. Ronderos emphasized the importance of mental health and workplace culture in talent retention as professionals now seek environments that value well-being and flexibility, beyond mere compensation.
The article highlights the burgeoning demand for remote tech talent from Latin America, specifically in 2024, driven by the need for professionals in compatible time zones. Significant increases in hiring were noted in Chile and Colombia, with younger Generation Z professionals gaining preference. As the talent landscape evolves, initiatives to enhance skills and retain employees are crucial for sustaining this growth. Companies are encouraged to focus on employee well-being, flexibility, and comprehensive benefits for successful talent retention.
Original Source: nearshoreamericas.com
