In 2024, demand for remote tech professionals from Latin America surged, especially in Chile and Colombia, with significant growth reported across the region. Companies increasingly favor younger talent, reflecting a global shift towards this demographic. Initiatives to enhance the tech talent pool are being implemented, addressing previous challenges such as inflation and talent shortages, while emphasizing retention through workplace culture and employee benefits.
The demand for remote tech professionals in Latin America has drastically increased in 2024, as U.S. companies seek talent within similar time zones. According to Deel’s Global Hiring Report, international hiring in the region experienced double-digit growth, affirming Deel’s prominent position in the HR and payroll sector, which has gained traction post-COVID-19. The most notable growth was in Chile, which saw a 67% increase, followed by Colombia at 55%, with Mexico and Argentina reporting a tie at 54% growth, and Brazil at 53%.
Notably, Argentina’s extensive talent pool faced challenges due to high inflation, leading several firms to avoid hiring in the country. The top cities for hiring in 2024 included Buenos Aires, Bogotá, São Paulo, and Lima, among others. In light of unstable foreign exchange markets, many Latin American workers have shifted their preference towards receiving payments in U.S. dollars, with Argentina leading this trend at a 7% increase in dollar payments.
A significant trend is the preference for younger talent, particularly Generation Z, who have proven to be more adaptable and enthusiastic, despite their lack of experience. The demand for this demographic surged by 97% globally, with Chile showing the highest increase at 147%. Interestingly, Generation Z also demonstrated the fastest salary growth, and they seemed less likely to leave their jobs for higher pay compared to their millennial counterparts.
The most sought-after roles include software engineers, developers, customer service agents, and accountants. Deel’s findings indicate that retaining talent is becoming less challenging, compounded by a decrease in layoffs and job resignations. Efforts by companies like DevSavant are strengthening Latin America’s tech talent pool through EdTech initiatives that allow non-traditional learners to develop necessary skills for tech careers, supported by coding bootcamps and training programs.
In terms of retention strategies, companies are encouraged to provide benefits comparable to U.S. firms, including stock options and flexibility in the workplace. Employees are increasingly valuing mental health support and a culture of trust, with emphasis placed on well-being beyond merely financial compensation in talent retention efforts.
In summary, the remote hiring landscape in Latin America, particularly in Chile and Colombia, has experienced a remarkable surge in demand for tech talent in 2024. Despite challenges such as inflation and a talent shortage, the region is adapting through innovative educational initiatives and fostering a work culture that prioritizes employee well-being. As businesses evolve their hiring and retention strategies, they must acknowledge the rising influence of younger professionals and the growing preference for competitive benefits beyond just compensation.
Original Source: nearshoreamericas.com
