“Listening to the wind of change” is a relatable song to the WFH momentum in Latin America. The winds blow in favor turning it into the top source of remote workers and digital nomads in the world.
A sneak peak into the future: It remains remote
Software Engineers in Latam are being hired by companies operating beyond their national borders massively. We realized that working remotely has become a lifestyle, transforming the local labor markets throughout the region.
According to a recent study by the British headhunting agency Page Group, as much as 44% of companies operating in Latin America have employees working in a country outside their main headquarters. By 2022, this region had already beaten all others in the growth rate for hiring by non-national companies.
Countries from Latam have benefitted, as they share a time zone with the U.S. The number of North American companies with remote workers in Central America and the Caribbean, for example, has grown 300% between 2020 and 2023, according to new research from Lightcast.
Page Group, a British recruitment company, shared a report, based on almost 3,000 employees’ responses from seven Latam countries. There, most of them agreed that the strategy for companies to retain talent is offering highly competitive remuneration.
In a context where Latam economies are getting weaker every day, being employed by companies overseas means skilled local workers can overcome the economic climate in their countries. Also, salaries in these positions can be more attractive, with some doubling the average salary offered in the local labor market, according to Lexology. We think that this situation is creating a big opportunity in an uncertain economic context. For example in Argentina, particularly, software engineers are being drawn to work for foreign companies and being paid in dollars. For this reason, companies offers them lower salaries but that represents a highly competitive income in their context.
As we already said, data indicates that this is not a trend anymore. This is a complete revamp of the job market with fewer borders and more opportunities for both companies and talent.