By Liliana Mata, Director of Account Management and Ana Vizzotto, Director of Client Solutions
In today’s fast-moving business world, companies are always on the lookout for smart and affordable ways to tap into the best talent out there. That’s why more and more multinational companies (MNCs) are turning to Latin America (LATAM) as a top choice. Not only is the region a great value, but it also offers convenient time zones and plenty of skilled talent in fields like technology, engineering and finance.
In this blog post, we’ll take a deep dive into the many advantages of hiring remote workers from talent pools in LATAM. We’ll also discuss how MNCs can leverage Employer of Record (EOR) hiring to unlock the region’s treasure trove of talent.
Cost-effective talent development
The cost factor – one of the most common reasons MNCs turn to LATAM for hiring – presents a win-win situation for both companies and local professionals looking for challenging and rewarding job opportunities.
Hiring talent in LATAM can provide significant bottom line savings for companies due to lower operating expenses and a lower cost of living compared to other regions. Leveraging these cost advantages allows companies to offer competitive compensation packages without overstretching their budgets.
Access to skilled talent
Hiring in LATAM is not just about cost. The region is home to many highly-educated, highly-skilled professionals in high-demand fields such as technology, engineering and finance. Countries from across LATAM score highly on the Global Talent Competitiveness Index (GTCI), underscoring how deep the region’s talent pools run.
By hiring in the region, international firms can access top talent pools and find the right candidates for their open positions. This can be particularly valuable for companies that are struggling to find qualified candidates in the U.S. amid a deep talent crunch that is expected to persist for years to come.
Increased diversity and innovation
By hiring in LATAM, MNCs can naturally increase the diversity of their workforce. This may be particularly valuable for companies that operate in global markets and need employees who understand different cultures and languages.
A diverse workforce can drive creativity and innovation, which can lead to breakthrough solutions for complex business problems. Additionally, by having employees who understand different cultures and languages, companies are better able to serve clients and customers in global markets – which is becoming increasingly important in today’s interconnected world.
Language proficiency
Many professionals in LATAM are bilingual or multilingual, with fluency in English, Portuguese and Spanish being particularly common.
Cultivating a bilingual workforce that includes LATAM-based professionals is a game-changer for MNCs seeking to expand their reach in global markets. By having employees who are fluent in more than one language, firms can more effectively communicate with clients and customers in both LATAM and their home country– thereby building stronger relationships and gaining a competitive edge.
Time zone syncing
Hiring talent in LATAM can offer significant advantages in terms of communication efficiency for companies that require real-time collaboration with clients or teams in similar time zones.
For example, with no LATAM city running more than two hours ahead of EST, U.S. firms can hire professionals who are working beside them – not hours behind. This eliminates the need for chasing and sacrificing, allowing teams to enjoy the benefits of real-time collaboration without compromising their own work schedules.
Cultural compatibility
The work culture in LATAM is conducive to the success of global businesses, making it an attractive destination for companies looking to expand their operations.
For instance, in the region’s top cities for talent – like São Paulo, Buenos Aires and Mexico City – hard work and collaboration are integral to daily professional life. This means that companies can tap into a talent pool of candidates who possess the tenacity and expertise to achieve great success in their roles.
As a result, MNCs can confidently expand their businesses in the region and achieve long-term growth.
Ambition and hunger for success
LATAM talent offers a rare combination of affordability and ambition, making the region a smart choice for companies looking to grow. Professionals are often highly educated, holding advanced degrees from reputable schools. Many have worked for major powerhouses such as JP Morgan, EY, PWC and Amazon – who all have a presence in the region.
What really sets LATAM professionals apart is their insatiable hunger for success. When you hire professionals from the region, you’re not just getting affordable talent. You’re getting a group of distinguished, driven professionals who are eager to prove themselves in the global market.
Employer of Record (EOR) hiring: the key to LATAM
Employer of Record (EOR) services are particularly helpful in LATAM, where regulatory compliance can be complex, nuanced and entirely unfamiliar to internal HR teams based in other regions of the world.
By hiring through an EOR like GoGlobal, companies avoid entity set-up costs, fines and penalties. Plus, they can circumvent arduous administrative tasks such as cross-border payroll, taxes and compliance with local laws and regulations.
Taking it a step further, GoGlobal’s Recruit & Hire solution can also help companies take control of their talent strategy and unlock the treasure trove of talent that LATAM has to offer.
With our in-house regional talent acquisition teams and global network of vetted recruitment partners, our clients can source and engage top remote talent in days and receive expertise in local salary benchmarking, talent pool sourcing and in-country HR regulations. This allows companies to seamlessly build a diverse, highly skilled remote team that can drive business growth and success in LATAM and beyond.
Contact us to talk with an international HR expert about expanding and hiring in LATAM. Download our new guide to Building a Resilient Workforce in LATAM today.