Narayan AmmachchiDemand for remote Latin American tech experts leapfrogged in 2024 as U.S. companies scoured the region for talent, focusing on professionals in similar time zones.
International hiring in the region saw double-digit growth, according to Deel’s Global Hiring Report. Deel has become one of the most recognized leaders in the global HR and payroll space, as the entire sector itself has spiked in popularity during and after the Covid pandemic.
Chile led the surge with a 67% increase compared to the previous year, reported Bloomberg Linea. Colombia followed with 55%. Mexico and Argentina tied with 54% growth. Brazil wasn’t far behind at 53%.
Despite Argentina’s deep talent pool, soaring inflation proved a hurdle. Many global firms bypassed the country, the report found.
Top hiring hotspots in 2024 included Buenos Aires, Bogotá, São Paulo, Lima, Medellín, Mexico City, Rio de Janeiro, Córdoba, Rosario, and Cali — in that order.
Due to unstable forex markets, many Latin American workers now prefer payments in U.S. dollars.
In 2024, dollar payments surged across the region. Argentina led with a 7% rise, followed by Colombia and Mexico at 6%. Brazil saw a 4% increase, while Chile recorded 3%.
Young Talent Preferred Over Seasoned
Interestingly, according to the report, companies are increasingly leaning toward younger professionals (Gen Z) born between 1996 and 2012. They lack experience, but make up for it with enthusiasm, analysts noted.
“Each generation brings new skills that businesses need, and Gen Z’s familiarity with emerging technologies like artificial intelligence, as well as their focus on learning and development, are key selling points,” the report noted.
Globally, demand for young talent surged by 97%. Additionally, the report highlighted an interesting trend—retaining young graduates was easier than keeping seasoned professionals.
No country embraced young tech hires more than Chile. The rate there soared 147%. Argentina and Mexico also saw jumps of over 112%.
Generation Z didn’t just experience the fastest wage growth worldwide, they also proved less likely to leave jobs for higher pay.
“Even millennials (born 1981-95), who are just beginning to climb the management ladder and develop the deep experience that creates a negotiating advantage, saw smaller raises than Gen Zers in 2024.”
Software engineers and developers were the most in-demand roles. Customer service agents and accountants followed.
Deel, with 82% of its hiring still remote, says it analyzed data from more than a million job contracts worldwide.
Retaining Talent
Latin America has long suffered a talent shortage, particularly in the tech sector. But the trends are changing, says Daniel Peña Ronderos, Founder and CEO of DevSavant, an Antioquia, Colombia-based company that offers LatAm talent to U.S. firms.
“Latin America is now prepared to meet the global demand for tech talent,” he said in an interview with Nearshore Americas.
Several initiatives are strengthening the talent pool, he said. The biggest game-changers, he says, are “EdTech” platforms.
“These programs are enabling people, even those without formal engineering backgrounds or traditional university degrees, to develop the necessary skills for IT careers. Bootcamps, online academies, and intensive training programs are teaching coding.”
To keep talent, Ronderos said his company encourages clients to offer LatAm professionals the same perks as U.S. employees, including stock options and performance bonuses.
According to Deel’s report, retention won’t be a challenge in the years ahead. Layoffs hit historic lows in the U.S. last year. Global layoffs also declined 21% after peaking in 2023.
Job resignations dipped from 3% in January 2023 to 2% in December 2024.
“At the same time, workers are also less inclined to leave their roles, likely due to increased competition in the job market and lower salary gains for switching companies,” Deel noted.
Ronderos emphasized that salaries alone no longer seal the deal.
“Beyond compensation, we’re seeing an increasing focus on mental health and psychological security as key factors for talent retention. Remote professionals are looking for workplaces that prioritize well-being, offer flexibility, and create a culture of trust and stability.”
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