Things are looking up for Latin America’s remote workforce.
An increasing number of professionals in the region are being hired by companies operating beyond their national borders, pushing the trend of remote work and transforming local labor markets throughout Latin America.
As much as 44% of companies operating in Latin America have employees working in a country outside their main headquarters, according to a recent study by British headhunting agency PageGroup. Colombia dominates in this regional trend, with 58% of companies falling under the category.
In the second half of 2021, Latin America beat all other regions in the growth rate for hiring by non-national companies, according to a study by international legal consultant Lexology.
Being offered employment by companies overseas means skilled local workers can land a job regardless of the economic climate in their country. Plus, wages for this foreign jobs can be very attractive, with some doubling the average salary offered in the local labor market, according to Lexology.
This represents a golden oportunity in a context of economic uncertainty. In Argentina, for example, software engineers are being drawn by the prospect of working for foreign companies and being paid in US dollars or even euros, this in a context of extraordinarily high local inflation.
PageGroup’s report comes amid growing attempts by Latin American countries to attract digital nomads to their shores. And while governments are busy issuing visas for digital nomads, some business organizations are sending jobs overseas in their hunt for talented workers.
While traditional labor arrangements require companies to have presence in the country they’re hiring from, remote workers have the freedom to operate as independent contractors in most countries across the region. For employers, this translates into more flexibility to navigate local employment regulations.