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In a world where technology and innovation are transforming industries at an unprecedented pace, the search for skilled Engineering talent has become a top priority for companies worldwide. The demand for these professionals remains consistently high, even in the face of economic fluctuations, making it imperative for businesses to look beyond their local markets and embrace a global perspective.
Forward-thinking organizations are recognizing the immense benefits of accessing diverse global talent pools. This approach goes beyond simply filling vacancies; it’s a strategic move that enables companies to harness unique skills, experiences, and perspectives that fuel innovation and drive growth. As regions like Europe, Asia, Latin America (LATAM), and North America vie for the best and brightest, the global talent landscape has become a vibrant and dynamic arena.
Among all the hotbeds of talent, LATAM has emerged as a Global COE hotspot, a standout destination for companies seeking to establish and expand their technology centers. The region’s unique combination of factors, including geographical proximity to the United States, time zone alignment, and cultural similarities, has made it an attractive nearshoring option for US-based companies.
LATAM offers a compelling value proposition for global organizations looking to build a hub-and-spoke model for their technology operations. By strategically setting up centers in countries like Mexico, Costa Rica, and Chile, companies can leverage the region’s diverse talent pool, create synergies across their global operations, and seamlessly integrate their teams, thanks to the cultural affinities that exist within the region.
The growth of the Software Engineering talent in LATAM has been particularly impressive over the past decade. The region boasts a combined installed talent pool of 1.2 Mn professionals, primarily concentrated in Mexico and Brazil. This talent pool is further bolstered by the region’s strong focus on STEM education, with an annual influx of over 350,000 STEM graduates.
The rapidly growing start-up ecosystems in LATAM, particularly in Brazil and Mexico, has also played a significant role in nurturing and expanding this talent pool. This vibrant technology scene has not only attracted global companies but has also fostered the growth of a skilled and diverse talent pool.
Mexico hosts many global companies’ ER&D and IT centers, while Costa Rica is known for its global Shared Services Centers. Colombia and Argentina, on the other hand, have established themselves as hubs for Customer Service and Data Centers, respectively.
While English proficiency has traditionally been a challenge in the LATAM region, the increasing presence of global companies and the rapid growth of the start-up ecosystem have driven the demand for English-speaking professionals. As a result, there has been a significant improvement in English language skills in recent years.
As companies navigate the global talent landscape, LATAM presents a compelling case for those seeking to establish and expand their technology operations. With its growing Software Engineering talent, cost-effectiveness, cultural similarities, and thriving innovation ecosystem, the region is poised to play an increasingly important role in the global technology industry.
In this comprehensive study, “LATAM – COE Hotspots of the World 2024,” we will provide an in-depth analysis of the LATAM region’s dynamic talent ecosystem. Our study will examine the relationships between academic institutions and industry, the growing presence of global companies, and the thriving start-up scene that is driving innovation in the region.
The study will also offer valuable insights into compensation structures, location attractiveness, and talent competitiveness compared to other established global tech hubs.
By the end of this report, CXOs and leaders tasked with making strategic decisions about their company’s global technology operations will have a clear understanding of the opportunities and challenges associated with tapping into LATAM’s technology talent pool.
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