Rise in Global Hiring and Salaries in Latin America

In 2023, Latin America secured the third spot globally for hiring international and remote workers.

It trailed behind North America and the combined region of Europe, the Middle East, and Africa (EMEA), while Asia-Pacific shared the lead with EMEA.

Despite dropping from its 2022 second-place position, Latin America consistently attracts both national and international talents, surpassing Asia-Pacific, according to Deel’s Global International Talent Hiring Report (download here).

Argentina, Colombia, and Brazil emerged as key countries employing international contract workers. These professionals are in high demand in Spain, the UK, Germany, France, the US, and Canada.

They are also sought after within Latin America, including in Uruguay, Mexico, and Brazil. Natalia Jiménez, Deel’s Regional Director, highlights the evolving global workforce.

She notes the opportunity for workers worldwide to access diverse job opportunities, benefiting companies with a mix of talents.

Surging demand for diverse professions in Latin America: teaching, finance, consulting, marketing, content creation, customer service, sales, data analysis, recruitment.

This surge is coupled with a significant increase in salaries. Latin America saw a 2% rise in average salaries for new contracts in 2023, outperforming Asia-Pacific’s 1% increase and eclipsing North America’s 5.5% decrease.

Colombia notably led the region with a 162% increase in average salaries for new contracts.

This outpaced India’s 92%, Spain’s 85%, and Brazil’s 75%. Jiménez praised the swift global hiring of Colombian talent, reflecting their adaptability and quality.

Supporting these findings, a study by Scoop Technologies Inc. and Boston Consulting Group revealed that companies with remote workers or fully flexible work models experienced faster revenue growth.

These companies saw a 21% increase in sales from 2020 to 2022, surpassing the 5% growth of firms with hybrid or fully on-site workforces.

Finally, a Federal Reserve Bank of San Francisco study found that flexible and remote work since 2020 has not reduced productivity growth.

Despite some U.S. employers advocating for office returns, a hybrid work model with 30% remote work continued until December 2023.