The Global Tech Talent Shortage is Coming to an End

This year promises some relief from the COVID-19 pandemic and accompanying ripple effects that rocked the world economy, one of which was a global IT talent shortage. Crucial to the recovery froThm the tech talent crisis is the burgeoning Nearshore information technology outsourcing (ITO) industry.

Demand (and salaries) for tech talent skyrocketed during the pandemic as businesses attempted to rapidly scale up their digital transformation as most of the world was locked down. As a result, companies have expanded their recruiting to cover the whole world. Just as the crisis began to subside, the war in Ukraine cut off a large chunk of Eastern Europe from tech recruiting.

However, a different story emerges in Latin America, a region favored by companies hunting for competent tech professionals at affordable prices. Reports from the recent Nexus 2022 conference saw several Nearshore IT agency CEOs confirm that it was getting easier to source quality talent from the LatAm region.

Remote Work is here to stay

During lockdown, millions converted their homes into makeshift workspaces. Many workers found this agreeable, but some bosses are not so keen, claiming that it creates a culture of entitlement among employees.

In Latin America, a hybrid model appears to be emerging, in which governments facilitate regulations for combined remote/office work, and many workers, whose home offices are not always as comfortable as in the US, still prefer a dedicated office.

New Opportunities in Nearshore Outsourcing

Latin America’s tech sector is poised to make the best of the recent disruption, even if the pandemic hits the region hard. Multinational companies are investing heavily into the region and finding talented individuals at a lower cost than their North American counterparts. This in turn stimulates economic development in the region and incentivizes governments to offer more attractive service packages to foreign businesses.

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