Why Latin America for your next Tech team

In today's globalized world, companies are increasingly exploring opportunities to expand their talent pool across borders. With its diverse culture, skilled workforce and numerous advantages, Latin America presents itself as an attractive option for tech ventures and startups looking to hire top-tier talent.

Here are five reasons why you should consider Latin America as an outstanding choice to build your remote Tech team.

1. Top-tier quality candidates

Latin America is a fertile ground of opportunities for companies, particularly tech startups, owing to its pool of highly skilled professionals. In 2021, Latin America was the world's fastest-growing region for venture funding. This funding has grown steadily over the past five years, and it has only doubled each year since 2016. In 2019, it reached a record high of $4.96 billion.

In 2022, over 220 startups were founded across the region, a testament to Latin America's wealth of talent and entrepreneurial spirit.

According to industry reports, countries such as Brazil, Argentina, Mexico and Colombia have the highest number of engineers in the region, being JavaScript at the top of the list of predominant languages, followed by an increasing growth of other technologies such as? Python, SQL, Typescript or Scala.

1. Competitive salaries

One of the attractive aspects of hiring talent in Latin America is the opportunity to offer competitive salaries. According to a survey performed by Nexton, in the third quarter of 2023, the median expected salary for BackEnd Developers experienced a notable increase of 8%, from 72k a 78k.

Latin American countries boast a lower cost of living than some other regions, which allows companies to design attractive compensation packages and salaries that allow their talent to maintain a good quality of life.?

Companies such as Deel, HBO, Disney, Hopper and others have development hubs in Latin America, where several companies, startups and entrepreneurs meet to collaborate, exchange knowledge, create synergies and foster innovation.

1. Convenient time zone for collaboration

U.S. companies are strategically looking to hire talent in the same or similar time zones to optimize communication and workflows between teams. Latin American time zones are proving to be particularly advantageous for this purpose. While some Latin American countries have the same time zones as the U.S., others are only a few hours apart, which often has minimal impact on business workflows. The maximum time difference is four hours between a city on the west coast of the US (Palo Alto, CA) and a city on the eastern coast of Brazil (Rio de Janeiro).

1. ?The language barrier is nothing to worry about

Language is often a concern when expanding teams internationally, but Latin America presents an advantage: English proficiency is widespread, especially among the younger workforce and professionals.?

According to a survey by Cordelink, Mexican talent is highly trained in English: 14.5% of tech professionals are fully bilingual, 32.9% have an advanced English level, and 36.5% have intermediate proficiency.

In addition, the cognitive benefits of bilingualism have been widely discussed. When working with talent from Latin America, individuals who speak Spanish as a first language and English fluently offer unique skills. Thanks to their bilingualism, they can contribute to your organization in various ways by using their language skills to improve communication and problem-solving.

1. Unleash innovation, creativity and the startup mindset

Working with a team from a different culture can bring important contributions and benefits not only to the company but also to its talent, as there is an exchange of culture and ideas between the teams.?

It should also be noted that the background of the talent in Latin America can be an advantage; they are people with a passion for entrepreneurship, a practical and determined mindset and a strong sense of purpose.

Differences between hiring in LATAM and hiring locally

To understand the specifics of hiring talent in Latin America versus hiring locally, it's essential to consider cultural differences and remote work practices.

Embracing cultural differences is key to cultivating a workplace that thrives on diversity and adaptability. By fostering an environment where different perspectives are valued and appreciated, you not only enrich each team member's professional experience but also open up avenues for innovative solutions to challenges.