Facing an economic recession can be a daunting challenge for any business, especially for CTOs and CEOs. However, with the right strategy and approach, it can be an opportunity to drive growth and secure a strong future for the company.
One strategy that has proven to be effective for many companies in the United States is hiring Latin American software developer talent. In this blog post, we will discuss how CTOs and CEOs can leverage this talent to weather the economic recession.
Latin American software developers offer cost-effective talent compared to their North American or European counterparts. In fact, tech talent in the US is still 90% more expensive than in Latin America, according to Accelerance’s 2022 Global Software Outsourcing Trends and Rates Guide.
This is due to living costs and salaries in Latin America, which results in a lower total cost of ownership for your outsourcing partner, ultimately allowing you to invest more in other areas, such as research and development, marketing, and sales.
Latin American developers are known for their technical expertise, innovation, and problem-solving skills. Actually, one of the main reasons why US companies chose Latin America as their preferred software destination is their exceptional technical talent.
They have a strong understanding of the latest technologies and are able to deliver high-quality work that meets the needs of your company, which ultimately t translates into excellent software.
Plus, it results in increased efficiency and productivity, which can help you remain competitive even during an economic recession.
Same Time Zone
Latin America is close in proximity to North America, which means that software developers in Latin America will often be in the same time zone as your company.
Mexico is the only Latin American country that shares the Pacific, Mountain, Central, and Eastern time zones with the US. And while Argentina is over 7,000 miles from the US, it is only one to two hours ahead of the US east coast time, depending on the time of year. Buenos Aires is only four hours behind London and four hours ahead of Silicon Valley.
This eliminates the need for costly and time-consuming travel, and allows for seamless communication and collaboration, even during the economic recession. This can result in increased efficiency, productivity, and cost savings for your company.
If you’re familiar with software outsourcing, you probably know that just like technical skills, the English level of your remote team can be the key to the success or failure of your project.
According to recent studies, the levels of English in Latin America improved during the pandemic, with more than 70% of countries from the region seeing proficiency grow. The average score in Latin America rose by 6 points, compared to an average 3 increase seen globally.
With 556 points in the latest Education First (EF) Proficiency index, Argentina continues to be the country with the strongest English skills in the region. Buenos Aires and Córdoba scored similar results to other European capitals such as Madrid or Barcelona.
Latin American software developers often have strong cultural values and a strong work ethic. This makes it easy for them to integrate with the existing team and to work together to achieve common goals. This can lead to better collaboration, teamwork, and a positive work environment, which is essential for driving growth and success during an economic recession.
Access to a Large Talent Pool
There are currently about 27 million developers worldwide and according to data from Evans Data Corporation (EDC) Latin America is home to a large pool of talent and the region with the second-highest growth in developers globally.
By hiring Latam devs, your company could have access to a wide range of skilled professionals who can bring new perspectives and ideas to the table. This can result in increased innovation and the development of new products and services that can help drive growth during an economic recession.
At Exo Mindset, we understand the importance of finding the right talent to drive growth and success during tough economic times. That’s why we are committed to connecting companies with the best Latin American software developers on the market. By leveraging this talent, we believe that companies can weather the economic recession and secure a bright future for years to come.