Latin America. The wave of layoffs at the world's top tech companies has been rocking the sector since 2022. Motivated by a variety of factors, such as internal restructuring, shifting strategic priorities, and global economic effects, managers are looking to retain and hire increasingly qualified professionals. With a tighter market, the profile of the specialized worker is the most requested.
Despite the challenging changes, the market is still looking for talent. According to a report by the Colombian Federation of the Software Industry and Information Technologies, Fedesoft, the IT sector maintained growth rates between 10% and 15% per year in recent years. It also generates annual revenues of close to $10,000 million dollars and employs more than 370,000 people. This area of the economy experienced one of the highest growth and is an engine for job creation. It is estimated that there are approximately 8,000 companies, enterprises and SMEs that make up the software and IT sector in the country, according to data from Fedesoft and the Ministry of Commerce, Industry and Tourism.
According to a study by Hireline in 2022, in Colombia, developers or programmers were the most in-demand IT professionals. In addition, those with advanced English skills earned 4.5 times more than their peers who were not fluent in the language. Likewise, 73% of job opportunities in the sector are located in Bogotá, the rest are distributed between Medellín and Cali. In recent years, Colombia has stood out as a major hub for IT talent in Latin America, along with Argentina, Brazil, and Mexico.
How to stay relevant?
For those who wish to secure a position beyond Colombian borders, specialization is essential. In addition to current market requirements, the advancement of AI will transform many jobs into technology, and knowledge in areas such as machine learning will be particularly valued in the coming years. The World Economic Forum's "Future of Work 2023" report notes that the use of this technology will drive change in 23% of jobs.
Today, the most in-demand positions for U.S. companies are IT developers, with skills in any technology, and across all sectors and team positions. The languages Java, React, SQL, Angular, C#, Javascript, and .NET are also among the most sought after by U.S. companies. Talents in the field of artificial intelligence will be coveted for their contribution to innovation and technological progress, mainly by collaborating on interdisciplinary projects with experts from other sectors.
In addition to technological skills, professionals in the area need to have communication skills, foreign language proficiency, organization, and adaptability. In an increasingly competitive market, companies also need to demonstrate financial stability to their investors, so the professional must be prepared for various scenarios.
After hiring foreign professionals, companies must offer training and mentoring to new talent. These resources work as a process of continuous improvement and help identify the specific needs of employers. Likewise, this initiative helps retain talent by investing in their careers, contributing to progress in a multicultural and diverse environment.
All of these factors reinforce the importance of specialization and continuous learning. Professional development will be critical to meeting the demands of an ever-evolving market. Collaboration between companies and professionals will also be increasingly essential to face the new challenges. By facing obstacles as growth opportunities, Colombian professionals can position themselves as key players in the construction of the Latin American technological future.
Text written by Giuliana Corbo, CEO of Nearsure.
