However, the environment in Latam is never a simple one. With presidential elections, and/or governments in a period of transition, taking place in Brazil, Colombia, Mexico and Chile, we expect to see heightened levels of demand on our executives to navigate this disruption, whilst taking advantage of the increasing tailwinds. In addition, as the outcome of these elections are uncertain it could have further impact on business performance as the year progresses.
Of course, uncertainty is all too familiar for us in the region and the demands from executives continues to evolve with the market. With this evolution, so too are the EVP needs of our business leaders to ensure their ongoing engagement and commitment to achieving the progress we anticipate. For example, getting the right balance between short, medium and long-term incentives. It is for these reasons that ensuring you have the right executive team in place, with effective retention strategies that drive clear business objectives, is as important as ever.
Interestingly, our findings show that 88% of executives are willingly mobile – representing both an opportunity and a potential risk. We have also seen a preference for local executive hires over expats, however, with a limited pool of talent available, this creates compensation pressures. Coupled with this, is the consistent demand for executives whom can communicate the realities of local markets in a way that can be understood by global stakeholders. Language is of course fundamental to this, but more so the cultural intelligence of the person. Without overseas exposure, this again can put further limitations on the pool of talent and drive up salary costs.
As a sign of increasing optimism in the region, 42% of respondents feel their compensation package is not aligned with the market. This enhances the risk in a limited pool of talent, making retention harder for companies and a major concern for a business in transition. With 62% of executives seeing this as a key motivation to change roles it’s essential that a clear EVP exists to retain and incentivize key leadership. In order to achieve this balance, executives are however looking for the right professional challenge meaning it is not all about the money.
The 2018 guide aims to provide the key trends and essential insights to understand the local challenges and differences faced across the markets, as well as equipping you with the knowledge to make the best senior talent decisions. In addition to this, our team remain committed to supporting you in achieving these outcomes through the support of all your recruitment needs.
Hays Executive operates in 21 countries around the world, sharing knowledge and experience. We are centrally networked to provide a seamless global executive service wherever you are. We are a specialist executive search and selection practice that addresses the need for inspirational leadership capital in the public services, finance, technology, telecommunications, industrial and manufacturing and media sectors through our operations and relationships in Europe, Asia Pacific, North America, and South America.
For more information, please visit us at hays-executive.com