Historically, Argentine leaders have excelled in the region. But in an increasingly digital world with blurred boundaries, currently The number of foreign companies based abroad are looking for Argentinian executives to work remotely. This It allows professionals to earn a salary in stronger currencies (such as the dollar or the euro) and continue to live in Argentina, whose currency is increasingly devalued, generating a “win-win” for both parties.
So much that over the course of 2022 the number of CEOs working from Argentina grew by 500% for companies located outside the country, according to a report by HR platform Deel.
Why does this phenomenon occur in the labor market? This happens essentially for three main reasons: the effects of the post-pandemic on working methods, the high levels of training of Argentine professionals and the situation of the Argentine peso.
The 2020 pandemic has clearly prompted the acceleration and rapid adoption of digitization-enhanced ways of working, such as remote and hybrid work. Prior to the start of the current decade, few Argentine professionals worked remotely for companies located overseas. At the time, it was a thing for tech-savvy talent. It made sense for a programmer to do projects abroad, because it was something typical of the technology sector.
But as of 2020, the ability to work remotely has become much more common for companies outside the technology vertical. This has caused companies located overseas (US or European, basically) to broaden profiles in their job searches, beyond technology profiles. Now this trend catches up consumer goods companies and traditional industries.
According to the consulting firm Glue Executive Search, which specializes in the top management segment, –from 2020- searches for Argentine executives by foreign companies to work remotely or in hybrid mode, increased by 30%.
Another influential factor is the high level of education of Argentine executives. But the component that ends up triggering this working phenomenon is the devaluation of the Argentine peso. “If an Argentine executive measures his income in dollars, he will notice that his numbers have plummeted, especially when compared to the rest of the region. If you look back over the last 10 years and evaluate in dollars how much an Argentine executive earns today a Uruguayan, we will see that clearly the former has lost a lot of value,” explains Daniel Iriarte, associate director of Glue Executive Search.
“The Argentinian professional is highly skilled and is very lucrative for a company based overseas, as a salary of over USD 10,000 is very competitive for domestic executives, compared to other markets. If the foreign company were to hire someone from their own country in the same position, it could cost double and even triple in some cases. This makes companies from the US and Europe compete for the local talent pool,” says Iriarte.
What are the advantages for the Argentine professional? On the one hand, his salary package provides a salary in a currency that does not fade over time, consolidating his savings. On a personal level, however, now accepting a management position in a company based abroad It does not imply the eradication of an international movement.
Source: Clarin
