Brazil is an exciting staffing market for a number of reasons. To begin with it is the largest industrialized economy in Latin America with an estimated GDP of $2.3 trillion for the coming year and a population of around 200 million people. As part of the BRIC economies, Brazil is the sixth-largest economy and fifth-largest country in the world.
PREMIUM RESEARCH: Brazilian Staffing Market Overview
But that’s not all. Here’s a look at what lies ahead in the Brazilian human capital sector:
- High growth expectations: This is on top of the high growth that Brazil has had for the last decade. Applied Economic Research Institute (AERI), a government organization, issued a report that estimates total job growth between 2011 and 2020 of 8.4 percent annually.
- Strategic sectors will outperform the economy: The AERI estimates that the annual job growth rate between 2011 and 2020 will be 15.9 percent for the oil and gas sector, 10.1 percent for mining and 10.3 percent for the public administration and education sector. These sectors are likely to be the ones with talent acquisition needs to support this growth.
- Major sporting events will boost staffing:The Brazilian staffing market currently employs over 800,000 people and it is estimated to add 700,000 new positions during the 2014 FIFA Soccer World Cup and 2016 Olympic Games to be held in the country. It is estimated that $28.8 billion will be invested in these two events alone.
- Scarcity of talent: Thanks to the high growth, companies will face recruiting challenges. This is further compounded by the fact that in general, there is a scarcity of talented people in the market. Recruiters report that infrastructure, oil and gas, consumer products, technology and financial services and capital markets need executive talent, especially qualified professionals such as engineers who can also manage and lead teams.
I believe that the Brazilian human capital market will become one of the most important ones in the near future. The market will become more competitive and sophisticated as it grows, so there is an advantage for the international players entering early. There is a learning curve as you enter new geographies so do your due diligence. I believe Brazil is worth taking a closer look at.
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