While many regions experience migration of talent from all around the globe, smart Latin American businesses draw skilled workers from countries closer to home. Over the past 15 years, many skilled workers emigrated from Venezuela to surrounding countries. This is a tragedy for Venezuela, which was a heaven for immigrants just a few short decades ago. For neighboring countries, however, these skilled workers are extremely valuable. We take a closer look at the types of workers who are migrating within Latin America, and what kind of value they bring to Latin American nations.

Professional migration
People seeking new opportunities in other Latin American countries are mostly professionals. A study by researcher and sociologist Tomas Paez shows a highly educated migrant population, where, “90% of expatriates are university graduates; 40% hold a master’s degree, and 12% hold a Ph.D.” Paez continues by saying,

Given their higher education, working knowledge, and expertise, they contribute to the growth of the companies that hire them, or create wealth through entrepreneurship…These are highly trained Venezuelans who are moving to other countries to promote wealth and development in those nations.

Today, emigrants from Venezuela are, “ramping up the heavy oil industry in Colombia, starting businesses in Panama, and opening health clinics,” according to this recent article. Skilled workers bring knowledge, new perspectives, and exciting ideas into other nations.

What types of workers are migrating?

• Entrepreneurs – Small and mid-size business owners often expand to other countries when things aren’t going well at home. Where they go depends on their expertise, but many succeed by bringing cultural products and influences from their home country. Panama is well established as a country friendly to business owners, attracting many entrepreneurs who build and develop the country. Other countries with good labor laws and business friendly legislation attract these valuable workers.

• Physicians and health care workers – Low salaries and lack of recognition drives physicians and health care workers from their home countries, but these much-needed workers thrive overseas. Every country benefits from good health care workers, so it’s important for Latin American countries to provide positive work environments for these essential workers.

• Accountants and administrators – These highly qualified professionals are emigrating from countries with fewer job openings. Many are finding great careers in Mexico, Chile, and Peru, which offer opportunities to quickly climb the corporate ladder.

• Oil engineers and technicians – Countries with growing oil industries attract engineers and technicians from other countries with declining oil industries. Latin American countries with oil industries create attractive new homes for these skilled workers.

Implications for Latin American countries and businesses
The greatest challenge for countries in Latin America is recruiting these skilled workers. While many would prefer immigrating to nearby countries, Latin America is still fairly unfriendly to migrants. Foreign workers only comprise 1.5% of the population,according to the United Nations, compared with 10.3% in Europe and 15.2% in North America.

It’s important for Latin American countries to develop policies that welcome immigrants at the national level. Skilled workers bring development and economic growth to other countries, and could offer great things for many Latin American countries. Several countries in this region are already attracting immigrants, which will improve their economies.

But it takes more than friendly policies to attract workers. Latin American businesses that actively recruit immigrants will make great gains. Develop a top-notch recruiting strategy for your company. You’ll attract a diverse workforce with essential skills, varied training, and new perspectives. These qualities are essential for innovation. Keep talent within Latin America by providing opportunities for skilled workers facing unfortunate circumstances in their home countries.

Talent migration could be detrimental for Latin Americans if skilled workers from Venezuela and other regions migrate to the United States, Europe, or Asia. Fortunately, it’s not too late for the region to keep these economic assets. Implement policies friendly to migrants and improve your international recruiting strategy. You’ll diversify your business, keep talent in Latin America, and improve your country’s economy.

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