Talent-led transformation in a post-pandemic world: Latin America

Executive Summary

In this regional analysis of Boyden's global report, Talent-led transformation in a post-pandemic world, we highlight findings and trends in Latin America with sector insight from Boyden partners.

In early 2022, the IMF lowered its economic growth forecasts for the year for Latin America to 2.4%, citing inflation, tighter monetary policy and a lower growth estimate for the United States.

Despite this backdrop, our study data indicates that respondents in Latin America are the most confident worldwide in their organisation’s growth potential, with 88% very confident/ confident; in terms of business approach, 80% are engaging in growth, expansion, learning or transformation. Business leaders are focusing on new markets and the development of new products.

However, confidence in having the right talent to align with organisational strategy is lower, with 67% very confident/confident. Leaders are having to reinvent talent which means revising talent strategies, investment and performance measurement.

Lack of alignment goes up to board level, where scrutiny on the ability to drive strategic gains in a low-growth environment is intense. As the region most concerned in the world about board composition, 61% say a different matrix of skills is needed, and 42% expect to invest in board assessment.

There is an ongoing need for new talent: 42% of respondents expect an increase in hiring and marketing, & sales, operations and digital roles are the top priority.

How can organisations attract the best talent? Respondents point to a strong company reputation, a sense of purpose and planned expansion into new markets.

SECTOR INSIGHTS

Consumer & retail participants are the most likely to hire interim executives and score most highly in considering new approaches to measuring executive performance.

Healthcare & life sciences participants are the most confident in their organisation’s growth potential, with 98% very confident/confident. A high percentage think a different matrix of skills is needed on the board, and they are the most likely to conduct board assessments.

Industrial participants are particularly confident in their organisation’s growth potential, with 92% very confident/confident. However, a high percentage think a different matrix of skills is needed on the board. They score highly in expecting to recruit new leadership talent.

Professional services participants are less confident than the average, with 64% very confident/confident in their organisation’s growth potential. A high percentage think a different matrix of skills is needed on the board.

Technology, media and telecoms participants are very confident in their organisation’s growth potential, with 93% very confident/confident. Their attention is on more globally-focused and diverse executives, attracted by planned expansion into new markets, although recruitment will be challenging.

<< Compare to Global Study >>

We explore these findings further across five core themes: 

1. A barometer on confidence 
2. The right talent
3. Hiring priorities 
4. Reinventing the board
5. Talent look ahead 

Throughout this report, under the segment 'A closer look', we highlight key sector and leadership insights from Boyden experts across Latin America.