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The labour markets in many Latin American countries have done better than those in Europe or the US and Adecco has its eyes on the region to increase activities in this fast growing staffing market.
The regional head of Adecco Iberia and South America, Enrique Sanchez, said prospects for the continent remain healthy.
“Latin America is in a time of great growth. All countries [show] single digit growth [and] are part of the emerging countries where companies are moving ahead,” he said in a recent interview with the Spanish news agency EFE.
Adecco already has a strong presence in South America with operations spanning Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Uruguay and Venezuela. Revenues in this segment, part of the group’s emerging markets, grew strongly in the third quarter this year.
Mr Sanchez said that countries in the region are “prosperous with large natural resources”, making the market attractive to multinationals who have turned their backs on Europe. But uncertainty in South America is ripe.
“You have to be cautiously optimistic because we still lack legal certainty, adequate infrastructure development, there is some corruption, sometimes the rules of the game change from night to morning, there is high inflation in many countries, and this creates uncertainty,” Mr Sanchez said.
He said Adecco is one of the market leaders in Argentina, Colombia and Mexico, along with Brazil where the firm is facing greater “complexity” due to “protectionist” worker legislation. However, skilled and mostly foreign labour remains in demand in the region while unskilled work is usually filled by the local workforce, he said.