Finding and retaining Latin American talent has become key for U.S. startups that looking to stay competitive in the tech industry. This article explores how Acme Inc. successfully partnered with LatamTalent to build a strong marketing team, leading to significant business growth and high employee retention. Here’s what you need to know:
- Latin America offers a wealth of talented professionals who can bring new skills and perspectives to your company.
- Retaining this talent requires understanding their needs, offering career growth opportunities, and fostering a welcoming company culture.
- Acme Inc.’s success story with LatamTalent showcases the benefits of such partnerships, including cost savings, increased productivity, and revenue growth.
- Key strategies include making hires feel at home, supporting their career growth, and maintaining open, respectful communication.
By focusing on these areas, companies can build lasting relationships with Latin American professionals, driving mutual success.
High Turnover Rates
- Studies say that more than 65% of US companies lose over 15% of their Latin American workers each year.
- The main reasons they leave? Not enough chances to move up in their careers and feeling out of place. If companies don’t help them fit in, they usually quit in less than 2 years.
- Losing an employee like this can cost a company 1.5-2x what that employee earns in a year.
The Battle for Special Skills
- Technology keeps changing, and companies need people with very specific skills – like software developers, data experts, and AI specialists.
- In the US, there could be 10 or more companies all trying to hire the best person for these jobs.
- These workers often have many job offers to think about. They look at how much they’ll earn, if they can grow in the company, and if they’ll fit in.
- The most sought-after skills can lead to salaries that are 40-60% higher than average right now.
To keep great employees from Latin America, US companies need to think about how to make their jobs appealing for the long run. This means offering ways to grow in their careers and making sure they feel like they belong. Doing this can help companies keep their employees happy and stay competitive.
Case Study: Partnering and Retaining Latin American Talent
Company Overview
Acme Inc. is a software company in San Francisco. They were growing fast but had trouble finding enough marketing people locally. They tried to hire people from around them but couldn’t keep them. So, they decided to work with LatamTalent to get a marketing team from Latin America.
They needed help with writing content, managing social media, designing graphics, and making their online ads better. With not much money to spend, they were looking for an affordable way to get more people to help out.
LatamTalent’s Assessment and Planning
The team at LatamTalent took a close look at what Acme needed, including their budget and what their company was like. They suggested getting a 6-person team from Latin America to help with content, design, social media, and ads.
LatamTalent made a plan to find the right people in Latin America who had the skills Acme needed. They made sure these people would work well with Acme’s team in the U.S.
Building the Marketing Team
LatamTalent used their contacts to find the best people for marketing jobs from all over Latin America. They looked at many candidates, checking their skills, how well they spoke English, if they had worked remotely before, and if they’d fit in with Acme’s team.
After picking the best candidates, LatamTalent set up online interviews with Acme’s managers. In the end, they chose a team including a content marketer, two designers, an animator, a social media person, and an ads expert.
The new team got training on everything about Acme, like what they sell, how they work, and the tools they use. This helped the new team work well with the people already at Acme.
Ongoing Partnership for Retention
LatamTalent and Acme work together to keep their team happy and staying longer. They have meetings every few months to talk about how things are going, and they do activities to help everyone get along better.
Acme also uses LatamTalent’s training to help their team learn new things and grow in their jobs. They have plans to help people move up in their careers, which makes them want to stay with Acme.
After a year and a half, 5 out of the 6 people they hired are still with Acme. Working with LatamTalent helped Acme get more work done without spending a lot of money, and they were able to keep their new team members.
Key Results and Benefits of Retaining Latin American Talent
Working with LatamTalent to keep the marketing team from Latin America has really paid off for Acme Inc. They’ve seen big improvements in important areas of their business.
Increased Productivity and Cost Savings
- The marketing team from Latin America handles more than 60% of Acme’s marketing work now.
- This has helped Acme save over $250k because they didn’t need to hire more people locally.
- Acme figures they’ve gotten back 180% more than what they spent on this program.
Revenue Growth
- Since they started with this team, Acme’s yearly sales have gone up by 32%.
- Having a bigger marketing team has helped bring in 26% more new customers over the last year.
- With the offshore team’s help, Acme’s social media has gained 15,000+ new followers, which has led to more visits to their website and more sales.
Increased Employee Retention
- 5 out of the 6 people they hired from abroad are still with Acme after 18 months.
- This 83% retention rate is way better than the usual 50% that US companies see when they hire from other countries.
- Acme has managed to keep these team members by offering training, chances to move up in the company, and help with fitting in.
- Having more skills and experts has also made Acme’s US-based marketing staff 65% more likely to stay.
By focusing on working together and helping the team grow, Acme has built a strong marketing team that includes both local and foreign talent. This has led to better productivity, more sales, saving money, and keeping employees happy over the last 18 months. Their experience shows that putting in the effort to keep staff from other countries can bring big benefits.
Lessons Learned
Keeping great employees from Latin America takes work, but it’s worth it. Here’s what companies can learn from Acme’s story:
Make new hires feel at home
- Training is key – take the time to teach Latin American hires about how the company works, its culture, and what it values.
- Help them connect with the team by organizing fun activities and get-togethers.
- Always ask for their thoughts and talk openly about fitting in and expectations.
Help them grow in their careers
- Offer training and chances to learn new things – invest in making Latin American employees better at what they do.
- Be clear about how they can move up in the company.
- Support their goals to take on leadership or management roles.
Understand each other better
- Learn about and respect cultural differences through talking, listening, and being open.
- Be clear about expectations around how we work, communicate, handle time differences, and do business.
- Respect their personal lives and needs. Find flexible solutions that work for everyone.
Keep track and make improvements
- Keep an eye on how many people leave and aim to keep more employees.
- Learn why people leave by talking to them when they go.
- Always look for ways to make joining and staying with the company better, based on what people say.
Acme’s story shows us that employees from Latin America can become important long-term team members when companies support their success. By focusing on making them feel at home, helping them grow, understanding each other, and always looking to improve, companies and their teams can both do better.
Conclusion
Working with talented people from Latin America is really good for companies that want to grow. When these companies build strong, respectful relationships with Latin American workers, they get to tap into a lot of skills and new ideas. It’s all about making sure everyone feels included, can grow their skills, and wants to stick around for the long haul.
The Benefits of partnering with and retaining Latin American talent
When you team up with professionals from Latin America, you get a lot of perks:
- More skills: You get people who are great at tech stuff, designing, and more. This means you can do more things.
- New ideas and quick action: Different perspectives bring new ideas, and sharing the same goals helps things move fast.
- Understanding different markets: These partners know the Latin American market well, which is super helpful.
- Saving money: It’s often cheaper than hiring locally, so you get great skills without spending too much.
- Growing your business: With reliable people, it’s easier to take on more work and reach more places.
Focus Areas for Maximizing Value
To really make the most of working with people from Latin America, companies should focus on:
- Getting started: Teach them how you work and what your company is all about. This helps everyone get on the same page.
- Talking clearly: Make sure you understand each other. Say what you need clearly and listen to feedback.
- Growing skills: Keep teaching them new things and giving them chances to do more. This helps them get better at their jobs.
- Keeping them around: Show them they’re valued and offer chances to move up. Happy workers are more likely to stay.
Teaming up with skilled people from Latin America helps companies do better, and it’s great for the workers too. By focusing on making sure everyone fits in, communicates well, and keeps learning, both sides can succeed together. Being kind and respectful to each other leads to strong, lasting relationships.
