Digitization in Panama and the region is growing. According to the study IT Talent: STEM Competitiveness in Latin America conducted by PageGroup, 60% of companies in the country are investing in technological transformation.
However, the number of experts graduated from STEM (Science, Technology, Engineering and Mathematics) compared to the employability potential and current workforce in technology shows the need to graduate more talent of this type in Latin America.
Data from the Organization for Economic Cooperation and Development (OECD) show that by 2025 Latin America will need 3.5 million professionals specialized in STEM careers, and by 2030 80% of jobs will be replaced by these profiles.
These profiles include software engineering, electronics, mechanics and mechatronics. In Panama, by 2021, about 7,244 people have graduated from STEM, which represents 4% of the total number of graduates in the country.
Hansel Martin, associate manager of Michael Page IT, emphasizes that the leading role of technology in business and society causes the implementation of strategies that seek to improve innovation by retaining talent.
“Latin America is long gone a major source of technology talent for North America, initially focused on manufacturing and business services. Technical talent in the region is increasingly focused on software development and innovation. This has attracted many multinational technology companies,” said Martin.
According to Martin, some of the main keys to understanding developments in the region are the rapid transformation of trends and situations, which they predicted would last for many years, and in some cases only months.
He added that over the past five years, the IT workforce in the region has grown twice as fast as in the US. Despite this, average wages in Latin America are still a third of those in the US.
The most sought-after jobs in Latin America are .NET, Java, Python, NodeJS and JavaScript. The demand for STEM professionals in Latin America will continue to grow, which means a great opportunity to develop talent and technology in the region.
The largest IT talent markets are Sao Paulo, Mexico City and Santiago, while the fastest growing is Bogota. Central America is ranked as the region with the lowest number of STEM professionals.
According to executives in the region, the hybrid model, in which employees work both remotely and in person, will become much more common.
The PageGroup study indicates that the future of work will be hybrid. In the region, 40% of companies have more than 80% of a structure that works remotely, with the IT industry leading the way with over 80% and Finance with 84%. In Panama, 48% work remotely.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
