This week in Talent, employment in Mexico reported a substantial increase in November, but with Omicron taking center stage, there is uncertainty as to how this could further affect the job market. Mexico could also take advantage of helping to develop even more AI skills as they are highly required within and outside the country. Finally, companies can start getting prepared to hire new talent in 2022 with "cultural fit" and with it have all that is needed to develop their yearly plan.
Interested in more? Here are the week's major headlines in Talent!
In November, Mexico's employed workforce grew by 119,098, showing a significant deceleration against October when the market added 1.3 million jobs. Nevertheless, this modest growth has effectively helped to push unemployment to its lowest point since the COVID-19 pandemic began. "Employment creation and the drop in unemployed and available populations rates are reflected in improvements in the rates of open and extended unemployment, which stood at 3.66 percent and 14.65 percent, respectively. Both rates are at their lowest levels since March 2020," explained Gabriela Siller, Director of Economic and Financial Analysis, Banco Base. While 68 percent of the jobs created in November were in the informal labor market, this segment slightly contracted against last year, dropping 0.5 percentage points to 31.4 million people. People within this subsector face uncertainty in the months ahead as the country faces both an economic slowdown and a new COVID-19 variant, Omicron, which put governments on high alert internationally as contagion figures have ballooned.
Latin America will need 225,000 experts in Artificial Intelligence (AI) related technology by 2023. Considering Mexico's development opportunities, the country could become a frontrunner in AI. Even Mexico's so-called unicorns struggle to find data scientists and AI specialists. Experts, therefore, agree that academia and specialized training should be increased to attract the talent necessary to become an AI giant. Techcrunch, one of the most important digital magazines for technology and startups, pointed out in a publication that the US should see Mexico as a main provider for talent, a reality that has been on the rise since 2020. Mexico's position as a talent pool has, therefore, more or less been established. The missing piece of the puzzle, however, remains to be filled.
LaPieza shares that in order to get the best possible talent in today´s times, you must first define what type of profile you are looking for. Based on this, you have to consider certain aspects such as experience, training and skills that the person has been interviewed for. It is also important to check that the candidate's values and those of the company align with your business objectives and goals. It would be best if companies were not afraid of giving feedback to talent to streamline the recruitment process so that you can improve the user experience. All this is included in developing "cultural fit" within companies that allows harmony between candidates, vacancy and company. Collaborators with a sense of belonging will be happier, and rotations will be avoided since a person who identifies with your organizational values will seek to pursue the same goals and teamwork will become very enjoyable.