A Changing Labor Market Requires New Solutions

After its final ratification in the Chamber of Representatives, Mexico will have approved a new compliance standard that requires companies’ workforces to be composed of at least 5 percent of people with disabilities. Furthermore, a growing economy has increased the demand for talent solutions, promoting the expansion of Horton International. Meanwhile, pay-on-demand services aim to turn payroll access into a social benefit for all market players.

Here is your weekly Talent briefing:

Mexico

Senate Approves New Labor Compliance Standard

With unanimous approval from the Mexican Senate, a new compliance measure added to the Federal Labor Law (LFT) will require companies with over 20 staff members to reserve at least 5 percent of their employment positions for people with disabilities. 

Industry

Mercado Libre Announced US$1.48 billion Investment in Mexico

The company has become essential for thousands of Mexican families. Mercado Libre became the main source of income for 288,000 Mexican families and 900,000 families across Latin America during 2020, according to Euromonitor International.

Horton International Announces Expansion into Mexico

Horton International, a global leader in executive search and talent management solutions, has strategically merged with Atabay Consulting, marking the company’s official expansion into Mexico and the North American talent solutions market.

Pay-On-Demand Pioneer Minu Offers Payroll Win-Win-Win

Minu’s pay-on-demand services turn payroll access into a process employers, employees and society at large benefit from, said CEO Nima Pourshasb.

“For us, helping people access products that they could not before is key. We also help bolster financial inclusion by making savings easy and attractive in terms of return and motivation. For folks who just started working, the fact that they start to get used to saving in small amounts plays a big role in financial inclusion,” said Pourshasb.

International

Remittances Grow 19.6 Percent in 2022

Despite their significant growth during 2021, remittances sent by Mexican residents abroad during Jan. 2022 were similar to those of Jan. 2021, according to Banxico.

“With seasonally adjusted figures, in the first month of 2022 income from remittances increased at a monthly rate of 1.3 percent, while remittance outflows fell to a monthly rate of 8.9 percent. In this way, in Jan. 2022 the surplus of the remittance account was US$4.6 billion, higher than the US$4.5 billion presented in Dec. 2021,” reads Banxico’s report.