MB Launches Mexico Business Summit 2023

Business leaders and decision-makers convened in Mexico City for the inaugural Mexico Business Summit 2023, marked by the integration of eight industry segments to foster knowledge transfer and collaboration ahead of the country’s anticipated nearshoring boom. Among the most prominent themes across these industry segments were the call for the strategic integration of disruptive technologies and how it impacts human laborers, how Environmental, Social, and Governance (ESG) initiatives are helping organizations pinpoint areas of improvement, and the business need for the accelerated development of qualified talent.

Felipe Cuadra, Co-Founder, Rankmi, emphasized the imperative of establishing ethical and legal guidelines for effective Human-AI Collaboration. He stressed that organizations must commit to transparency, fairness, safety, and privacy safeguards before the integration of AI into business operations. This foundational commitment ensures responsible and accountable deployment of AI technologies within the organizational framework. In a parallel vein, CHROs are leveraging advanced data analysis to reshape job roles, skill development, and career paths to future-proof careers. This strategic use of data reflects a proactive approach to aligning human capital with evolving business needs and technological advancements. Karen Lellouche Tordjman, Managing Director & Senior Partner, Boston Consulting Group, highlighted the transformation of strategic workforce planning aligned with new technology capabilities. Her insights underscore the necessity for organizations to not only adapt to technological shifts but also strategically plan for the integration of these shifts within the broader workforce context.

“[T]he prevailing concern among Mexican employees nowadays is not the fear of machines or artificial intelligence replacing them. Rather, the apprehension is centered around individuals with technological skills surpassing them in their respective positions,” says Francisco Briseño, Partner Leader of the Workforce Transformation, PwC Mexico.

Matías Fernández, President, Federación Iberoamericana de Jóvenes Empresarios, stressed that in this dynamic landscape shaped by automation, a proactive approach and embracing adaptability are defining characteristics of successful organizations. Hernán Valcarce, Vice President HR North Latam, Danone, highlighted personalization and flexibility as key trends, where individuals expect companies to treat them uniquely. As technology disrupts HR practices, the crucial role of effective communication in navigating change, addressing data security concerns, and retaining talent is underscored by Eric Rossati, Latin America Vice President, DocuSign. Leaders, therefore, play a pivotal role in steering organizations through this transformative period.Discussions highlighted the crucial role of identifying internal ESG champions to drive success in Environmental, Social, and Governance initiatives within organizations. These champions act as a vital conduit between the workforce and management, gathering valuable insights that contribute to the continuous improvement of sustainability efforts. Industry experts unanimously agreed that having ESG champions not only facilitates the execution of ethical and responsible business practices but also serves as a strategic advantage in talent management. "Two out of three professionals prefer working for a company that enables them to make a positive impact on the world," said Alicia Moreno, Director of ESG Strategy, KPMG Mexico. Her observation underscores the growing significance of ESG considerations in shaping employer attractiveness, positioning it as a key factor in talent acquisition and retention strategies.

The panel discussion titled Shattering Glass Ceilings and Cleaning Up Sticky Floors revealed that despite strides in gender equality, persistent challenges impede women's professional progress in organizations. Glass ceilings signify unseen barriers to senior positions, while sticky floors represent discriminatory employment patterns limiting career mobility. Ana María Valdespino, Vice President of Marketing for the Americas, Nielsen, emphasized gender equity as a collective responsibility, requiring collaboration for a comprehensive organizational vision. Her insights underscore the imperative for concerted efforts across the organizational spectrum to break down systemic barriers hindering women's advancement. In Mexico, women currently hold 38% of senior management positions, constituting modest growth. However, attaining widespread commitment to gender equality remains a challenge for companies, even with legislative efforts in place. This underscores the need for a cultural shift within organizations, where gender equality is not only a legal mandate but an integral part of corporate culture.

Moreover, the panel on understanding the nuances of Gen Z, the upcoming workforce, highlighted that Gen Z values personalized career trajectories, demanding organizational adaptability. Notably, they prioritize employers' commitment to global citizenship and actions addressing societal challenges like sustainability. Continuous learning is crucial for them, and open communication is valued. Diversity is a priority, and showcasing it in branding attracts this talent pool.

The panel Blueprint for Future-Proofing Mexico's Skilled Labor Availability addressed Mexico's emergence as a key nearshoring destination that holds immense potential for economic growth. Anticipated nearshoring investments are poised to drive employment, particularly in manufacturing, logistics, and technology, demanding an array of specialized skills. The collaboration between government, industry, and academia is crucial for tailored training and academic programs, ensuring a workforce ready for evolving demands. Diego Barrazas, Mauricio Reynoso, Larry Rubin, Antonio Astiazarán, and Mauricio Tabe Echartea underscored the challenges linked to the scarcity of executive talent. Issues include the industry's rapid expansion outpacing the supply of qualified leaders and the absence of a robust executive pipeline. This scarcity poses a critical obstacle to the seamless growth of nearshoring activities, emphasizing the urgency for strategic initiatives to cultivate and nurture qualified talent.

"While generating employment is not a direct responsibility of the government, it can become a determinant factor for employment. For example, forging alliances between the private and public sectors is essential to boost talent acquisition and retention, as well as to meet the demands of the nearshoring industries,” said Mauricio Tabe Echartea, Mayor of Miguel Hidalgo. 

Eduardo Asaf, Partner, McKinsey & Company, addressed the challenges prevalent in nearshoring within the automotive sector during a presentation titled Charting the Talent Roadmap for Automotive Leadership. Asaf underscored the critical importance of resilience, agility, and dynamism in workforce management to ensure organizational competitiveness in the continually evolving business landscape. Experts, including Héctor Ceballos, Eduardo Amaro, Monica Maciel, and Alberto de Icaza, converged on the pivotal shift towards electromobility, projected to yield 903,000 jobs and attain a production value of US$112 billion by 2023. This transformation also requires specific technological skills, such as embedded software, cybersecurity, and artificial intelligence, as identified by INA. 

Federico Rojas, Minister of Labor, Nuevo León, accentuates the multifaceted impact of electromobility on economic and social development within the talent ecosystem. Nuevo León, a strategic hub hosting over 140 electromobility projects with a cumulative foreign direct investment of US$7.2 billion, strategically addresses this shift with initiatives like Business Synergy. These initiatives align the educational system with industry needs, providing job training, and fortifying labor linkage between employers and workers, aiming to convert informal talent employment into formal opportunities. “By working together, these stakeholders can formulate holistic strategies that synchronize the growth of human capital with the evolving demands of the future job market,” said Miguel Valle, CFO, Instituto Tecnológico de Monterrey. He emphasizes that collaboration among governments, academia and businesses is essential for shaping the future workforce, focusing on key skills like analytical thinking and critical problem-solving. 

The final day of the conference commenced with a panel highlighting the transformative shift the HR Landscape is going through, following the integration of automation, machine learning, and AI. Edgar Cruz, Founder and Managing Director of Business Development, EDSA, emphasized AI's role in illuminating decision-making processes and shaping data-driven strategies. Hyperautomation, forecasted to reach a market influence of US$26.5 billion by 2028, stands as a pivotal force reshaping HR, allowing professionals to focus on core initiatives like talent attraction and retention. This recalibration involves delegating repetitive tasks to automation, freeing HR for strategic endeavors. Ensuring data accessibility and accuracy is crucial, according to Rodrigo Manjarrez, Country Manager Mexico, Sesame HR. CHROs, through a data-driven approach, gain organizational visibility to enhance employee retention, productivity, and foster a positive work environment. The synthesis of technology and a human touch, led by CHROs, defines a future-ready HR strategy in an era of innovation and rapid change.

The event concluded with industry experts discussing the importance of employee experience throughout their entire career trajectory within a company. The discussion focused on how employees perceive their work and workplace, and the pivotal role this plays in business success, said Barbara Robles, Talent Management and Leadership Development Deputy Director, Grupo Posadas. While technology enables the automation of certain processes, human interaction still plays an important role in employee happiness. 

“Nowadays, the world has become hybrid in every way, and in HR, we need to take advantage of this. There are points where employees appreciate the inclusion of technology, but there are times when automation is not the same, especially in situations that require personalized attention. Some processes can be automated, but nothing replaces human interaction," she noted.