Alberto Villareal, Managing Director, Nepanoa LLC, highlights Mexico’s opportunities and challenges in the face of the nearshoring boom. Meanwhile, in this week's View From the Top, Michelle Ferrari, CEO, Great Place to Work Mexico, talks about how data-driven decisions can help companies develop truly inclusive work cultures.
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Mexico is benefiting from the nearshoring boom as a result of ongoing difficulties in the long standing commercial relationship between the US and China. Mexico now offers around 20 percent lower labor costs with more stable wages and exchange rates. This, along with Mexico's highly educated and specialized labor force and lower operating costs, has incentivized more companies to move operations to its shores. On the other hand, to take advantage of these opportunities, Mexico faces many challenges, such as adapting to new and evolving government policies, tax laws and different providers. Nearshoring to Mexico represents a strategic business decision for companies seeking to access open pro-business markets ripe for expansion, lower operating costs, quality assurance and stability and avoiding the geopolitical hassles associated with tariffs and trade wars.
Michelle Ferrari, CEO, Great Place to Work Mexico, explains how the COVID-19 pandemic has changed the expectations that companies place over their employees. “We now collect about 9 million voices, globally. We want to use this to gain fresh data from each country about what the employee is feeling to be able to empower leaders with immediate actionable paths,” Ferrari explained, when asked about her company’s ambitions for the future. The CEO also addressed how the role of leaders has to evolve into a more humane and much closer relationship with their teams, which will lead to more competitive companies, much happier communities and a productive country.
The National Employment Service unveiled the Top 10 highest paid careers in Mexico. Finance, Political Science, Mining, Medicine and Business make up the Top 5, with average salaries between MX$17,000 (US$865) and MX$23,866 (US$1,214).