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LATAM is a Mecca for Nearshore Talent : @VMblog

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vmblog-predictions-2024 

Industry executives and experts share their predictions for 2024.  Read them in this 16th annual VMblog.com series exclusive.

By Michael Morris, CEO and Co-Founder, Torc

According to The Human Cloud, the freelance economy is valued at $5.4 trillion.
Demand for nearshore talent, specifically, gained ground in 2023, preparing the
technology staffing market for explosive growth in 2024. With an 800% increase
in Torc community members from LATAM, and greater demand from US organizations
to hire software developers from the region, nearshore talent networks continue
to drive innovative talent sourcing
options for companies worldwide.

Nearshore talent acquisitions and modern staffing models are
forging long overdue strategic partnerships between two pivotal C-suite seats:
the CTO and CHRO. They’re finally realizing there isn’t a shortage of highly
qualified technical talent available after all. Rather, their current challenge
is identifying, hiring and retaining the right people with the right skills,
regardless of geolocation.

Access to vetted, nearshore developers that augment internal
technology teams and outsourcing partners will be a priority for companies, in
any vertical, that embrace the benefits of a productive, hybrid workforce.
On-demand talent networks will continue to revolutionize how organizations
handle staffing, resulting in
increased productivity, collaboration, career growth and morale.

Demand is Reciprocal

LATAM’s remote workforce is looking for jobs. US-based companies
need an entry point to find, qualify and hire nearshore staff. An intelligent
nearshore talent network is proving the connective tissue, as the fastest, most
effective way to serve both sides of the equation. The ability to quickly and
accurately find coveted pockets of superior remote talent, as well as
high-demand jobs to offer them, improves enterprise software development by
optimizing time, productivity and performance. Organizations, and people, are
striving for that type of return in this unprecedented business and future of work era.

Consistent industry trends – remote work adoption, cybersecurity,
upskilling, unbiased employment, human/technology analytics, and collaboration
– are all factors that continue to shape software development. They also fuel
the momentum shift to nearshore talent networks as a high-return labor
solution.

Quality, cost-effective talent that’s ambitious and enthusiastic -
that also happens to be in the same time zone and demonstrates strong language
proficiency – can streamline onboarding and promote team culture. In
addition, LATAM’s technology ecosystem is on the rise, well-supporting the
expanding talent pool with infrastructure for software, quality, data and AI
engineering.

Feedback from Torc’s community, which recently surpassed 20K
members, indicates recognition for performance, networking opportunities and
credibility earned by working on US-based technology projects are important.
Armed with this information, the CTO and CHRO have what’s needed to align
nearshore technology staffing with corporate objectives and develop the
strongest workforce possible to foster a positive, collaborative environment,
regardless of geolocation.

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ABOUT THE AUTHOR

Michael Morris 

Michael Morris is the CEO and Co-Founder of Torc,
and sits on its Board of Directors. A gig economy software development
advocate, he’s known globally as a technology pioneer who set the standard for
what a freelance marketplace should look like (long before the world was ready
for it). If he’s out of office, he’s probably coaching one of his kids’ games.
What’s his superpower? Guessing what’s inside wrapped presents. When’s he
most productive? When his phone battery dies. For more on Michael and Torc, the
nearshore talent network, visit www.torc.dev.