New avenues for companies who are facing challenges of getting H1B, L1 visas in US.
As the United States closes up its borders and becomes more hostile to even legal immigration, countries across Latin America are opening theirs. H-1B , L1 visas are harder to get than ever and that companies are incurring significant costs and moving jobs as a result. HR professionals have said that the US immigration system has led to delayed projects. The cost on companies is profound , 26 % of companies are delaying projects, 25 % say they had to increase budgets, 22 % moved work overseas and 14 % say they are unable to fulfil client projects. This leaves companies keeping vacant positions open longer and risking not filling the position at all if a foreign national’s visa application is either not approved or called into question.
One of the new names evolving in the outsourcing business is Latin America. Owing to time-zone compatibility, cultural similarities, and a tech-savvy demographic, Latin America offers high-quality development services to the companies outsourcing in the region. As per a study conducted by some researchers, Uruguay is the most reliable country to do business in one of the most economically attractive regions in the world. More and more foreigners are choosing Uruguay as their place of residence for all or part of the year, and comparing to other cities from the region, Montevideo has been appointed as the cheapest place to live for expatriates according to Mercer (2017). Uruguay ranks as one of the safest countries in Latin America on the Latin Security Index, developed by FTI Consulting for Latin Business Chronicle. The index measures security for multinational executives.
Innumerable trends in the continent of Latin America have created an ever-growing pool of IT talent which can then be deployed by companies to achieve low-cost development services. Today, many companies like TCS, IBM , Infosys, Globant, Toptal, Scalable path and many more are progressively looking at Latin America as a potential offshore centre for their future development projects. In this article, we will provide an insight about the main reasons to outsource to Latin America, and how it stands to affect the global economy.
The major reasons how outsourcing to Latin America can help your business.
- Suitable Business Environment
Most Latin American countries are developing state-of-the-art IT and business hubs and are giving companies worldwide a plethora of reasons to outsource their services .The parameters that were considered for the study include business environment, people's skills and financial attractiveness. The countries that are included in this list are Mexico, Brazil, Costa Rica, Chile,
Uruguay and Colombia. With favorable business policies and political stability, these countries can be chosen as your next offshoring option to gain further business benefits.
Although many believe that while outsourcing projects, cost should not be the only factor, nobody would deny that it plays a pivotal role. Cost-effectiveness is among the top aspects one considers while deciding about their outsourcing partner and Latin American countries are quite cost-efficient when it comes to outsourcing development projects. The hiring rates for quality developers and other similar professionals are much lower than the USA a factor which plays as a strong point for Latin American countries.
- Similar Time Zones
One of the biggest challenge that firms in the USA experience while outsourcing the development work to asia pack countries is the large time zone difference. On the flip side, when the time zone difference between USA and Latin American countries is calculated, its negligible. This significantly reduced time difference allows mush lesser response times between the teams and highly synchronous communication, enabling the resolution of issues quickly. Some of the Indian companies are also setting up subsidiaries in Latin America to serve European markets and US markets 12 hours from India and 12 hours from Latin America.
- Abundance of Technical Talent
Most Latin American countries boast abundant tech talent as the number of qualified and experienced developers is on the rise in such countries.
- English Proficiency
English proficient people make communications easier.
- Cultural Similarities
The culture of the United States of America and Latin America, both have been strongly influenced by European civilizations. Furthermore, while these two have a lot of cultural differences, there are certain similarities which extend into identical business approach and work styles, making it easier for professionals from both the places to collaborate.
Choose Benchmarking Revolutions for a Beneficial Foray into Latin American Outsourcing
The aforementioned business benefits and top reasons to outsource to Latin America ensure that the companies which seek outsourcing partners in Latin America can get considerable business benefits over outsourcing to usual destinations in Asia. Visit www.benchmarking.co.in or email to firstname.lastname@example.org for further information.