Colombia has the fourth largest economy in Latin America, is part of the CIVETS group of six leading emerging markets and is an accessing member to the OECD. Its principal industries include oil, mining, chemicals, health related products, food processing, agricultural products, textile and fabrics, garments, forest products, machinery, electronics, military products, metal products, home and office material, construction equipment and materials, banking, financial services, software, IT services and the automotive industry.
Outplacement: from an unknown offering to a key component of talent management
The economic recession and corporate crises of the past two decades resulted in a large number of demobilized workers. As such, the value seen in offering outplacement support to redundant employees has increased, as organizations recognize the value in their employees. This is a significant change. A decade ago, the term “Outplacement” was not understood by HR professionals. Today, however, it is a key part of talent management strategies in companies seeking to maintain productivity, motivation and job growth in times of change. After the modernization and economic liberalization that began in Colombia in the 90s, domestic enterprises had to face radical changes within organizations in order to achieve integration into the global market. This change was led by multinational companies in the pharmaceutical and chemical sector that initiated major changes about general strategies of globalization, leading to a growth in the need for services such as outplacement.
Colombia has a mature outplacement market and companies now offer these services to mid and low level employees through workshops in a group setting, although the true value of the service is overlooked as the responsibility for procuring such services is increasingly being passed to procurement. The majority of our customers offer outplacement at every level of the organization. CMC has a suite of product offerings specific to every level.
A country of opportunities
In just a few years, we have gone from being a country plagued by bad news to a vibrant economy full of opportunities. Job requests from foreign nationals are up 5,000% from any other time in our history and the economy continues to thrive, although the recent drop in oil prices has impacted the accelerated growth we enjoyed recently.
The main issue job seekers are faced with is the influx of a growing number of foreign nationals willing to receive lower compensation, coupled with a surge of recruiting activity via social networking, which has put pressure on locals to dedicate more time and resources to updating their CVs and answering inquiries from potential employers. However, our statistics show that the average placement time is three months, although this can vary widely depending on the point of entry for the job seeker.