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Overall score

Score by Indicator

6.3
in 2016 6.1
0 2.5 5 7.5 10

Key drivers

Education flexibility

Education flexibility has improved, giving businesses access to a larger pool of graduate talent. There is an emphasis on educational reform in Colombia’s latest National Development Plan.

Due to the lack of availability of Colombian occupational wage data, the overall Index score was calculated using six indicators.

 

 

Talent mismatch

A lack of workers with the right mix of skills to meet the diverse needs of employers is increasing pressure on the labour market.

Overall wage pressure

After two years of declining employee earnings, they are now forecast to rise to 2.8 per cent as the economy beings to pick up.

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COUNTRY OVERVIEW

Ground View

Axel Dono, Managing Director, Hays Colombia

The expected economic growth rate is projected to increase 1.5%. A number of factors are generating this growth, including the historic peace agreement (to end more than 50 years of the Colombian conflict), higher oil prices and the start of infrastructure projects. Private consumption, the motor of the Colombian economy, will grow moderately and the unemployment rate is projected to change slightly from 9.2% to 9.4%. Finally, as the effects of the climate cycle, El Niño, wear off, inflation is projected to return to the central bank target range of 2 to 4 per cent by the end of 2017.

Axel Dono, Managing Director, Hays Colombia

Country Profile

Like several other Latin American countries, economic growth in Colombia in 2016 was well below the average in the previous five years, although growth is forecast to pick up slightly in 2017.

Despite a modestly improving economy, the unemployment rate is forecast to rise slightly in 2017, to 9.4 per cent. That is up from 9.2 per cent in 2016.

Looking forward, the supply of skilled labour is forecast to expand. A growing working age population – forecast to increase by nearly 5 per cent between 2015 and 2020 – coupled with rising labour force participation rates means employers will have a growing pool of labour to choose from.

Key skills in demand

  • Business unit managers
  • Product mangers
  • Supply chain managers
  • Financial controllers
  • HR managers with labour relations experience

News and Press Materials

Axel Dono, Managing Director, Hays Colombia