Freelancing In Latam: CEOs Expect Continued Growth In 2024

[Forbes/ Nov 7, 2023,10:48am EST / Jon Younger] – The landscape of freelancing in Latin America (Latam) is poised for continued growth in 2024, according to leading CEOs in the region. A decade after a World Economic Forum report highlighted Latam’s economic potential, a recent article by Jon Younger explores the flourishing freelance revolution and its impact on the region’s economy.

In the face of economic challenges and the ongoing pandemic, Latam has experienced a surge in entrepreneurship, with a significant portion of the workforce engaging in independent or freelance work. Notably, countries like Mexico, Brazil, Argentina, and Colombia boast over 25% of their workforce being self-employed or solopreneurs.

Several digital talent marketplaces have emerged, providing a platform for independent professionals across various sectors, including technology, marketing, creative services, and management consulting. Companies like Torc, Ollo, and The Flock are connecting Latam talent with global corporations, reflecting the region’s appeal for remote work.

To gain insights into the future of freelancing in Latam, Jon Younger interviewed prominent CEOs from leading freelance companies in the region. Here are some key forecasts and insights for 2024:

1. Rodrigo Silva, CEO Lithium (Uruguay):
“Uruguay has emerged as a key player in the freelance economy, with notable companies such as dLocal, the country’s first unicorn. Looking to 2024, the freelance market in Uruguay will expand further, supported by government initiatives in the tech industry, increased digital literacy, and rising global demand for freelance services.”

2. Jonathan Siddharth, CEO Turing:
“Latam stands as a pivotal market for Turing, attracting high-quality software engineers. We’re dedicated to connecting their expertise with exciting, full-time opportunities, certain that LATAM engineering talent will propel innovation and collaboration with our enterprise clients to unparalleled levels.”

3. Michael P. Morris, CEO Torc:
“Latam remains a top growth market for nearshore talent network Torc. With increased demand from Latam developers to work with US companies, Torc continues to be a definitive remote talent sourcing option. Increased productivity, reduced skill gaps, and improved team culture are speeding nearshore adoption.”

4. Ramiro González Forcada, CEO The Flock:
“The freelance revolution in Latam has experienced a remarkable surge in recent years. Looking forward to 2024, the forecast for freelance growth is highly optimistic. Latam has four advantages: time zone, talent, English language proficiency, and cost.”

5. Juan Francisco Mejía Betancourt, CEO Wokiconsulting:
“Latam is emerging as a high-potential market for freelancing. Growth has been 50% in the last year, especially in Mexico, Argentina, Colombia, Venezuela, and the Dominican Republic. We’re seeing a growing ‘silver economy’ in the hiring of experts over 50 years old and into their second career as a part- or full-time freelancer.”

6. Karina Rehavia, CEO Ollo:
“The Latam freelance landscape is undergoing a very dynamic transformation. Based on current trends and the adoption of remote work, we foresee an even further increase of freelance adoption in the years to come, with freelancing continuing to be an integral part of our evolving work culture.”

7. Jacqueline Samira, CEO Howdy:
“More freelancers in Latam realize the benefits of working for US companies and being paid in US dollars. We’re seeing US companies now being interested in opening up more opportunities across marketing, design, financial operations, and support, giving more access to more people.”

8. Tomas Uribe, CEO Mavity:
“Latam, especially Colombia, offers significant freelance opportunities. With the ‘great reconsideration’ trend, reevaluating skills for multiple industries, growing at an estimated 25% in 2024, there is increased interest in design and no-code/low-code app development.”

9. Calvin Smith, CEO Awana:
“In Ecuador, more developers are working remotely with US employers. Freelance teams are on the rise in 2024, and companies want to work with trusted vendors of freelancers, ensuring guaranteed quality.”

10. Sandra Arévalo, CEO Wisar:
“Latam freelancers are connecting with freelance jobs worldwide. Local governments need to ensure online freelancing is inclusive, broadening digital skills training and English proficiency. Factors related to stability can play a role in the sustainability of freelancing careers.”

11. Pedro Arnt, Co-CEO dLocal:
“Freelance positions have increased worldwide, and Latam is no exception. Our 2024 projections show strong growth in gig economy-enabled online marketplaces, ride-sharing, and social media eCommerce. We have aligned our product launch roadmap to meet this growing vertical, recently launching a platform-focused payments solution, our fastest-growing segment.”

The CEOs collectively envision a bright future for freelancing in Latam, highlighting the region’s potential as a significant technology hub and a preferred destination for global companies seeking remote talent. As the freelance revolution continues to reshape the workforce, Latam emerges as a key player in this global transformation.

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