Bolivia is a landlocked country at the heart of Latin America. It’s famous for its diversity, and is officially known as the Plurinational State of Bolivia. The country’s economy has the necessary conditions to present lucrative opportunities, but the country is often overlooked by many foreign businesses, entrepreneurs and investors. This is tantamount to leaving money on the table.
Bolivia is considered lower-middle income economically – and aside from a pandemic-induced dip – the country has seen consistent economic growth. There are still many aspects of the country that remain untapped, and hiring trends in Bolivia will be shaped by such factors.
Anyone who’s interested in doing business and investing in Latin America and the Caribbean should be giving Bolivia a closer look, as the Andean country’s future looks promising. Economists say the economy will continue to grow in the coming years, which will no doubt push up employment opportunities, and could even lead to a need to contract a headhunter in Bolivia.
Hiring trends in Bolivia: Reasons to consider entering the Bolivian market
- High English proficiency
- Highly skilled workforce
- Promising education level
Let’s take a closer look at these factors:
- High level of English proficiency
Bolivia has the fifth highest English proficiency level in Latin America, according to some studies. The vast majority of Bolivians speak Spanish and/or one of the 36 official Indigenous languages. In recent years, English has been growing thanks to the fact that many school tech/IT textbooks are not available in Spanish. So if young people want to become tech workers, some level of English proficiency is a prerequisite.
- Highly skilled workforce
One study done on skills and job opportunities for Latin Americans, including Bolivia, showed that the vast majority of workers are highly skilled. The main skills they possess are:
- Adaptability
- Information processing ability
- Fluency in Spanish, English, or other languages
- Attention to detail
- Leadership
- Promising education system
Bolivia invests 23 percent of its fiscal budget to educational expenditures, a much higher percentage than any other country in the region. This is reflected in the national literacy rate, which rose from 92.5% in 2015 to 93.9% in 2020, and has contributed greatly to Bolivia’s growing pool of tech talent.
Today, more than 50 public and private universities in the country offer degrees at both the undergraduate and postgraduate level, including in IT/tech related fields, ensuring a new generation of tech talent is ready to fill the jobs of tomorrow.
Hiring trends in Bolivia: What you need to know before incorporating there
Before incorporating in any country, it’s important to be familiar with the employment laws, as well as the obligations you’ll have as an employer in Bolivia.
- Probation period:
The maximum probationary trial period in Bolivia is three months.
- Working hours:
Workers in Bolivia have an eight-hour working day, and a maximum of 48 hours every week for men, and 40 hours for women.
Where Bolivia usually varies from other countries, is in its schedule. They work from 8:00am to 12:30pm, and then from 2:30pm to 7:00pm, so be prepared to provide a two-hour lunch break.
- Vacation:
Under employment law in Bolivia, after completing one year of service with the same employer, employees are entitled to 15 days of paid vacation per calendar year. It is the employer’s responsibility to make sure that employees use their full allowance. Aside from vacation, employees are entitled to paid leave under certain conditions. These include sick leave, maternity and paternity leave, and bereavement leave.
Bolivia’s public holidays are as follows:
- 1 January: New year’s Day
- 22 January: Plurinational State Day
- 28 February: Carnival
- 1 March: Carnival
- 15 April: Good Friday
- 1 May: Labor Day
- 16 June: Corpus Christi
- 21 June: Aymara New Year
- 6 August: National Day
- 2 November: All Soul’s Day
- 25 December: Christmas Day
Biz Latin Hub can help you with hiring trends in Bolivia
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in La Paz, Bolivia as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.
Our unrivaled reach means we are ideally placed to support multi-jurisdiction market entries and cross-border operations.
As well as knowledge about hiring trends in Bolivia, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.
Contact us today to find out more about how we can assist you in finding top talent, or otherwise do business in Latin America and the Caribbean.
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