Confidence contrasts with concerns over board composition; 61 percent say a different matrix of skills is needed
BRAZIL / COLOMBIA / MEXICO / PERU, Apr 4, 2022 – Boyden, a premier leadership and talent advisory firm with more than 75 offices in over 45 countries, shares regional analysis of leadership and talent trends in Latin America, revealing the highest global level of confidence in growth, the lowest level of confidence in board skills and operations leadership as the top priority for hiring.
The global study, Talent-led transformation in a post-pandemic world: how can global business leaders deliver on ambitions of growth and reinvention? explores the business outlook among CEOs, boards and other senior leaders, and talent trends, priorities and investment in the wake of the pandemic through 2022. In the Regional Analysis: Latin America, survey data across five core talent and strategy themes alongside Boyden expert insights form a nuanced picture of the Latin American leadership landscape.
“Demands on leaders today are both broad and complex,” comments Luis Lezama Cohen, Managing Partner, Mexico and LatAm Regional Practice Leader, Financial Services. “With the pandemic, and now events in Ukraine, companies are accelerating solutions and requiring more out of their executives.”
Study findings show that 88 percent of respondents in Latin America are extremely confident or confident in their organization’s growth potential, compared with the global average of 77 percent. This contrasts with 67 percent in the region who are extremely confident or confident in having the right talent to align to strategy.
Lack of alignment goes up to board level. Respondents in Latin America are the most concerned globally about board composition, with 61 percent saying a different mix of skills is needed on the board, compared with the global average of 52 percent. “The pandemic highlighted competitive differences among companies with well-structured processes and governance, and those without,” comments Aurea Imai, Managing Partner, Brazil. “Therefore, a number of companies are reinventing their boards to refresh their strategies and gain agility in a dynamic economic environment. There is strong competition between traditional companies, start-ups and VC-backed businesses, with boards pressed to deliver diversity and innovation.”
Expansion into new markets and the development of new products are strategic priorities and a means to attract the best talent. Operational leadership is therefore the top priority in hiring, with an additional focus on operational capabilities at the board level. Directors need a refined understanding of regional economies and cultural awareness to drive the development of new products and markets. “Next generation managers are equipped with better training, wider business perspectives, a fluency in globalization, multicultural approach, language skills and international exposure,” comments Antonio Sanchez, Managing Partner, Colombia.
Talent attraction data signals 62 percent are considering new approaches to measuring performance in Latin America, compared with 51 percent globally; the top driver is to tie culture and behaviours to business objectives. Retention challenges are a significant concern, with 63% expecting these, compared with 50% globally. Challenges in talent recruitment are expected by 52% of respondents compared with 49% globally.
“Despite the region’s enormous potential, the effects of the pandemic and current-state political situation constrain the resolution of existing structural economic and social deficiencies. Business leaders have a significant role to play in pursuing public private collaboration to achieve economic recovery,” concludes Carla Woolcott, Managing Partner, Peru.
Boyden is a premier leadership and talent advisory firm with more than 75 offices in over 45 countries. Our global reach enables us to serve client needs anywhere they conduct business. We connect great companies with great leaders through executive search, interim management and leadership consulting solutions. Boyden is ranked amongst the top companies on Forbes’ Americas Best Executive Recruiting Firms for 2021. For further information, visit www.boyden.com.