Movement of executives in the Brazilian market
In 2019, after several years of recession, the Brazilian economy experienced modest growth, thereby increasing opportunities for qualified local executives. However the situation changed abruptly in the second quarter of 2020 as the worldwide pandemic took hold. The number of unemployed professionals, which had been declining, increased rapidly as companies cut costs and adopted austerity measures. Among the various impacts of the pandemic on organizations, we identify these three as having particular importance in the executive market: 1) accelerated transformation of business models, 2) redefinition of the regimen and location of work, and 3) increased importance given to competencies around being able to deal with rapid, major change.
Brazil`s economic contraction so far in 2020 indicates its`s GDP will decrease more sharply this year than during the worst moments of its recent multi-year recession, even if some sectors such as mining and agribusiness are less affected. But independently of the sector in which an executive currently works, we perceive an importance given to the individual above and beyond his/her function. Never have individual talent and posture been more important to organizations. Professionals who work in support areas such as HR and logistics have been heavily burdened and gained considerable visibility. But we observe that professionals are particularly valued, whatever their function, when they promote engagement and learning in a variety of spheres, integrating within more horizontal and agile structures.
Final Remarks
Additional data such as trends in the number of expatriates in Brazil or Brazilians transferred to work abroad, benefits, retirement plans, long-term incentives, changes in compensation schemes, fixed and variable remuneration are included in the Survey.
If you need additional information or would like to participate in Boyden Brazil`s 2021 Executive Compensation Survey, please contact us at pesquisa@boyden.com.
