Hire in Bolivia
Bolivia, officially known as the Plurinational State of Bolivia, is a landlocked and highland country situated in South America. It has a lower-middle-income economy and has been growing at a fast pace. The country's unemployment rate in 2020 is around 5.61 per cent and is expected to reach 3.91 % by the end of the year 2021. The country is a constitutionally unitary state. The country is famous for its diversity and incredible salt flats, and snow-capped mountains.
The main industries of the country are mining, banking and finance, agriculture, tourism, energy, and manufacturing. The country's economy also has a historical pattern of a single commodity focus. The main industrial center and the largest city of Bolivia is the Santa Cruz de la Sierra. Political instability is one of the reasons which is preventing the modernization of the agricultural sector.
Overview of Bolivia
Bolivia has the 95th largest economy in the world according to the nominal GDP (Gross Domestic Product) according to the year 2021. The economy is dominated by the service sector with a share of 48.2%, then by the industrial sector with 37.8 %, followed by the agricultural sector with 13.8 %. 48.6 % of the country's labor force is employed in the service sector, followed by agriculture and industry, respectively.
Total population - 11.6 million
GDP – US $43.100 billion (2021)
The GDP growth rate has been increased by 5.5% and has reached a valuation of US $43.100 billion in 2021. The GDP growth is expected to decrease in the coming year. The unemployment rate is expected to reach 3.9 % by the end of this year and will be reduced by 0.2% in 2022. The economy of the country is growing at a moderate rate.
The Bolivian economy is a lower-middle-income economy. It has a historical pattern of a single commodity focus. The economic development has been slow due to reasons like political instability. The important industries that constitute the economy are agriculture, manufacturing, mining, energy, textile, banking and finance, and tourism. There are various job openings for expats in different fields.
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A brief glimpse of the industries
- The manufacturing industry is one of the prominent industries that contribute 15% of the country's GDP. It has small scale production than a large scale. Food processing, cement, shoes, furniture, and many other goods are manufactured in Bolivia and are exported. Among the food exports, soya beans and their derivative products stand in the front position.
- The economy of the country is boosted by another industry, that is, mining. It contributes around 4% of the country's GDP. The main commodities include natural gas, gold, and silver. Bolivia also produces zinc, and it has been increased in recent years. There have been job openings in this sector.
- The textile industry is another major industry that has been stable for recent years even though there has been a financial crisis worldwide. The export earnings of the textile industry in Bolivia are more than US $30 billion. There are job opportunities for job seekers in this field.
Cost of living in Bolivia
The cost of living in Bolivia is comparatively cheap. The price may vary for the expats. It is cheaper compared to other countries and can have a decent lifestyle. The following table depicts the average cost of living in Bolivia in 2021.
Cost of Renting
The cost of renting is different in different places based on several factors like the location of the apartment, its size, lifestyle, facilities, and so on. The rent of a one-bedroom apartment in Bolivia cost around US $358, and for a three-bedroom apartment, it is around US $598. The apartment in the city is costly compared to the outside one. The top sectors that are expected to hire in 2021 in Bolivia are: -
Top Skills in Bolivia
An enthusiastic job seeker with the right skills can easily fetch job opportunities in Bolivia. There are various job openings for expats in different sectors in the country. Hard skills and soft skills are required for job seekers to get a job. From business administration to sales, there are wide openings in the job market in the country.
Major skills and areas which have witnessed a recent growth rate
- Information and technology
- Finance and banking
Top skills city-wise occupation-wise
Some sectors grow in some cities. Each city has its quality. Let's see top skills required according to the city wise.
- Santa Cruz de la Sierra: - It is the largest and the most populous city in the country. The city produces more than 35% of the country's GDP. It is one of the most prominent business centres in the country, and most migrants settle in the city. The main industries of the city that contribute to the country's economy are agribusiness, hospitality, oil, fashion sectors, textile and hospitality and cuisine. There are openings in the job market for these industries.
- La Paz: - It is officially known as Nuestra Senora de La Paz and is the third most populous city in the country. It is also called the highest capital city in the world. The main industry is the manufacturing industry. Building materials, consumer goods, food products and tobacco products are the main manufacturing goods.
- El Alto: - It is the second-largest city in the country. Agricultural and manufacturing industries are the major industries in the city. There are job openings in the city for expats.
The cost of hiring is an important factor in the hiring process. The employer should be able to meet the expenses of the whole recruitment process. Certain factors involve the cost of hiring. They are: -
- Interview process
- Hiring procedures
- Time invested
- Training and onboarding expenses
Employment Laws in Bolivia
The Ministry of Labor of Bolivia regulates the labor relationship, which is for both the employers and employees. The main factors that take account into labor law are:
- Minimum wage
- 13 salaries to be paid a year (12 months+ bonus)
- 8 working hours a day
- Paid and unpaid leaves; bonus
- Social security laws
- Voluntary resignation
How Can Skuad Help You with Hiring in Bolivia?
When it comes to acquiring the best talent in Bolivia, you must avail the services of experts to help you in the process. Various laws regulate the employment sector in Bolivia, and employers must comply with all the specified guidelines. Skuad offers you a one-stop solution for all your recruitment requirements with a team of experienced consultants. Connect with Skuad Experts to know more.