Overview of Colombia
Colombia has the 43rd largest economy in the world according to the nominal GDP (Gross Domestic Product) according to the year 2020. The service sector rules the Colombian economy with a share of 62.1 %, followed by the industrial sector with 30.8 % and the agricultural sector with 7.2%. The service sector employs around 62% of the total labor force of the country.
Total Population- 50.88 million
GDP- US $271.46 billion (FY 20)
The GDP rate has decreased by 6.85 % in 2020 and has reached a US $271.46 valuation. The rate is expected to grow by 5.15% in 2021. The rate of unemployment has reached 15.44% and has been very high compared to 2019. It is expected to decrease in the coming years, but that may take some time.
Colombia has an upper middle income emerging economy. The country's main industries include agriculture, manufacturing, textile and fashion, construction, and the banking industry. IT and the electronics industry are the fastest emerging sectors of the country. There are opportunities for aspiring job seekers in the country with the required skill sets.
A brief glimpse of the industries
- Manufacturing is one of the biggest industries in the country. The nation has been the largest producer of domestic appliances. The country also is a center for the manufacturing of foreign appliances. It is also a major producer of electronics in South America.
- Textile and fashion are two of the major industries of the country. The fashion industry witnesses significant growth in the last ten years. Manufacturing of clothes has been boosted by the large markets even though there has been a decrease in the textile industry.
- Another prominent industry is the construction industry. It plays a significant role in the country's economy and has been growing at 20%. The country is investing in heavy transport infrastructure, which can be beneficial for the construction industry. There are job openings for expats in this sector.
Cost of Living in Colombia
The country is a low cost of living location with the best facilities and infrastructure. It is a good country to live in as you will feel like living in an expensive location, but with affordable prices. Small towns are less expensive compared to the cities.
The following table depicts the average cost of living in Colombia in 2021.
Cost of Renting
The cost of renting an apartment may depend upon various factors like the location and the size of the house, and quality of lifestyle. A one-bedroom apartment may cost you around US $260, and a three-bedroom apartment; the cost of rent is around US $449.The cost of renting is lower than the United States in Colombia.
The top sectors that are expected to hire in 2021 in Colombia are: -
Top skills in Colombia
Certain skills can easily help you to fetch a job in Colombia. There are wide job openings for an enthusiastic job seeker with the required hard skills and soft skills. Colombia requires excellent job opportunists for hiring. From an IT professional to a Content manager, there are job vacancies in different fields.
Major skills and areas which have witnessed a recent growth rate
- Financial services
- Customer services
Top skills city-wise occupation-wise
Each city of the country proves its quality in certain industries. Let's have a look at the different industries functioning in different cities in Colombia.
- Bogota: - It is the capital city of Colombia and one of the highest capitals in the world. It is the commercial and financial hub of the country. The city serves as a host to the major financial markets of the country. Some of the main industries include food and beverage industries, exports, banking and financial services and tourism sectors. There are opportunities for job seekers in the city.
- Cali: - It is one of the most populated cities in Colombia and is also known as the sports hub of the country. Cali is the only city that hosted the Pan American games and other important sports events. The city is called the Salsa Capital and is known for its parties and dance. Tourism, agricultural and cosmetic industries are some of the major industries of the city.
- Barranquilla: - It is the largest city and is located near the Caribbean Sea. It is also called Colombia's Golden Gate. The main industries in the city include aviation, commerce, and construction industries. It is also the shopping, educational and cultural center of the country.
The process of hiring can be tiring and cumbersome and involves cost and effort. An employer should be prepared to bear the expenses of the whole process. The factors that involve in the cost of hiring are: -
- Hiring and interview procedures
- Orientation expenses
- Onboarding and training expenses
- Time invested in the whole process
Salary structure for various roles
The table below depicts the average salaries that are offered to employees in Colombia according to different sectors: -
Employment Laws in Colombia
Colombia has a regulated system and provides basic rights and benefits for the employees. The factors may differ according to different industries. The Colombian Labor Law governs every employment contract. Colombian Labor Law regulates the following aspects: -
- Maximum 8 working hours a day
- Minimum wage
- Paid and Unpaid leave
- Bonus and benefits
- Employee protection laws
- Social security laws
How Can Skuad Help You with Hiring in Colombia?
To acquire the leading talented individuals in Colombia, you need to be ready to organize a time-consuming and resource-intensive process. There are several steps that you must comply with as per the government guidelines. With expert consultants at Skuad, all your hassles regarding the recruitment processes in Colombia are taken care of. Connect with Skuad Experts to know more.