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Colombia
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Colombia
Colombia, with a GDP of $363.5 billion, ranks 41st globally. Its main industries are textiles, food processing, and oil. With a stable working population and an unemployment rate of 9.6%, the labor market is stable yet competitive. Colombia has a moderate number of recruitment agencies, focusing on key industries.
Colombia'S
AGENCY LANDSCAPE
600
Agencies operating in Colombia
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
14-20%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Colombia'S
FEATURED AGENCIES
Wisdom Consultores
Hays
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Colombia'S
GROSS DOMESTIC PRODUCT (GDP) RATING
41
WORLD RANKED
Colombia ranks 41st in the world by current economic output
$364B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
4
LATAM RANKED
Colombia is the 4th biggest GDP in LATAM out of 20 countries in the region
GDP GROWTH (%)
The above chart compares how Colombia's GDP has grown, compared to the rest of the world and the LATAM region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Colombia'S
CURRENCY AND CODE
CO$
Country currency
COL
Country ISO code
Colombia'S
INFLATION RATE
6.4%
CURRENT RATE
▼5.3% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Colombia'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Colombia'S
LABOUR STATISTICS
50M
POPULATION
With a population of 50,372,400, Colombia is a medium sized country by global standards. Colombia's youth population is close to the world average, suggesting a consistent influx of new workers, but may not see any significant growth. The working population in Colombia is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Colombia's elderly population is close to the world average, suggesting a manageable dependency ratio, where the working-age population can effectively support the elderly.
Colombia'S
RELIGION AND ETHNICITY
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Ethnicity
In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.
Colombia'S
UNEMPLOYMENT RATE
9.6%
CURRENT PERCENTAGE
▼0.98% REDUCTION
Colombia has a severly unhealthy unemployment rate, signalling there is significant economic problems. Between 2022 and 2023, there was a moderate decrease, suggesting a positive shift toward better economic stability and improvement in job availability
Colombia'S
TOP PERFORMING INDUSTRIES
Top industries
Oil
Coal
Chemicals
Colombia'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
76
/
51
Male | Female
In Colombia there is a large gap in participation rates between males and females, indicating significant structural or cultural barriers preventing more equal gender parity.
Colombia'S
WORKING LIFE
$9K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$748
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
Colombia'S
WORKING LIFE
18DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Colombian employees earning under COP 13M/month receive mandatory overtime pay at increased rates after standard hours, with a daily cap of 2 extra hours. From 2023-2026, weekly work hours will decrease annually from 48 to 42, maintaining salaries.
Colombia'S
TOP BENEFITS
126DAYS
Maternity leave
Maternity Leave: 126 days at full pay, 7 pre-birth. No extension. Paternity: 14 days full pay. Colombia lacks specific parental leave laws.
540DAYS
Sick leave
Employees get up to 540 days of paid sick leave, with varying rates and payers. The employer initially covers the first 90 days, then Social Security refunds. After 180 days, Social Security pays directly. Work accidents yield full salary from the insurer.
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