RAMP.Global’s agency network makes it easier for employers to identify and procure talent from 23,000+ staffing agencies in over 100 countries.
COUNTRY SEARCH:
Ecuador
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Ecuador
Ecuador has a GDP of $118.8 billion, ranking 63rd globally. With a stable labor market and low unemployment rate of 3.4%, its top industries include petroleum, food processing, and textiles. The country has a moderate number of recruitment agencies. Gender participation disparity suggests room for improvement in gender equity in its workforce.
Ecuador'S
AGENCY LANDSCAPE
500
Agencies operating in Ecuador
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
14-18%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Ecuador'S
FEATURED AGENCIES
Wisdom Consultores
Pacifica Continental
Get featured here
Ecuador'S
GROSS DOMESTIC PRODUCT (GDP) RATING
63
WORLD RANKED
Ecuador ranks 63rd in the world by current economic output
$119B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
8
LATAM RANKED
Ecuador is the 8th biggest GDP in LATAM out of 20 countries in the region
GDP GROWTH (%)
The above chart compares how Ecuador'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.
Ecuador'S
CURRENCY AND CODE
$
Country currency
ECU
Country ISO code
Ecuador'S
INFLATION RATE
1.4%
CURRENT RATE
▼0.8% 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.
Ecuador'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.
Ecuador'S
LABOUR STATISTICS
14M
POPULATION
With a population of 14,483,499, Ecuador is a medium sized country by global standards. Ecuador'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 Ecuador is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Ecuador's elderly population is close to the world average, suggesting a manageable dependency ratio, where the working-age population can effectively support the elderly.
Ecuador'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.
Ecuador'S
UNEMPLOYMENT RATE
3.4%
CURRENT PERCENTAGE
▼0.39% REDUCTION
Ecuador's unemployment rate is healthy, indicating a well functioning labor market with good job opportunities for most people. Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
Ecuador'S
TOP PERFORMING INDUSTRIES
Top industries
Petroleum
Food processing
Chemicals
Ecuador'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
78
/
53
Male | Female
In Ecuador there is a large gap in participation rates between males and females, indicating significant structural or cultural barriers preventing more equal gender parity.
Ecuador'S
WORKING LIFE
8DAYS
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
Standard work hours are typically 8 hours/day, 40 hours/week, Monday to Friday. Overtime pay applies for hours worked beyond these limits.
Ecuador'S
TOP BENEFITS
12WEEKS
Maternity leave
Maternity: 12 weeks paid, 100% salary (75% by Social Security, 25% by employer), 2 weeks pre-due date. Paternity: 10 days paid, fully by employer. No specific parental leave in Ecuador.
70DAYS
Sick leave
Employees get up to 70 days of paid sick leave: days 0-3 at 50% by employer, days 4-70 split with 75% by Social Security and 25% by employer, and after 70 days, 66% by Social Security, 34% by employer.
COUNTRY SEARCH
