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COUNTRY SEARCH:
Mexico
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Mexico
Mexico, with a GDP of $1.79 trillion, ranks as the 12th largest economy globally. Key industries include food and beverages, chemicals, and motor vehicles. The stable working population indicates a consistent labor market, supported by a low unemployment rate of 2.8%. Recruitment is diverse, with room for growth in gender parity.
Mexico'S
AGENCY LANDSCAPE
1.5K
Agencies operating in Mexico
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-20%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Mexico'S
FEATURED AGENCIES
Hays
Pacifica Continental
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Mexico'S
GROSS DOMESTIC PRODUCT (GDP) RATING
12
WORLD RANKED
Mexico ranks 12th in the world by current economic output
$1.8T
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
2
LATAM RANKED
Mexico is the 2nd biggest GDP in LATAM out of 20 countries in the region
GDP GROWTH (%)
The above chart compares how Mexico'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.
Mexico'S
CURRENCY AND CODE
MX$
Country currency
MEX
Country ISO code
Mexico'S
INFLATION RATE
4.0%
CURRENT RATE
▼1.5% 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.
Mexico'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.
Mexico'S
LABOUR STATISTICS
126M
POPULATION
With a population of 126,014,024, Mexico is a medium sized country by global standards. Mexico'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 Mexico is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Mexico's elderly population is close to the world average, suggesting a manageable dependency ratio, where the working-age population can effectively support the elderly.
Mexico'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.
Mexico'S
UNEMPLOYMENT RATE
2.8%
CURRENT PERCENTAGE
▼0.44% REDUCTION
Mexico's unemployment rate is low, suggesting either a booming economy or reliance on foreign labour. Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
Mexico'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
Fomento Económico Mexicano
Walmex
America Movil
Top industries
Food and beverages
Motor vehicles
Petroleum
Mexico'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
77
/
47
Male | Female
In Mexico there is a large gap in participation rates between males and females, indicating significant structural or cultural barriers preventing more equal gender parity.
Mexico'S
WORKING LIFE
$9.9K
Average gross annual wage (US$)
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.
$822
Average gross monthly wage (US$)
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.
Mexico'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.
48HRS
Average working full time week
Overtime pay is required for work beyond standard hours (8 per day/40-48 per week). The first 8 extra hours weekly are paid at 200%, while additional overtime exceeds that at 300%. There's no weekly overtime cap.
Mexico'S
TOP BENEFITS
84DAYS
Maternity leave
Mexico: 84-day paid maternity leave at 100% pay, starting 40 days before birth. Optional unpaid extension. Five-day paid paternity leave, unpaid extensions possible. No official parental leave.
52WEEKS
Sick leave
In Mexico, employees can receive up to 52 weeks of paid sick leave, with potential extensions based on illness type. Payment rates and sources vary over the leave duration.
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