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Uruguay
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Uruguay
Uruguay, with a GDP of $77.2 billion, ranks as the 80th largest economy globally. Its top industries include food processing, electrical machinery, and transportation equipment. Despite an unemployment rate of 8.4%, the labor market remains stable due to a balanced working population. There are a medium number of recruitment agencies, aligning with typical industry standards.
Uruguay'S
AGENCY LANDSCAPE
500
Agencies operating in Uruguay
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-18%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Uruguay'S
FEATURED AGENCIES
Adecco Group
Aliancers
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Uruguay'S
GROSS DOMESTIC PRODUCT (GDP) RATING
80
WORLD RANKED
Uruguay ranks 80th in the world by current economic output
$77B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
12
LATAM RANKED
Uruguay is the 12th biggest GDP in LATAM out of 20 countries in the region
GDP GROWTH (%)
The above chart compares how Uruguay'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.
Uruguay'S
CURRENCY AND CODE
$U
Country currency
URY
Country ISO code
Uruguay'S
INFLATION RATE
5.8%
CURRENT RATE
▼0.1% 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.
Uruguay'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.
Uruguay'S
LABOUR STATISTICS
3.3M
POPULATION
With a population of 3,286,314, Uruguay is a small sized country by global standards. Uruguay's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Uruguay is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Uruguay's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
Uruguay'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.
Uruguay'S
UNEMPLOYMENT RATE
8.4%
CURRENT PERCENTAGE
▲0.48% INCREASE
Uruguay has an unhealthy unemployment rate, suggesting there may be some economic or structural challenges . Between 2022 and 2023, there was a small increase in unemployment, suggesting continued economic stability, with a slight dip in job availability
Uruguay'S
TOP PERFORMING INDUSTRIES
Top industries
Food processing
Petroleum products
Chemicals
Uruguay'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
73
/
56
Male | Female
In Uruguay there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.
Uruguay'S
WORKING LIFE
12DAYS
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, with the workweek usually spanning Monday to Friday. Overtime pay may apply for hours beyond these limits.
Uruguay'S
TOP BENEFITS
14WEEKS
Maternity leave
Maternity: 14 weeks paid leave, 42 days before birth, 100% average salary by Social Security. Paternity: 13 days paid leave, 100% salary, employer pays first 3 days, BPS the rest. Parental: 6 months half-week work, full salary paid by social security.
3DAYS
Sick leave
Employees have unlimited paid sick leave with a 3-day unpaid qualifying period. Afterward, social security pays 70% of their wages during the sick leave.
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