The not-so-new phenomenon took over the US economy up until this year. But, according to official data released last month, the pandemic-era phenomenon was still a feature of the job market in early 2022. According to CNN Business, US businesses had 11.3 million job openings to fulfill this year, slightly more than economists had predicted; regardless, the great void is far from being filled out.
Meanwhile, the number of people quitting their employment increased to 4.4 million in February, up marginally from the previous month but still well behind the November peak of 4.5 million. Despite providing more significant compensation, businesses struggle to attract employees due to the labor crisis. According to this study, the US software job market currently faces a 472K tech talent shortage, with 9 out of 10 business owners struggling to find and hire IT professionals.
Many businesses are asking the underlying issue: What can they do to smooth out the enormous resignation effects?
One solution is to go to a nearshore software development solution, which may be accomplished via the BOT model. The Build-Operate-Transfer model allows service providers to quickly set up a new center by applying its client organization’s internal culture and processes. The aim is for the service center to be completely operational from its foundation. When set up in countries with a lower cost of living, it can also significantly reduce operating costs. Under these circumstances, a nearness between borders can become a great advantage.
Nowadays, these processes have become more rapid, easy, and achievable for all-size enterprises, and when looking for a great nearshoring partner, Mexico turns out to be the best option. According to Forbes, hiring Mexican talent is now far less expensive than in the US; Mexico’s talent pool turns out to be the most attractive. In Mexico, about 160,000 engineers graduate each year. As a result, Mexico has become a powerhouse of software engineering expertise in Latin America, with a talent pool of over 700,000 engineers. Plus, regarding IP Protections, because of the recent approval of the USMCA and a lengthy history of acquiring IPR protections through international accords, US corporations have substantially greater intellectual property rights protections in Mexico, according to NAPS.
If you want to know more about the BOT model and how it works, you can visit the BOT Model: How global companies expand in this pandemic.
To succeed in your field, you must be aware of changes and follow the latest trends. Keep an eye on what’s going on around you and adjust. Sometimes, the best option is to partner with someone else to continue growing your enterprise. You can be surprised by adapting to new fields or choices you have never considered before.
ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.