Unicorns Growing Exponentially in Latin America

March 13, 2023
PETER HOWARD WERTHEIM & DAYSE ABRANTES - INTERNATIONAL JOURNALISTS

The term “Unicorn” was first used in 2013 to describe start-ups valued at more than US$1 billion. Unicorns are leading transformative and social change and have unlocked talent around the world.

The Unicorn work culture is all about giving employees more flexibility in their working hours and allowing them to enjoy their lives outside of work.

The Benefits of Working in an Unicorn

At the Unicorn stage, companies will typically have constructed role levels, structure, and compensation plans to provide a clearer path to possible career advancement. New York or London, now have access to them,” Villatoro said.

Glassdoor: https://bit.ly/3irZ4TX

Salary Ranges in Unicorns

Immediate competitors. What are your direct competitors paying? What do they need to pay to acquire talent? Provide opportunities for professional growth and development? Offer a harmonious organizational climate?

Mission. Many mission-oriented companies will rely heavily on the sense of purpose you can derive from day-to-day work to rationalize pay. At this point, a great affinity and sympathy between employee and company is necessary.

How is the Recruitment process? Recruiters in most Unicorns give deadlines that are not firm and can be negotiated. Anticipating your schedule will make everything significantly easier. In some cases, they may want you to decide within a week of the offer.

Medium: https://bit.ly/35UUU4

Quora:https://bit.ly/3KKeH4V

Unicorns employee profile

Data on the employee profile of some Unicorns companies, considering the main prerequisites of engineering skills.

3 key engineering skills prerequisites:

52% Java

51% Python

39% C++

Some of the Highest Paying Unicorns

(According to Crunch Base)

Cloudera

Average annual base salary: US$142,240

Valuation: US$4.1 billion

Jaw

Average annual base salary: US$130,000

Valuation: US$3.0 billion

Medal

Average annual base salary: US$121,920

Valuation: US$1.25 billion

Pinterest

Average annual base salary: US$118,420

Valuation: US$11.2 billion

Dropbox

Average annual base salary: US$116,840

Valuation: US$10.35 billion

Airbnb

Average annual base salary: US$116,840

Valuation: US$25.5 billion

Uber

Average annual base salary: US$101,600

Valuation: US$51 billion

Eventbrite

Average annual base salary: US$101,600

Valuation: US$1.06 billion

Forbes: https://bit.ly/34IGkMq

Hiring in Latin America Booming

The growth rate of hiring across Latin America for positions like software engineer and account executive has increased by 286% in the second half of 2021, more than in any other region in the world, according to a report focused on tech and remote work by global hiring and payroll company Deel Inc. Most of the new hires are located in Argentina, Brazil and Mexico, but competitive wages are also making companies take a closer look at Peru, Colombia and the Dominican Republic.

The jump in hires comes as Latin American startups received a record

US$15 billion in funding last year, more than triple the previous record. The growth in regional Unicorns — startups valued at US$1 billion or more — hiring within the region is part of the reason for the increase in employment, according to Pepe Villatoro, Deel’s regional head of expansion.

“It’s exploding,” he said in an interview. “The war for talent is not only with U.S. companies hiring in Latin America, but also Latin American companies more and more in Brazil and Mexico, and in Colombia and Argentina as well.”

The hiring firm has worked with local Unicorns including Brazil’s Nu Pagamentos SA, also known as Nubank, and Creditas Solucoes Financeiras Ltda., Mexico’s Jokr SARL and Clara and Colombia’s Rappi Inc. to hire talent across the region. The study, which is most representative of tech and remote work trends, analyzed data from more than 100,000 work contracts the company arranged in about 150 countries, and included over 500,000 data points from third-party sources.

The number of foreign companies hiring in Latin America also increased 156% in the second half of 2021, more than anywhere else in the world, in part thanks to the possibilities sparked by the shift to remote work. In places such as the Dominican Republic and Argentina, the number of new hires as contractors grew by more than 200%.

With thousands of engineers and developers graduating every year in major markets like Brazil and Mexico, “people that didn’t have access to these opportunities of working with the top companies in the world, because they didn’t live in Silicon Valley, New York or London, now have access to them,” Villatoro said.

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