If you are considering doing business in Colombia or are looking for talent from Latin American countries, engaging a professional employers’ organization in Colombia can be very advantageous. The nation offers numerous compelling reasons for engaging in business and utilizing a professional employer organization in Colombia:
Benefits of Using a Professional Employer Organization in Colombia
If you are considering hiring the services of a professional employer organization in Colombia, you will be pleased to know that it is possible to travel easily from the capital Bogota.
Growing Economy
Colombia’s economy has been consistently growing over the years. In 2021, despite the challenges posed by the COVID-19 pandemic, Colombia’s GDP grew by 7.7% in the third quarter compared to the same period in 2020.
Investment-Friendly Environment
Colombia has implemented various measures to attract foreign investment. It has signed free trade agreements with multiple countries, including the United States, Canada, and the European Union.
Skilled Workforce
Colombia boasts a well-educated and skilled workforce. The country has over 600 universities and technical institutions, producing a pool of talented professionals. Colombia is recognized for its strong engineering programs and has a growing number of graduates in technology-related fields (source: Colombian Ministry of Education).
Infrastructure Development
Colombia has made significant investments in infrastructure. The country has an extensive road network, including over 3,200 kilometers of highways, facilitating transportation and connectivity (source: Colombian Ministry of Transport).
Tourism Potential
Colombia’s tourism industry has seen remarkable growth in recent years. In 2019, the country received over 4.5 million international visitors, a 2.6% increase from the previous year (source: Colombian Ministry of Commerce, Industry, and Tourism).
Improved Security
Colombia has made significant progress in terms of security and stability. The country has experienced a substantial decline in violence and a decrease in crime rates over the past decade. According to the Global Peace Index 2021, Colombia ranked 147th out of 163 countries, showcasing improved peacefulness.
To take advantage of these opportunities, it is beneficial to work with a reliable professional employer organization in Colombia.
What is a Professional Employer Organization in Colombia (PEO Firm)?
A professional employer organization in Colombia is often referred to as a PEO or as an employer of record (EOR), while providers will sometimes advertise themselves as a PEO payroll company, owing to the management of salaries being one of the most sought after services they offer.
Why hire through a PEO firm in Colombia?
When you hire through a PEO firm in Colombia, not only do you tap into the local knowledge and contacts that the PEO firm has, while also removing a major administrative and compliance issue, but you also avoid the need to go through company formation and subsequent liquidation.
One of the big advantages of working with a professional employer organization in Colombia is the immense network that is already established for recruitment and immense knowledge of the best educational institutions and local companies that ideal candidates may have experience with.
Compliance matters that a PEO firm in Colombia takes care of:
A professional employer organization in Colombia will take care of the following regulatory and compliance concerns related to having employees in the country:
- Your PEO firm in Colombia will also inform you in the most timely manner possible when changes to these are due to occur;
- Working hours
- Overtime
- Paid vacations
- Bonuses
- Parenthood leave
- Voting leave
- Trade union leaves
- Minimum wage
The graphic above highlights when it is best to use a Professional Employer Organization in Colombia, or any country. PEO Colombia Common FAQs when hiring through an Employer of Record (EOR) in Colombia Based…
