Venezuela crisis, Colombian wages and AI - a reality check for LATAM BPO & GBS

In this episode of Good Morning BSS World, I return to Latin America for our regular monthly update on the BPO and GBS industry, and I am joined once again by my good friend and LATAM expert, Mauricio Velasquez. Based on most recent Venezuela’s crisis our conversation begins with a timely look at this country – a country that historically played a significant role in regional shared services and IT operations, and which may or not once again attract attention in the coming years. Without diving too deep into politics, we focus on business realities, talent availability, and the long-term potential of Venezuelan professionals both at home and across the region. We then move to one of the hottest topics impacting nearshoring decisions today: labor costs. Mauricio shares his on-the-ground perspective on Colombia’s recent 23% minimum wage increase and explains why this is a major challenge for BPO and GBS providers operating in the country.