Due to the lockdown, requests from Argentine executives to go abroad exploded


El Cronista | June 28, 2020

The El Cronista article, "Due to the lockdown, requests from Argentine executives to go abroad exploded​," quoted Russell Reynolds Associates Consultant Edgar Medinaceli on the increased interest in working abroad due to the COVID-19 pandemic and its effects on Argentina. A translated excerpt of the article is below.

If anyone had any doubts, last Friday’s announcement that extended the lockdown returning it to its initial stage, cleared all of them. The shock that this will cause in the economy will magnify the impact already generated by the pandemic, due to which the International Monetary Fund (IMF) projected a downturn of almost 10% for this year. Businesses that barely survived the restrictions will have to close again; industries and companies that, with sharp falls in their revenues, invested in protocols and processes to resume their business activities, will once again close their doors.

That is why, as the lockdown is extended and the downturn worsens, there is an explosive growth of requests to headhunters by professionals who have already decided to continue with their careers abroad. According to headhunters, inquiries grew by at least 50% in contrast with the days before the lockdown. Those who remember point out that they have never seen such a rush to leave the country, not even during the 2001 crisis.

Edgar Medinaceli, Director of Russell Reynolds, explains that executives, who previously never even thought about exploring opportunities abroad, are now considering it. “In the last few weeks, we have noticed a greater interest in contrast with before the lockdown. The exodus is driven by weariness in the country and the lack of short-medium term prospects. They realize that it is very difficult to grow professionally here,” he says. Medinaceli adds that the Argentines who returned to the country between 2016 and 2017 want to leave again.

Unlike a few months ago, today Latin America offers more opportunities. Although there has always been interest in markets such as the United States, Canada and Europe, the region is more attractive, with Uruguay and Chile as the most suitable places to receive expats. “Together with Colombia and Brazil, they are the most popular destinations,” says Medinaceli.

To read the full article in its original Spanish, click here​.