December 2009 | By Cristina Simon, Professor at IE Business School
Attracting and leveraging talent is the challenge now facing Peru if it wants to keep up the sustained economic growth of the last decade.
There is no doubt that a countryÂ´s economic development is linked closely to the evolution of its labour market. The problem that so often arises is the difference in speed of both concepts. At the present time, Peru is a magnificent example of this lack of synchronisation between the economy and the human capital that is there to keep it in place. As a result, a Â´talent voidâ?? alert has recently appeared and could slow down the so far unstoppable force that has driven the country down a road of sustained growth for almost a decade.
The continuous progress of an economy generates an often very brusque change in the type of human capital that is required. This need for more intellectual work has become more evident in Peru in detriment of unskilled labour: in 1993, the EAP (economically active population) comprised 50% unskilled workers (with no academic qualifications or with primary education only), but the proportion fell to 26.2% in 2007. This figure clearly shows the shift in employersÂ´ requirements and the need for trained, employable personnel, a concept that was christened with the name of Â´talentÂ´ in the United States at the end of the 1990s.