Hire in Ecuador

Overview of Ecuador

Ecuador is one of the developing countries in the American region. But even after that, it has been classified as an upper-middle-income country due to the excellent opportunities. It is one of the largest economic countries in Latin America. The poverty rate of this nation has significantly decreased in the past two decades. Ecuador is known to have achieved economic stability very efficiently.

Total population – 18 million (2024)

GDP – 117.93 USD Billion (2024 estimate)

Economic Overview

The Ecuadorian economy stands to be the 69th largest economy globally, based on the total GDP. The Annual PPP GDP of Ecuador is US $202.043 billion, which makes the per capita income to be US $11,701. The growth in GDP from 2007 till date was remarkable. This country now has a nominal GDP of US $106.289 with a per capita income of US $6,155. The substantial economic growth of this nation makes it an excellent choice for relocation.

Market size

The market of Ecuador is largely dependent on the agriculture, petroleum, and aquaculture industries. Besides that, the technological industry is also in bloom. The service sector and food processing, textiles and metallurgy industries have observed similar growth over the years. The private sector in Ecuador has minor revenue compared to the public sector, but plans are in action to make Ecuador more privatized.

A Brief Glimpse of The Industries

• The Ministry of Information and Tourism manages the tourism sector in Ecuador. Ecuador has beautiful beaches, snowy mountains, amazing flora, and fauna, along with exquisite cultural attractions. This drives tourism and produces excellent revenue.
• Ecuador is one of the most famous agricultural countries in the world. It stands amongst the ten largest producers of cocoa, bananas, and palm oil. The agriculture sector contributes an excellent part to the national GDP.
• Ecuador has export-import relations with several notable countries. It exports bananas, cut flowers, cocoa, coffee, shrimp, wood, sugar cane, rice, cotton, corn, palm, timber, walnuts, rosemary, balsa wood and fish.

Cost of living in Ecuador

Living in Ecuador is a dream for many. It is a beautiful country with so much to offer its residents. The cost of living in Ecuador is comparatively low as compared to most American countries. With minimum cost, you can enjoy the excellent experience Ecuador has to offer. The cost of living has gone up in the past few years. The increasing population of the country has given rise to the cost of living as well.

Cost of Renting

Ecuador is an American country where the cost of renting is dependent on two major factors. Those are the location of your housing facility and the area of your housing facility. The location plays a key role. If your house is situated in the main city area, that will cost you more than it would have if it was located on the city's outskirts. And considering the area of your house, the rent increases with increase in area.

Cost of living depending upon your location

As mentioned earlier, the location of your place of living is very important. The easier access you have to amenities and services, the more it is going to cost you.

• Cities categorized as Tier 1 cities are metropolitan cities like Guayaquil, Quito, Cuenca, etc.
• Cities categorized as Tier 2 cities are upcoming centres like Ibarra, Quevedo, Loja, etc.
• Cities categorized as Tier 3 cities are locations with notable growth potential like Babahoyo, La Libertad, Latacunga, etc.

Mentioned below are details regarding the cost of living in the leading Tier 1 and Tier 2 cities of Ecuador.

The top sectors that are expected to hire in 2024 in Ecuador are:

Top skills in Ecuador

Ecuador is big on agriculture. The abundance of natural resources makes Ecuador an excellent candidate for successful agricultural activities. With that, the need for agriculturally skilled individuals arises. The produced products need to be further enhanced and made market-ready, which calls for technical workers, manufacturers, producers, sales executives, chemical researchers, etc.

Major skills and areas which have witnessed a recent growth rate

• Agriculture
• Engineering
• Manufacturing
• Textile making
• Food processing

Top skills city-wise occupation-wise

City-wise skills distribution is one of the commonly found occurrences in several countries. Each city has its unique features which require tending to. This requires specifically skilled individuals and certain occupations to cover each city, and Ecuador is no exception. Every city in Ecuador has unique opportunities to offer interested, talented and enthusiastic workers.

Hiring Cost

The cost of hiring covers all the expenses required in hiring for an already existing or a new role. The cost of hiring cover the following aspects

• Advertisement costs
• Interview process
• Time invested
• Orientation costs

Salary structure for various roles

The following table shows the average salaries of employees in Ecuador according to different sectors

Employment Laws in Ecuador

Ecuador has well put and established employment laws. Their aim is to ensure employment and fair compensation so no family will have to suffer poverty. Employment laws for the following are placed in order

• Appropriate wages
• Working hours
• Unemployment insurance
• Yearly bonus

The employment relationship in Ecuador is based on the laws and rules laid forward by following

• Ecuador's production code
• The common laws
• The National Wages Council
• Ministry of Labor Relations

How Can Skuad Help You with Hiring in Ecuador?

With various legislations and regulations to be taken care of while recruiting new employees, hiring processes in Ecuador can become prolonged or expensive. But with Skuad as your hiring partner, you can get the best talent for your organization in a quick time. Connect with Skuad Experts to know more.

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