Latinos are a fast-growing demographic in the United States. As of 2019, they make up 18% of the population and are projected to account for 28% by 2050. But that’s not all. Latinos in business are also on the rise, and their impact is being felt across many industries.
One area where Latinos have made significant strides is entrepreneurship. According to a report from the Stanford Latino Entrepreneurship Initiative, Latinx-owned businesses had a combined revenue of $700 billion in 2018 and employed 4 million people nationwide. Additionally, there has been an increase in high growth startups owned by Latinx entrepreneurs over the past few years as well as an increase in venture capital investment for these businesses.
Another area where Latinos have made great strides is corporate leadership roles. According to Diversity Best Practices, only 1% of Fortune 500 CEOs were Hispanic or Latino as recently as 2016; however, at least seven Fortune 500 companies now have Latinx CEOs at the helm — up from one just four years ago. Similarly, more than half of Fortune 1000 companies now boast a Latina woman among their highest ranks — up from just 8 percent five years ago.
In addition to increasing representation at higher levels within corporations, Latinos are also making an impact through various other initiatives such as mentorship programs and networking opportunities aimed at promoting diversity within businesses and helping others break into corporate America who may not otherwise have access or support networks available to them. For example Businesses for Hispanics United BFHU, which was founded by two Mexican American businessmen with help from Google’s Hispanic’s Employee Resource Group HERG, provides resources such as job postings and mentorship opportunities specifically designed for Hispanics looking to break into corporate America or start their own business ventures without having access to traditional resources such as family wealth or connections within industry networks like those often had by non-Hispanic white men seeking similar career advancement goals.
Beyond such efforts aimed at providing opportunities for rising professionals within communities that lack access, especially compared with non-minority counterparts, many organizations also recognize that it’s important to ensure minorities feel comfortable when they do gain entrance into corporate America. To this end, many organizations actively host events aimed at fostering community building between minorities already established within these organizations while also providing networking opportunities which can open doors and create new pathways towards success. Through these efforts, more minorities can feel comfortable speaking out about challenges they face unique due to different backgrounds while identifying ways they can work together towards solutions which benefit everyone working alongside them. In short, strong communities built through inclusionary practices set forth by corporations will create better environments enabling all employees regardless of background succeed while dismantling any existing barriers preventing individuals often overlooked due solely ethnicities from reaching higher positions.
As this trend continues, it’s clear that Latinx presence both on small business level but especially on larger scale executive roles will continue growing steadily over time resulting higher representation throughout industry sectors – something that benefits entire nation given how much contributions Latinos bring economy overall given how integrated our society become culturally speaking. Hopefully continue witnessing increased focus placed upon recognizing importance diverse workforce when comes hiring decisions made even highest levels so entire country benefit everybody involved regardless background origins.
