Latinos are the second largest demographic group in the United States. They currently comprise nearly 20% of the population in that country and annually contribute an estimated of $9 billion to the US economy.
According to data provided in the Latino Board Monitor: Tracking Fortune 1000 Board Representation report, Latinos contribute 25% of the United States GDP, and by 2030, they will make up about 78% of the workforce.
The figures are overwhelming. The potential of the Latino community in the United States is evident, as well as its great value to the economy. However, it remains the least represented demographic group at the corporate level.
The same report states that 65% of the companies that make up the Fortune 1000 list lacks Latino talent. The picture is even more severe for women seeking leadership positions in companies. Latinas represent less than 1% of Fortune 500 and Fortune 1000 board positions. Latinas hold the lowest percentage of board positions within the female demographic group: 3.8% compared to 78.7% of white women, 11.8% of black women, and 5.7% of Asian women.
In the current situation, in which diversity is recognized as a positive element for sustainable growth, the underrepresentation of the Latino community in corporate America is worrying. Of course, there are Latinas capable of holding leadership positions. Organizations, such as the Latino Corporate Directors Association (LCDA), try to contrast the false belief of the lack of skills and abilities. “There is still untapped talent. There is no shortage of Latino talent,” they specify in the report.
Within the framework of Hispanic Heritage Month, which focuses on highlighting the cultural, social, and economic contributions of the Latino community in the United States, it is necessary to give visibility to the problem of underrepresentation and promote initiatives that encourage greater participation of Latinos in all areas of economic impact.
The latino forces
Since 2017, the LCDA has launched the BoardReady Institute (BRI), a series of programs designed to develop, prepare, and position Latino talent as leaders in American companies.
The Latino forces are rising in the United States. We must reclaim the spaces that correspond to us and uplift our community that, for several generations, has been an engine of growth in the US economy, based on work, effort, and tenacity.