Yet significant opportunities remain, from leveraging exponential technologies to better deploying human capital. And there is arguably no more compelling – or obvious – opportunity in the realm of human capital than the untapped talent of the Hispanic community in the United States.
A new survey from the IBM Institute for Business Value (IBV) both underscores this untapped potential and identifies actions that businesses can take to close the talent gap. An associated Virtual Hispanic Jam, hosted by the IBV and We Are All Human, provides additional insights: Over the course of 33 hours on November 10-11, 2020, nearly 1,000 Hispanic leaders offered their perceptions of the opportunities – or lack thereof – for Hispanics in the workplace. For purposes of this study, we use the terms Hispanic and Latino to describe the group of people who identify as Hispanic, Latino, Latina, Latinx, or Spanish.
Hispanics, representing nearly 1 out of every 5 US residents, are estimated to drive almost 25% of the country’s GDP growth. During the coronavirus pandemic, Hispanics and other people of color have been both disproportionately impacted by and contributors to frontline efforts, as reported by The New York Times and others. That is a reflection of Hispanics’ power in the workforce. Since the global financial crisis, Latinos have accounted for more than three-quarters of US labor force growth. And that relative importance is by no means a temporary aberration. Positive impacts of America’s Hispanics are likely to continue well into the future, with 6 in 10 Hispanics in the US aged 35 and younger.
Yet among corporate executives, Hispanic representation is remarkably low: just 4%. Taking action to close the Hispanic leadership gap is not just about leveling the playing field; it is about unlocking the performance potential of a critical and growing segment of the workforce.
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