Hispanic and Latino Business Women and Men Emerging as Influential Leaders
By Michelle Hendelman, Editor-in-Chief
Since 2009, the Hispanic Association on Corporate Responsibility (HACR) has published the Corporate Inclusion Index survey, which seeks to ensure the inclusion of Hispanics in four core areas: employment, procurement, philanthropy, and governance. In the 2012 study, HACR enjoyed the highest participation ever, with 55 companies submitting responses, including eight new participants, 26 returning companies that improved on their rating from the previous year, and all seven commercial banking companies in the Fortune 100.
To the HACR, this represents a significant shift in the way the business community views the Hispanic population, as being valuable in both the workforce and as a group of influential consumers and clients. There is something to be said about the fact that Hispanics now represent the largest non-white group in the United States. According to the 2012 Corporate Inclusion Index survey, corporate America will experience more Hispanic and Latino workers in the talent pipeline who will replace an aging, predominantly white workforce.
This week on The Glass Hammer, we are featuring profiles of Latinas in business, representing the established and emerging leaders who are making a difference in their companies. We will also highlight national organizations like ALPFA and Proud To Be Latina that devote resources to the professional development of Hispanic business women and men.
Kelly Brennan is a Managing Director in the Securities Division at Goldman Sachs and in her interview with us, she pointed out that there are cultural differences that must be acknowledged and understood in order for business leaders to effectively tap into their Hispanic and Latino workforce. Taking a look at the results of the 2012 Corporate Inclusion Index survey indicates that major companies are making the effort to engage their Hispanic and Latino workforce.
A Closer Look at the Numbers
Eighty-five percent: this is the number of survey respondents who stated they have internship programs specifically targeting young Hispanic talent. Another 94 percent of those surveyed indicated that they specifically monitor the attrition rate of their Hispanic hires.
The fact that these numbers are high suggests that companies are committed to recruiting young, high-potential Hispanic talent. It also suggests companies are truly trying to determine whether or not they are doing enough to engage and retain their Hispanic employees.
Despite this interest in attracting top Latino talent, there is currently a gap at the highest levels of leadership. According to HACR’s survey findings, Hispanics held a mere five percent of corporate board seats and represented only 90 of the 2,845 executive officer positions. Granted, the limited sample size of 55 companies provides us with a small glimpse into the broader corporate landscape of Hispanic and Latino professionals, but it still provides insight into how some major corporations are cultivating the Hispanic business community.
Latina Women in Business
Not only is there an underrepresentation of Hispanic leaders on corporate boards and in executive leadership positions, but there is a significant lack of Latinas at the highest levels of leadership.
Specifically, only one percent of corporate board seats are held by Latinas, and less than one percent of c-suite executive leadership positions are held by Latinas. This leadership gap is not an easy one to explain given that three quarters of survey respondents said they have accountability metrics in place for senior level management in regards to diversity and inclusion goals specific to the Hispanic community.
These numbers indicate a need for increased efforts as it pertains to training and developing young, Latina business women and facilitating their career path up the corporate ladder. As each one of the women we interviewed for this Hispanic Women Business Leaders week stated, networking, sponsorship, and mentoring are three critical factors in creating and cultivating Latina business leaders.
Our special series will feature: Yvonne Garcia, Senior Vice President, State Street; Kelly Brennan, Managing Director, Securities Division, Goldman Sachs; Pamela Ravare-Browne, COO, ALPFA National Chapter; and Yesi Morillo-Gual, Founder and President, Proud To Be Latina. It is our hope that our Hispanic Women Business Leaders profiles, featuring powerful Latina business leaders, will leave you feeling informed, inspired, and empowered.
