What comes to mind when you think of the word “revolution”? Most tend to associate this word with rapid, radical change—or even the overthrowing of government.
However, a positive revolution is happening in the workforce today in the United States with the rise of the Hispanic population. The data consistently demonstrates that Hispanics are a large and growing demographic, constituting 20% of the US population.
Hispanics are one out of every five people in the US. They are estimated to drive 25 percent of the country’s GDP. Since the Financial Crisis of 2008 and its impact on the labor force, Hispanics have contributed to more than three-quarters of labor force growth in the US, even though, according to the Bureau of Labor Statistics, Hispanics represent only 18 percent of the total labor force.
The most compelling number in this Hispanic Revolution is that six out of every ten Hispanics are aged thirty-five or younger. Six out of ten! These are your consumers, employees, and future leaders who represent unfathomable potential.
An Untapped Talent Pool
As an economist, business leader, and C-suite executive working closely with CEOs and other C-suite executives, I often find myself being tapped by senior leaders of public, private, and nonprofit organizations to serve in key roles. I am regularly asked for advice on how to find “people like me” to serve in management, C-suite roles, and boards of directors’ positions.
I’m also often asked to speak to groups of nontraditional students and professionals—first-generation college students, women, Hispanics, and other minorities—about ways to survive and excel in school and climb the ladder, thrive, and shatter glass ceilings in corporate America.
I know there is an urgent and constant need for more talent. An aging population and demographic shifts mean the United States will face a labor shortage for a decade or more. Globally, the picture is not much better. It is a well-known fact that the U.S. needs more skilled workers. Companies are ferociously looking for ways to attract and retain exceptional talent and are actively competing for that talent within the United States and worldwide.
Concurrently, Hispanics in the United States are a huge and growing demographic. Hispanics are the largest minority in the United States. The US Department of Labor estimates that by 2030, Hispanics will represent 78 percent of net new workers. Surprisingly (at least to me), Hispanics remain a relatively untapped talent pool.
The Key to Hiring Hispanic Talent
From a business standpoint, leaders and companies that know how to tap into the untapped Hispanic pool and unleash its potential will have a significant competitive advantage.
If you are a business leader, you have an incredible opportunity to penetrate a vibrant and growing market. From a strategic standpoint, it just makes good business sense. An intentional infusion of Hispanic and other nontraditional talent will not only strengthen the fabric and culture of your organization and benefit all who currently work within it, but it will also give you a competitive advantage.
Developing, recruiting, and retaining C-Suite Hispanic leaders is even more important if you already have a strong Hispanic workforce.
Why? Because employees long to see individuals like themselves represented in the fabric and culture of your organization. They are eager to be invited to the decision table.
The Hispanic revolution in the workforce is here to stay. I encourage you to not only participate in it but also actively lead your company to tap, develop, and leverage this demographic, which will, in turn, give you a competitive advantage and help you reach greater heights.
Are you ready to lead this revolution? If so, let’s go!