Five corporate imperatives
Businesses should consider taking the following actions to leverage the economic growth potential of the Latino community:
1. Establish recruitment, training, promotion and retention programs focused on the Latino community
More than half of the increase in US population over the next five years will be driven by an expanding Hispanic population. Members of this community – both US-born and immigrants – are our future business leaders. They need education and training.
2. Target Latino firms as investment and M&A targets
The Latino community will be responsible for significant growth in the GDP over the next 25 years. It exhibits significantly higher levels of opportunity-driven entrepreneurship than the rest of the US population. Business should encourage capital investments and financial programs focused on Latino business leaders and entrepreneurs.
3. Reach and work with the growing Latino population
To leverage the growing population to the advantage of your business growth, develop ties with Hispanic contractors, pioneer targeted service offerings and market and advertise to the Latino community specifically.
4. Invest and collaborate with programs and organizations focused on enhancing the Latino community
It is important to understand the skill sets of the Latino community through partnerships with think tanks focused on highlighting those opportunities. It’s also crucial to invest part of your corporate social responsibility budget in programs focused on the Latino community – particularly in STEM and technology.
5. Champion the contributions of the Latino community and lead with those opportunities in mind
Emphasize the positive economic and social impact of the Latino community. Put leaders in place to advise your employees and clients on how to prepare for these economic growth opportunities.