SVP, Supply ChainFollow this author
The Hispanic/ Latinx community is one the fastest growing population in the U.S. and as leaders we must ask ourselves and our organizations what do we need to do differently to better prepare, educate and reach this growing talent pool and customer demographic.
Research conducted by UCLA Center for the Study of Latino Health and Culture and the 2020 U.S. Latino GDP Report by the Latino Donor Collaborative found that “U.S. Latinos create the 8th largest economy in the world, at an estimated $2.6 trillion.” Additionally, the “report shows that, from 2005 to 2018, Latinos have consistently had a higher labor force participation rate than the rest of the work force in the U.S.” It is important for us to understand the significance of the value of the Hispanic/ Latinx marketplace and what this community brings to the business.
Hispanic/Latinx consumers are among the most loyal segments yielding a high lifetime value. Brand loyalty transcends generations in our community. I grew up with brands like Bimbo and Fabuloso that became staples in my household that I still buy and enjoy with my family today. Organizations must ask of themselves what investments can be made to cultivate more awareness and loyalty among this growing population. We have prioritized investing in our digital transformation and loyalty program but still have a great growth opportunity to better engage with the Hispanic/Latinx consumer, candidate and community. To build generational loyalty we must be more strategic and intentional in how we serve and support this community.
Organizations need to be more equitable and include Hispanic/Latinx and professionals of color in positions with impact that make better decisions to drive change. There continues to be barriers to entry and access to equitable compensation and opportunities for advancement for professionals of color and diverse candidates. As a start, an investment in diversifying recruitment channels and a strong partnership with Talent Acquisition is required to attract, cultivate and nurture diverse talent in the organization. More importantly, to build a culture of inclusion and equity, we as leaders have a responsibility to provide a path for this emerging talent to train and develop our future leaders. We must stop doing and being mediocre, if we expect to achieve greatness.We must better educate and prepare the future leaders of our communities and organizations to mirror our current and growing populations. At World Market, I am proud to serve on our Inclusion Committee that is actively developing such programs and partnerships to address the need for more equity. We as leaders must advocate for emerging talent, we must better serve diverse communities to have their voices be heard, valued and have a meaningful impact across the organization.
La familia y comunidad-the family and community are at the heart and root of Hispanic/Latinx culture. Organizations will not successfully create lifetime customer loyalty, attract and retain talent in the Hispanic/Latinx segment without first contributing to our communities and becoming part of the family. We as organizations need to actively build relationships and networks through social impact to better understand, represent and serve these communities. Through supplier and inventory diversification we can serve these communities with products where they feel better represented and understood. Through volunteerism and social impact, we can start to build up these communities. By being thoughtful in how we make our business a reflection of diverse communities, we build momentum in developing a more equitable and welcoming work place for emerging talent. The success of my organization will be driven by better reflecting a genuine interest in our customers, community and the world.