Lower wages and a population that is expected to grow exponentially are just some of the 5 most important facts that are worth highlighting in this celebration that extends throughout the American territory.
National Hispanic Heritage Month is celebrated from September 15 to October 15 in the United States. What this commemoration intends is to recognize and celebrate the culture of the communities and ancestors of Mexico, Central America, South America, Spain and parts of the Caribbean.
“During National Hispanic Heritage Month, we reaffirm that diversity is one of our country's greatest strengths. We also recognize the Hispanic leaders who have stood up for equal justice to ensure that everyone in this nation can contribute their talents and have the opportunity to thrive,” said President Joe Biden in his presidential proclamation, held on September 14.
The important thing about this celebration is to recognize what has been the incidence of Latin Americans in the economy, culture and workforce in the USA. That's why we've brought you 10 facts about the community with the highest workforce participation of any demographic group, but who still encounter prejudice and discrimination that prevent them from fully participating in their workplace.
1. Comparatively lower salaries
According to the Bureau of Labor Statistics, Hispanic workers earn an average of $812 per week for full-time employment, compared to US workers earning $1,068. Situation that the Federal government is facing, because since 2021, the Office of Federal Contract Compliance Programs (OFCCP) has recovered more than $890,000 for more than 300 Hispanic workers who have experienced workplace discrimination.
Such is the case of Thomson Reuters Corp., which announced, together with the OFCCP, a conciliation agreement to resolve the accusations that the company received from Hispanic and black employees who worked in administrative positions, professional technicians and customer specialists at its headquarters. from New York. The firm agreed to pay $550,000 in back wages and interest to 113 affected workers.
2. Fast growing workforce
According to a report from McKinsey & Company, “Latinos represent 18.4% of the US population and 17.3% of the country's workforce, a proportion that is expected to increase more than 30% by 2060”, a statistic that assures that Latinos start more businesses and have higher rates of intergenerational mobility than other populations, among other things, because of their easy adaptation to a culture that has permeated the Spanish-speaking countries of Latin America for decades.
3. Where the balance was balanced, these would be the figures for Latinos in the USA
The McKinsey report assures that Latinos are collectively underpaid by a figure that amounts to USD $288 billion a year. In a situation where the scales were balanced, the figure would rise to an additional USD $660 billion per year. This indicates that Latino businesses “could generate an additional $2.3 trillion in total revenue each year, and 735,000 new businesses could be created that would support 6.6 million new jobs. And the annual flow of Latino net wealth from one generation to the next could be $380 billion higher.”
4. A population of Latinos that by 2060 is expected to be 111.2 million people
According to the United States Census Bureau, historically, Latinos in the American country have been born abroad, this is due to the high rate of migration in recent decades, however, as a greater part of the Latino population is born in the US. , the balance will change in favor of higher birth rates, which translates into a labor force for a flourishing industry, since the creation of companies has been a constant in the richest country in the world.
Latinos start more businesses per capita than any other population in the United States. According to the National Report on Early-Stage Entrepreneurship in the United States: 2020 published by Kaufmann, “Over the past five years, one in 200 Latinos (0.5%) has started a new business each month, compared to 0.3% of the next highest groups (white and Asian).”
It means, according to the US Census Bureau, that the number of Latino-owned employer businesses has grown 12.5% annually, compared to 5.3% for North American-owned employer businesses.
Though, the McKinsey & Company report says, Latino-owned employer firms are concentrated in cities and states with large and dense Latino populations—such as Los Angeles, Miami, and New York City - 45 of 50 states saw an increase in Latino-owned businesses between 2012 and 2017.