Kudos to the Financial Services Pipeline (FSP) Initiative supported by Chicago-based financial institutions. The goal is to address the lack of diversity in Chicago’s financial services industry, particularly Latinos and African Americans. The initiative includes 16 members representing more than 30,000 professionals in Chicago’s financial service industry. FSP released findings from a report which will be utilized to develop an action plan to address the lack of diversity in its industry. While focused on one city and industry, the report’s findings can provide insights about the experiences of Latinos in other industries and regions.
In regards to career outlook, the report suggests that “Latinos indicate that they are dedicated to their careers, and are more likely than their white counterparts to indicate that career is their first priority.” However, many Latinos feel that the pace of their progression has been too slow. The report cites a “choke point” where career progression is halted, particularly into senior positions.
Hence, many Latino Executives and Senior and Managers “recognize that relationships with senior members of the industry are important for their career growth. They are more likely than whites to cite sponsorship programs as being helpful to their career and are just as likely as their white counterparts to have a mentor or sponsor within the company”
One comment from an interviewee in the study noted:
There is only one thing — hire more people of different races and ethnicities. Too much hiring in the financial services industry is based on internal networks, so excludes people that aren’t traditionally part of those financial industry networks.
This is a telling comment that is common among most industries. The “who you know not what you know” barrier. These are only a few highlights that caught my eye – there are a number of good takeaways in the details.
I often highlight how Latino communities are impacting the U.S. workforce today. But what about 20 years from now? This article via Fast Company Magazine highlights how increased birth rates, particularly in communities of color, will ultimately impact workforce trends. This trend is particularly true in Hispanic communities where the 18 and under population will continue to grow. An important point to make here – this trend is based on US born Latinos – not immigrants. According to William Frey, who was interviewed for the article, baby boomers will be dependent and Latinos and other younger communities of color to support government supported programs. It’s a fact that mostly white boomers will need to accept:
There may be a little backlash at first because of the vast cultural differences between mostly white boomers and those born after them, “but over the long term people will adjust to this,” Frey concludes. “They are going to understand that we have job openings and we need to fill them with skilled people. Savvy business owners and corporate leaders will understand that these are the demographics of the future, and we need to make the best of it.”
Graphic via Fast Company
Interesting graphic developed by designer Eleanor Lutz and journalist Linda Kennedy which illustrates America’s college population into an average of 100 students.
Graphic via PEW Research
PEW Research claims that approximately one-in-ten mothers with a Master’s degree and above “opt out” of the workforce to stay home to raise their children. As a stay-at-home dad for the last 15 years with a doctorate, I’m wondering where I fit in?
Unconscious bias is seen as a significant factor for the lack of diversity in organizations and industries. The idea focuses on individual biases, perceptions, and behavior. While organizational diversity and inclusion attempts can provide policy and process, these initiatives often fail to address the human element involved in developing an inclusive work environment. Organizations have developed interesting ways to try and overcome unconscious bias including awareness training, mentoring programs, and “resume scrubbing.” Remarkably, Google, an organization with a 70% male workforce, shares a detailed overview of the concept below, and how we can try to overcome it.
Unconscious bias is a complex and wide-ranging topic, and it’s an issue that will get more attention here in the coming months, particularly when it comes to Latino workforce issues.
Great Boston Globe piece on long time Latina journalist Maria Hinojosa’s series, America by the Numbers. I’ve watched a few of these episodes and find them refreshing. As the article notes, each demographic change tells a story. Hinojosa makes a sincere effort to understand what these changes mean not only to the group in focus but the U.S. as whole. She’s filling a much needed gap for intelligent and informative discussions on multicultural America, which often isn’t addressed by most mainstream media:
Hinojosa’s content is resonating in part because it does not approach the demographic changes with an inherent sense of controversy, like much of the media do. “The sentiment in many mainstream media newsrooms . . . is that the conversation around demographic change, the Hispanicizing of America, the browning of America . . . was often met with a sense of fear,” says Hinojosa, who was born in Mexico City and grew up in Chicago. “And because I am an American journalist 100 percent but I’m also 100 percent part of that demographic change, I don’t approach this change from a place of fear and panic. I approach it as a journalist and trying to understand what this means.”
Hinojosa is shedding a light on the corners of a new multicultural reality in America, and it’s working. “America by the Numbers” doubled the number of African-American and Latino viewers that typically watch PBS programming, while also maintaining the established audience for PBS news and public affairs.
A new chain of Mexican bakeries has opened in Los Angeles which adds an “upscale” twist to the traditional Mexican “panaderias.” Some see this as the continued gentrification occurring in parts of East Los Angeles, particularly Boyle Heights. The owner of La Monraca disagrees:
Some persons said the first store’s interior and ambiance was “too fancy” and might turn off customers, Cervantes said. He found such remarks offensive and also took issue with those who viewed the expansion of a Latino firm as a symbol of selling out or unwanted gentrification. Cervantes said Latino and other customers have appreciated the stylish interiors as well as the classic conchas, cuernitos and other Mexican baked goods.
“Nobody likes something that’s run down,” Cervantes said. “We are deserving of the best – just like everybody else.”
Hey, if the concept works for upscale Latino beers that taste like horchata, why not? However, I do like my pan dulce and panaderias a little messy – not perfect. The loud hustle and bustle of panaderias is part of the experience for me. But more power to Mr. Cervantes and his new venture. Yelp scores seem to be very positive. I’ll visit one next time I’m in L.A. – but hope it’s better than this review – I do love my tortas!
The U.S. Census projection for U.S. Latinos is just a bit off:
The Hispanic population is expected to reach about 106 million in 2050, about double what it is today, according to new U.S. Census Bureau population projections. But the new Hispanic population projection for 2050 is lower — by nearly 30 million — than earlier population projections published by the bureau.