Tag Archives: Latino

RI Community Thrives Under 1st Latino Mayor

James Diossa has managed to drive growth in his community:

Diossa worked on improvements to infrastructure, got better sanitation equipment, hired more police officers and even opened a tutoring center for children whose parents are immigrants and don’t speak English fluently.

The young mayor also managed to keep the community engaged by bringing an auto show to Central Falls and a monthly Salsa Night in the summer, which has attracted plenty of locals as well as dancers from other parts of Rhode Island.

It’s also worth noting here that Salt Lake City just elected its first female and Latina sheriff!

Kudos to SUNY!

Delighted to see this announcement at SUNY- Albany (right down the road!).

Governor Andrew Cuomo recently announced the appointment of Dr. Havidán Rodríguez as the first Hispanic president of any SUNY four-year college in New York State history. Rodríguez’s appointment as the 20th president of the University at Albany follows the launch of the Governor’s SUNY Hispanic Leadership Institute, charged with developing and supporting the next generation of executive-level Latino leaders across the SUNY system.

The appointment of Dr. Rodriguez follows the creation of the SUNY Latino Leadership Institute back in March.

The SUNY Hispanic Leadership Institute will focus on developing, retaining and promoting Hispanic leaders at SUNY for the positions of university president, provost, chief financial officer, chief business officer, among others. The work of the SUNY Hispanic Leadership Institute will be guided by a distinguished Advisory Council, composed of 15 recognized state and national leaders of the Hispanic and higher education communities.

Hispanic Federal Workforce Update

Hispanic representation in the U.S. federal workforce has “stalled.”

Was it ever advancing? I’ve written about this for a few years.

The Federal Times reports:

 Federal hiring of Latinos has only increased incrementally since Clinton’s order 17 years ago, said Brent Wilkes, chief executive officer of the League of United Latin American Citizens. Currently about 8.5 percent of the federal workforce is Hispanic.

U.S. Hispanic Population Update

According to Pew Research, U.S. Hispanic population growth is leveling off but is still expanding:

Despite its slowing growth rate, the Hispanic population continues to expand, reaching a record 58.6 million in 2017, according to the Census Bureau’s latest estimates. As the second-largest racial or ethnic group in the U.S., Hispanics play a significant role in the nation’s population trends. Overall, the U.S. population increased by more than 2.2 million people between 2016 and 2017, with Hispanics accounting for 1.1 million, or about half (51%), of this growth.

 

Texas Latino Population & College Enrollment Up

San Antonio Express News examines trends showing Texas Latino population and college enrollments increasing while the opposite is occurring for Whites:

Between 2010 and 2015, the presence of Latinos on major Texas campuses grew as the white populations fell, according to data from the National Center for Education Statistics.

Across the board, enrollment of Hispanic students on large Texas campuses has been rising. From 2010 to 2015, the University of Texas – San Antonio saw Latino enrollment jump from about 44 percent of the entire student body to more than 50 percent, according to NCES.

The Latino population at the University of Texas’s Austin campus also jumped from 17 percent to more than 19 percent in that time period.

 

Can You Meet Client Diversity Expectations?

Interesting article via Accounting Today highlighting Facebook’s law firm requirement that 33% of staff must be comprised of women and ethnic minorities.

As this article suggests, most CPA firms could not meet this requirement.

AICPA reports in the most recent “Trends” report that only three percent of new hires were Black/African-American and eight percent were Hispanic/Latino. So, it would be easy to conclude that many CPA firms could not comply with Facebook’s new requirement for ethnic diversity.

Proactive Kudos

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.

Latinos & the Boomer Tax Facts

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

Contributing, Supporting, And NOT Weakening

A Partnership for a New American Economy report highlights the economic punch both native and foreign-born Latinos provide, particularly in states like California and Texas:

In some states, Hispanics now account for a large percentage of spending power and tax revenues overall. In both Texas and California, Hispanic households had more than $100 billion in after-tax income in 2013, accounting for more than one of every five dollars available to spend in each state that year. In Arizona, a state with a rapidly growing Hispanic population, their earnings after taxes accounted for almost one-sixth of the spending power in the state. In Florida, Hispanics contributed more than one out of every six dollars in tax revenue paid by residents of the state.

The data also shows how Latino tax revenues put more into Medicare and Social Security programs than they take out:

Hispanics, and foreign-born Hispanics in particular, play an important role sustaining America’s Medicare and Social Security programs. In 2013, Hispanic households contributed more than $98 billion to Social Security and almost $23 billion to the Medicare’s core trust fund. Foreign-born Hispanics in particular contributed more than $46 billion to Social Security, while paying in more than $10 billion to the Medicare program. Past studies have indicated that in Medicare in particular, immigrants draw down far less than they put in to the trust fund each year, making such tax contributions particularly valuable.

Rian Bosse tells companies to take notice:

With the growth, Latinos represent more purchasing power and are becoming the “backbone” of the economy in the United States while more and more enter the middle and upper classes, Cartagena said. One in six consumers in the country are already Hispanic and, since 2000, the percent of the Latino population making over $100,000 a year has doubled from 7 to 13 percent.

The full New American Economy report can be found here.