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November 05, 2021

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The event highlights strategies for growing Hispanic businesses

By Tonya McMurray

Success in a post-pandemic economy will require adapting to a changing work environment and addressing inequities facing Hispanic and other minority businesses, speakers told more than 6,000 Latino entrepreneurs and business leaders in attendance both virtually and in-person at the United States Hispanic Chamber of Commerce’s 42nd Annual National Conference, which closed out Hispanic Heritage Month in September.

“Safety was top of mind for us while planning this year’s annual conference,” said Alice Rodriguez, chair of the USHCC board of directors and head of community impact, managing director for JPMorgan Chase & Co. “We were proud to safely gather more than 1,000 business owners, industry and public-sector leaders and students, who attended in person, and [we] offered safety precautions such as on-site rapid testing and vaccination verifications, which was important to our audience. We also leveraged innovative live streaming and networking technology to allow more than 5,000 business leaders to attend virtually.”

The conference’s record-breaking attendance demonstrates the strength of Hispanic businesses, said Ramiro A. Cavazos, USHCC president and CEO.

“We are thrilled to have brought people together to learn from and with each other,” he said. “This turnout was truly a testament to the impact Hispanic entrepreneurs, businesses and leaders have on our economy and society as well as our organization’s commitment to implementing policies that prioritized the safety of those who attended in person.”

The post-pandemic business climate

While the Hispanic community and Hispanic businesses suffered disproportionately during the COVID-19 pandemic, there are promising signs for Hispanic businesses emerging from the pandemic if they can adapt to a changing business environment, said McKinsey & Co. senior partner Lucy Pérez, who spoke at the conference’s Plenary Luncheon.

“Latinas today account for 17% of workers in the U.S.,” she said. “If we look at the GDP, or gross domestic product, that this community is responsible for, we’re talking about $2.3 trillion. If these [Latinas] were an independent country, it would be about the eighth largest nation in the world.

“The Latino labor force is significantly higher than the white labor force in the U.S. All these factors together paint a picture of how pivotal Latinos are to the future of the U.S.,” she continued. “While there are indications of economic strength, the labor market is also changing significantly.”

Pérez said many people are taking a second look at their jobs and thinking about them in a different way.

“About 40% of employees are considering leaving their jobs in the next three to six months. Often, people think this is about compensation, but that is not the full picture,” she said. “The research clearly shows that employee attitudes are changing, and what’s motivating thinking about leaving their current jobs is a combination of factors that has to do with how they feel valued.”

Addressing inequities

As Hispanics prepare for the post-pandemic business world, they continue to face inequities in both their professional and personal lives.

“We make up 19% of the population in this country, yet we only garner 8% of total wages and only hold 3% of the total wealth in this country,” said Carolina Jannicelli, head of business & community integration and implementation, managing director for JPMorgan Chase & Co. and a panelist at a conference luncheon addressing racial inequities in Hispanic communities.

More than 50% of Latino households are “rent-burdened,” sometimes paying more than 50% of their monthly income for housing, she said.

“When you are rent-burdened, it’s very difficult to cover essential needs like education for your children, food and basic needs,” Jannicelli  said. “It’s also difficult to save, and if you don’t save, then it’s more difficult to embark on some of the other wealth-creating activities such as buying a home.”

Throughout the conference, speakers discussed ways of addressing those inequities through supplier diversity programs with strong executive leadership, various initiatives from the U.S. Small Business Administration to support Hispanic business growth and public-private partnerships to provide greater access to capital and resources. A CEO roundtable addressed ways of bridging the digital divide to address the barrier faced by the more than 40% of Latino households that lack broadband access, and a breakfast panel focused on enhancing the presence of Latinas in corporate boardrooms. 

To learn more about USHCC, visit ushcc.com.

And the award goes to …

During the 42nd USHCC Annual National Conference, the organization named its 2021 award recipients.

Chamber of the Year: Small: Irving Hispanic Chamber of Commerce

Chamber of the Year: Medium: Hispanic Chamber of Commerce Louisiana

Chamber of the Year: Large: Morris County Hispanic Chamber of Commerce

Entrepreneurial Spirit Award: Olga Lopez, Cima Logistics LLC

Employee Resource Group Challenge: Top three finalists: AT&T Inc.: Hacemos ERG (First place winner); Cintas Corp.: TODOS ERG; Lenovo Group: HOLA ERG

Hispanic Business Woman of the Year Margie Aguilar, ISP Studios

Hispanic Business Man of the Year: David Segura, Vision Information Technologies Inc.

Entertainer of the Millennium Award: Wayne Newton

Community Voice Award: Spanish Broadcasting System for its show, La Voz Del Negocio Hispano