Updated 09:03 AM EST, Sat, Jan 25, 2020

Fortune 100 & 500 Companies: Need for Latinos In Corporate Positions Rise As the Latino Market Begins to Prosper

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A new report found that there's an inadequate number of Latinos holding executive positions in corporate America.

The 2015 Corporate Inclusion Report conducted by the Washington-based Hispanic Association on Corporate Responsibility (HACR) found that just over 7 percent of Latinos have board seats. Granted, the number is higher than average in Fortune 500 firms, but this is still considered low. The percentage was even lower for Latinas; only 2 percent of them are serving as executives.

"The data reveals that few companies are tapping into top Latino talent to fill open board positions, which is a trend we would like to see change," the annual report stated.

On the whole, only four percent of all executive positions were occupied by Hispanics with Latina executives taking up one percent, a fact which was deemed by HACR as a "worrisome" lack of progress in the executive ranks.

HACR contacted 128 companies for the research, including AT&T, Allstate, McDonalds, MetLife, State Farm and Target, NBC News reported. The organization found that almost 25 percent of corporations bolstered their numbers from 2014, though the overall numbers are still considered low.

"Forward-thinking companies such as these recognize that diversity and inclusion is not only the right thing to do, it's also the smart thing to do," said Lisette García, Senior Director of the HACR Research Institute, as quoted by NBC News. The institution analyzes and researches diversity and other issues relating to the Hispanic population in corporate America.

García continued, "As the strength of the Hispanic consumer continues to grow, corporate America will soon learn that the Hispanic population is the key to maintaining a competitive advantage and essential for preserving market position."

The research also found that Latino workers in corporations have non-exempt, non-senior level positions. Aside from employment and board membership, HACR also touched on other areas, such as corporate philanthropy and procurement. The research indicated that overall charitable contributions are at some $85 million, but contributions to Hispanics organizations and community groups totaled just over $6 million.

"While we've seen some progress in the average procurement spend of Fortune 100 companies with Hispanic-owned businesses, it still falls very short of what we think these businesses can handle and what Corporate America can do," HACR President and CEO Cid Wilson said at the 2015 HACR Hispanic Procurement Report released a few months ago. "We want Fortune 100 and 500 companies to strengthen their partnerships with Hispanic entrepreneurs to ensure that increased procurement opportunities are available to this growing sector of the entrepreneurial market."

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