Javier Palomarez, President and CEO of the US Hispanic Business Council, joins Yahoo Finance to discuss Hispanic and Latin American representation in US businesses and the US Hispanic Business Council’s efforts to make the voice of the community heard Hispanic business.

Video transcript

ALEXIS CHRISTOPHOROUS: As part of our ongoing coverage of Hispanic Heritage Month, we highlight the representation of the Hispanic community in Fortune 500 companies. With me now is Javier Palomarez, President and CEO of the US Hispanic Business Council. So Javier, I looked at some stats, and they’re pretty dark and a little shocking. Only 2% of CEOs at Fortune 500 companies are Hispanic. Tell me why you think it is. Also, what do the numbers look like in other management positions and on boards of directors?

JAVIER PALOMAREZ: It gives you food for thought when you look at him, Alexis. Only 3% of the people in the c-suite are of Hispanic descent, yet Hispanics make up almost 20% of the workforce in American companies. Our association, the United States Hispanic Business Council, aims to draw attention to this and to point out to American companies that their boardroom, their c-suite must more reflect the reality of the American public. And when you look at the American public, the overall Hispanic population, Hispanics are the fastest growing segment of the overall American population. There are approximately 62 million Hispanics in America as we speak. And we represent about 20% of the total population.

And in fact, according to the latest census data, it indicated that more than 52% of the overall growth of the US population has come from the Hispanic community. So, we are certainly present in terms of consumer, client, client, but we are not present with regard to the c-suite, and certainly not with regard to the meeting room.

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ALEXIS CHRISTOPHOROUS: And I want to talk more about that, because when you look at the numbers, Javier, Hispanic workers are a big part of the economic engine that runs America. I saw that Hispanics have the highest employment rate – I didn’t realize it – among American men between the ages of 16 and 60. So there is a work ethic there. Tell us why you think this is not reflected at the top level of the company and at the top management.

JAVIER PALOMAREZ: I think there is a blind spot there. I think when American businesses think of diversity, they think in black and white. When they think of inclusion, they think in black and white. And it’s a good thing. I think African Americans have done an admirable job of making their presence known and rightly demanding that American businesses change and reflect their community more.

Now is the time for Hispanics to speak with one voice, in a collaborative way, so that we can help educate businesses and say, hey listen, we are a big part of your customer base and customer base. . It is appropriate that we introduce ourselves in your meeting room, we introduce ourselves in the c-suite. There is certainly a blind man. place. But that’s part of the challenge we’re happy to take on and collaborate with business leaders and talk about the potential that exists within my community.

You mentioned the employment rate among men, adult men in this country. The most employed adult man in America is Hispanic. The employment rate for Hispanic adult males is 80%. For white men, it’s 70%. And for African American men, it’s 65%. So clearly we are contributing. We will represent approximately 80% of new entrants to the workforce over the next decade. And so it is appropriate that we work with American companies to make sure that the doors of the c-suite are open for us and that the meeting room is made available to all the Hispanic talent who is ready and willing to participate, collaborate, and contribute to the growth of the economy.

ALEXIS CHRISTOPHOROUS: So you are part of the US Hispanic Business Council. Tell me a few ways in which you are trying to strengthen the bond between your members and those in the business community and get them the access they need. Because that’s really part of the equation, isn’t it, Javier, don’t a lot of these people even have the access to start moving up the ranks?

JAVIER PALOMAREZ: You hit the nail on the head. You know, the reality is that all aspects of American life are based on Hispanic participation, whether it’s entertainment, politics, or business. Our workforce, our purchasing power, our audience, our votes are necessary and coveted. It is now appropriate that we, as a community, come together and begin to demand the necessary change which I think is good, frankly, for American businesses.

And that means that our association can be made to engage in issues which can sometimes be controversial, which can be political in nature, which can sometimes raise a proverbial eyebrow. But our argument is based on facts and data. The numbers are all good. It’s good news. This is a community that continues to contribute, to give back to this nation, to serve this nation. It is only fitting that we have the opportunity to participate at the highest levels of American business and, frankly, everywhere else.

As I mentioned earlier, our entrepreneurial community is hard at work. We are starting businesses at a three-to-one rate off the general market. And right now, there are over 4.4 million Hispanic-owned businesses in this country that collectively contribute over $ 750 billion to the U.S. economy. And I always say that while we pride ourselves on standing up for the interests of Hispanic men and women, we never forget that we are first and foremost American companies.

So every tax bill we pay, every product we make, every service we provide benefits the US economy. It is only right and now that we come together as a community and demand the change that we frankly believe is good for the US economy, and certainly for US business.

ALEXIS CHRISTOPHOROUS: OK. Javier Palomarez, President and CEO of the US Hispanic Business Council, thank you for your time today. . Thank you.