Better Jobs, More Latino Owned Businesses

Much has been written about how the pandemic has changed the way people think about work.? So many stories have focused on millennials and the older ranks of Gen Z. ? Work-Life Balance.? More freedom.? Hybrid work situations.? Salary trade-offs for perks, remote working and shorter weeks. The Great Resignation.??

Fewer stories are shown through the lens of the Hispanic community.? Many Hispanics had a different set of work experiences and concerns during and now post-pandemic.? We were hit harder than other groups — more lost jobs, more illness because of the high concentration of essential workers, less access to medical care.???

Nobody was affected more than Latinas who were faced with bad choices all around – women who lost their jobs, women who had to leave their jobs to oversee their children’s remote education, as well as a great number of Latinas who had the Herculean task of juggling work and the demands of intergenerational households at the same time.

More Latinas left the workforce than any other group during the pandemic. But unemployment and underemployment affected all Hispanics.? But the pandemic also propelled another interesting trend— a surge of Hispanic-owned businesses.? The old truism — necessity is the mother of invention — seems to be resonating in our community once again.? Latinos continue to play an outsized role in the growth of small businesses.? The extraordinary circumstances of Covid have accelerated that trajectory even further — and it is a path for both the younger and older.?

The Great Resignation’s big shift has created more opportunities for the 50+ crowd.? And here, there is no better source than AARP , a 2022 sponsor of We Are All Human,? who shows us that rethinking your occupation is not just for younger generations. There are many companies now who are eager to hire experienced workers, and you can start your search here . ? ? This article on AARP ’s site, is a great window into the ongoing boom of older women starting their own businesses today, turning as they say their “passions into profits.” ? Latinas already create small businesses faster than any other group in America.? It will be interesting to track these statistics in the coming years.

A recent Forbes article cites recent statistics that are pretty stunning, including this: “In 2018, there were roughly 350,000 Latino-owned employer businesses that generated over $460 billion in annual revenue and employed 2.9 million people. The 2021 report also projects there are now approximately 400,000-450,000 Latino-owned employer businesses.”

Signs of that are evident in the tech world, with a Stanford Business report showing that Latino tech entrepreneurs are outpacing their white counterparts. And another key finding shows that Latinos are also more likely to offer their employees better benefits.??

Once again, AARP is a treasure trove of resources for older men and women who feel that now is the right time to open their own business.? Public Private Strategies, in partnership with AARP, designed a robust platform that can guide you through the journey of opening your own business, from starting up through the stages of management and growth.?

Latino values of hard work coupled with entrepreneurial spirit are once again demonstrating that Hispanic progress is American progress.? Just as Hispanic-owned businesses led us back from the brink of the 2008 Great Recession, there are those who believe that Hispanic-led businesses are once again key to emerging from today’s economic uncertainties. ? We have always believed in the American Dream and, despite the challenges of the past few years, in face of hardships and systemic problems, we continue to break through and pave productive paths. When we work together, when we share our knowledge and resources, when we open doors for each other, we all move forward together.? #TogetherWeShine