For over a decade, Hispanics have been the largest minority in the U.S. This group will represent the largest component of the workforce in California as early as next year. By 2050, Hispanics will represent over half of the nation’s workforce.
Obviously, this cohort is likely to be an important source of talent for major corporations over the years ahead. Not only will they represent a significant proportion of the incoming workforce, but my research shows that they are particularly likely to be drawn to larger, well-established firms with recognized brands. This preference is in sharp contrast to Gen Y’s as a whole; a recent Deloitte survey found that only 20% of Y’s overall want to be a leader in a large organization, while 70% of respondents want to launch their own organization. Because of this, developing an environment that is attractive to Hispanics should be an immediate priority for every major organization.
In an online survey of 602 U.S. workers of Hispanic descent, ages 18-53, conducted this fall by Research Now for my firm, several themes emerged.
Work plays a central role in their lives. Hispanics are more likely than non-Hispanic respondents to describe work as a major source of personal pride; 71% view it this way. For most, work’s role is clear: 75% describe it as a route to upward mobility and economic security.
Because of work’s role in upward mobility, learning and development are core elements of the optimum work experience. Nearly 85% said that “feeling I am on the steady road to success, getting the training and development I need along the way” is important in creating excitement and engagement at work. “Being able to learn new things as I work” was rated as important in creating a pleasurable work experience by almost the same percentage.
Job security and, with that, the employer’s reputation and stability are extremely important. In choosing the ideal employer, 91% said the company would have to be financially stable and secure; 63% rated this characteristic as extremely important. The job’s long-term security and the company’s financial stability was rated as the third most important consideration for moving to a new company, behind only better benefits and base salary; 82% viewed these factors as important or extremely important. And the importance of both learning and long-term security is reflected in Hispanics’ view of the ideal employee experience: the most popular feature, rated as important or highly important by 72%, was career paths that broaden options rather than narrowing them.
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