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Corporate Social Responsibility (CSR) and the Latino Community

The buying power of the Latino community will soon surpass 800 billion dollars, making it the most powerful minority economic engine in the U.S. The rapidly growing purchasing power, investment potential, and its economic value to our national economy, business development, and gross national product are undeniable. Yet much of corporate America is far behind the curve in bringing Americans of Hispanic descent into their corporate tents.

The Hispanic Association on Corporate Responsibility (HACR) a coalition of 14 national Hispanic organizations works to advance the full inclusion of Hispanics in Corporate America. One of HACR’s most innovative programs to accomplish this is HACR’s Harvard Business School Corporate Governance Program, which is now in its 5th year, and has graduated over 150 participants. The Harvard program is a strategic initiative that empowers individuals with the knowledge needed to gain entry to the corporate boardroom.

HACR also recognizes that an essential element of achieving the full inclusion of Hispanics in corporate America is the advancement of Hispanics to the level below the Board of Directors, such as officers, directors, and senior managers.

To accomplish this, HACR is focusing on programs that will improve Hispanic employee retention and provide opportunities for training, self improvement, and advancement. This has become a critical strategic goal for HACR, and it should also be for corporate America.

A good start in getting ahead of the curve on full Hispanic inclusion is to ensure that Corporate Social Responsibility (CSR) policies fully embrace diversity and recognize the importance of addressing the unique needs of the Hispanic community.

Over the last few years Corporate America has seen the benefits of establishing formal CSR platforms and promoting these agendas internally, publicly, and to its stockholders. CSR agendas often incorporate policies which address the needs of the communities where corporate operating headquarters are located. They also promote goals which resonate with the consumer groups that the company depends upon, and serve to further engage employees as stakeholders. Last but not least, CSR agendas impact the decisions of shareholders and potential investors.

For many companies, CSR has become an integral element to the company’s public image and its overarching strategic business goals. While HACR recognizes that business will do what is good for their bottom line, many CSR agendas do not always address and engage the Hispanic community as consumers, employees, opinion makers, and investors. This is the true measuring stick of a company’s diversity policies and goals, and the ultimate test of how CSR platforms impact the Hispanic community.

HACR and its members have developed a solid reputation over the years of working collaboratively with corporate America to improve diversity and corporate responsibility. Through HACR’s confidential company reviews of internal data and strategic plans, we have become a valuable sounding board for feedback, recommendations, and innovation in developing diversity strategies, marketing/promotional plans, and employment and hiring programs.

By identifying strategic areas of concern HACR has been able to advance mutually beneficial partnerships with several Fortune companies to ensure that company diversity policies track those which are delineated in their CSR agendas.

As the economic buying power of the Latino community fast approaches a trillion dollars, corporate America will increasingly seek to get the attention of this growing stream of consumer dollars. In doing so, many companies will learn that CSR policies that depend heavily on the mantra “Se Habla Español” are not enough. Those companies that do not develop an internal capacity to address the Hispanic marketplace, do not recognize that their business development strategies must be managed by individuals who know and understand the Latino community, and do not invest in developing Hispanic marketplace and community relationships, will continue to fall behind the curve.

HACR stands ready to provide strategic guidance and assistance to address the needs of the growing Hispanic population. But corporate America must be ready to enter into a meaningful relationship with the Latino community that provides opportunity for advancement, that reflects the diversity of America, and that responds and respects the consumers, employees, and investors which Corporate America depends upon for success and growth.

HACR looks forward to working with corporate America to leverage the unique talents and resources that the Hispanic community brings to the business equation, and to ensure that Latinos are given every opportunity to get into the corporate tent.