Being both young and Hispanic can feel daunting in America. Adversity can create obstacles and discourage young Hispanics from dreaming large. However, some young Hispanic-Americans are shattering the status quo. One of those people is Dan Esterly.
If you’re from Pittsburgh, Pennsylvania, you may be familiar with Esterly’s work. At the age of 28, he is a business owner, Ph.D. student, radio host, and is heavily involved in Pittsburgh’s non-profit community. Esterly wasn’t always a success story. He was born in Tegucigalpa, Honduras, and was given a two-day life expectancy from malnourishment at the orphanage. Despite the pessimistic health outlook, he was adopted and was raised in Pittsburgh. Esterly also battled depression and alcoholism in his young adult life.
After much adversity, Esterly was able to rise above the initial cards he was dealt. He entered the workforce at the age of 13, started college at the age of 16, and began graduate school at the age of 21. In 2008, Esterly saw an opportunity to start actively buying stocks. He was able to outperform most financial professionals and was sought after to advise financial professionals. Esterly stated, “My first experiences in consulting were accidental. A fund manager from Boston called me for input, simply from word-of-mouth from the Pittsburgh business community. I was truly flattered and stunned, because of how young I was.”
Esterly went on to earn an M.S. in Professional Counseling and an MBA in Healthcare Management. He attributes his education to building the foundation for his business in consulting. “I needed to master both fields to thrive. Business has various human elements, and counseling has a lot to teach us about organizations. The same principles that apply to group behavior also enhance an organization’s well-being.”
Esterly then went on to work as a lobbyist in biotechnology. One of his projects raised more than $34 million from the federal government to fund drug research. Regardless of his occupation, Esterly has always focused on increasing financial value for companies.
In 2016, Esterly decided to diversify his business. He founded Public Waves, LLC, which eventually became a successful consulting venture. “I have had clients from Texas to Pennsylvania. It’s truly been one of the most fulfilling experiences of my entire life.” Currently, Public Waves, LLC serves clientele including the Energy Innovation Center Institute, Community Liver Alliance, Water4Life Mozambique, and CSD Engineers, LLC. He provides consulting services ranging from workforce development & economic research to other organizational services.
Esterly also is a full-time doctoral student at Point Park University’s Ph.D. program in Community Engagement. “It’s somewhat of a leadership degree with a research focus on benefiting the community. The Pittsburgh community helped me to succeed and I am constantly looking for ways to give back.” He hosts a radio show through Point Park University, called Behavior Business, where he invites guests on the show from both the business and mental health community. Esterly also continues to self-manage his portfolio and consult on other larger investment portfolios.
In 2015, Esterly established a charitable investment fund called Esterly Fund. To date, the fund supports 17 non-profits in Pittsburgh. He also serves on the Board of Directors for the Glade Run Foundation and Ten Thousand Villages Pittsburgh. “I truly don’t think my life would have turned out this way in Honduras. It’s surreal sometimes to think of my journey and how different things could have been. I am grateful for every day on this earth and hope to give back ten-fold.” Esterly is considered a young rising star in the Pittsburgh business community.
At the age of 28, Esterly insists he has only just begun. “It’s been my experience that businesses don’t care what race, nationality, age, etc. you are. If you can provide value for a company, companies will value your service. That’s the beautiful thing about America. You really can create or re-create your life here.”
For generations, high school students like you have been told that a college degree is the route to success and financial security. But it’s not the only way to go: in fact, while it may seem like all your friends are heading off to college, a large number of high school graduates—about 30 percent—don’t take the college path.
Finding happiness and success in your career should start with evaluating your goals, personality and interests because—luckily—you have options.
With costs rising, college can be a huge investment, and like any good investment you need to understand the risk, costs and potential value you can gain. Explore these higher education paths—and some tips for calculating the return on investment (ROI) of your education:
Depending on your course of study, a vocational training program can pay for itself within eight months of graduation—far quicker than a four-year degree. Lynnette Khalfani-Cox
A four-year college:
A four-year college degree is the most common—and one of the most lucrative—routes to take after high school. But even with a four-year degree, much of your ROI depends on what you choose to study: before picking a major, think about how much money you’ll need to fork over and the salary you can expect after you graduate.
Many online tools or apps, like the JA Build Your Future app from Junior Achievement USA, or College Scorecard from the US Department of Education, can give you a good idea of the ROI on your college degree. They factor in average debt, starting salary information, and more, and work with community colleges, as well as four-year colleges and universities.
Tuition: According to the College Board, the total in-state cost of attendance at a public four-year college averages $25,290 per year. At a private, nonprofit university, the cost is almost double that—$50,900 annually. That means the overall price tag is roughly $100,000-$200,000. Not surprisingly, 65 percent of college grads earning four-year degrees in 2017 ended up with student loans; their average amount of college debt topped $29,650.
Salary: The upside of paying higher tuition at a four-year school is that you’ll likely end up making more money. According to the Bureau of Labor Statistics (BLS), the median earnings for college grads with a four-year college degree is $61,724 annually. And salaries can go even higher, depending on the career you choose. People with advanced degrees typically earn bigger salaries—$1,512 weekly, or $78,624 yearly. Then again, advanced degrees also translate into extra tuition—another cost that you’ll need to factor into your ROI calculation. To avoid that extra cost, consider a bachelor’s degree with high earning potential for recent graduates like chemical or electrical engineering, which report salaries in the $70,000 – $75,000 range for recent grads.
The National Center on Education Statistics shows that almost twice as many people attend two-year community colleges as those who attend four-year colleges and universities. At a community college, you can earn an associate’s degree after taking coursework in a general major—like business, biology, or communications—or in a specific vocational field, like nursing, criminal justice, or early childhood education. This coursework can prepare you for a bunch of careers, including medical assistant, police officer, oil and gas operator, or software or website developer.
Tuition: Community colleges are usually a lot less expensive than four-year schools: according to the College Board the total cost of attendance at a public, two-year community college averages $17,580 per year for in-district commuter students. That includes tuition, fees, room and board, books, supplies, and transportation costs. Overall, that works out to $35,160 for a two-year associate’s degree. That’s about $66,000 less than what you would spend on in-state tuition and fees at a four-year public college.
Salary: The Bureau of Labor Statistics reports that people with a two-year degree earn a median salary of $825 a week or $42,900 annually. And while this salary might limit your ability to live in some quickly growing cities, there are a number of cities where you can live comfortably on less than 50,000 per year.
For some jobs requiring a two-year degree, the payoff is even higher. Air traffic controllers make a median income of $122,410, while dental hygienists average $72,910 and paralegals make $49,500.
Vocational training, sometimes called technical training programs or trade schools, might be a good option if you prefer working with your hands, want to avoid a desk job, and only want to take training and instruction that is directly related to your future career. These programs commonly lead students into careers in hands-on trades like construction, metal work, masonry, and photography.
Tuition: The average cost for a vocational training program is $33,000 over a two year period, but many students can complete their vocational schooling in less than two years—especially those that enroll full-time in a trade school.
Salary: Salaries for hands-on trades vary widely, but jobs like installation, maintenance, and repair have median earnings of $950 a week, or $49,400 annually. With that kind of salary, your vocational training will pay for itself in just 8 months after your work start date.
Patty Delgado understands Latina millennials living in America and who are trying to pursue their own version of the American dream because that is what her own hustle consists of.She navigated self-employment and working freelance in the design space after she graduated from college and eventually that transitioned into the new business she helms — Hija de tu Madre.
The Latina lifestyle brand celebrates a generation’s entrepreneurial drive while honoring the phrases and cultural realities that helped mold them. Delgado’s product line started with clothing and accessories and has now moved into the home office space.
“Back in 2016 I had a little idea for a jacket: a denim jacket embellished with a sequin design of La Virgen de Guadalupe,” shares Delgado. “With $500, just enough to make 30 jackets, I started my little ecommerce business called Hija de tu Madre. Once I started, I knew HDTM had the potential to reach a large untapped market: Latinas.”
In just two years, Delgado has gone from being entirely an online experience to having an office and showroom headquartered in Los Angeles. This year she plans to host events — panels, workshops, and networking opportunities — in the space and make it a larger cultural experience.
“We’re a $1.7 trillion dollar industry, but the business world doesn’t treat us as the superpower that we are,” shares Delgado. “Latinas are still the lowest paid labor group. How is it that we’re one of the greatest U.S. buying powers but with the greatest wage gap? With this political climate, and anti-Mexican and Central American sentiment, it’s my responsibility to create a Latinx safe space. Hija de tu Madre will continue to remind our community that our culture matters, and that we aren’t going anywhere.”
Continue onto Forbes to read the complete article.
Andrea Perez is a Nike MVP if you will. This year she will be walking into her 16th year with the company having grown stronger, more dedicated to the brand, and more aware of her own skillsets with every year that passed.
Now, as Nike’s Vice President and General Manager of Global Brand Jordan for women and kids, Perez wants other Latinas to step into their power and into big dreams of their own.
“My advice for Latinas when connecting with others is to be very proud of who you are and what you represent and bring that to the table when establishing relationships,” shares Perez. “Also bring people up with you — for some of us it was a difficult ride to get to where we are at now, so let’s make sure to pave the road and invite others in.”
Perez’s love of sports dates back to her time as a varsity soccer and softball player and only grew into a commitment to a brand that championed all she believed sports and advertising should be.
“As a female athlete growing up in Mexico, I never felt as respected as the male athletes,” shares Perez. “However, in 1998, one company was completely changing the game – Nike. Nike was truly speaking to girls like me, through Mia Hamm and the 99’ers, through Jackie Joyner Kersee and launching numerous campaigns that I really connected with. I was only in high school, but I knew then that I wanted to work for a place like that and began creating Nike ads in my notebooks. It truly was the only place I ever wanted to work.”
Her time at Nike has afforded her the opportunity to mentor others who may want to walk on the same path. Every week Perez sets aside three hours of her time and dedicates it to meeting with those who want her advice on any aspect of their careers.
“I advise my mentees to come to meetings with something to talk about,” states Perez. “A lot of people want to establish relationships and the first thing they ask you is ‘tell me your story.’ I find that that question can be less valuable than coming with a specific question on how to help oneself. I start my meetings asking people a little bit about their background followed by ‘how can I help you?’. The sharper they are in their answer and their ask, the better the answer and insight they can receive from me.”
Below Perez shares more advice she gives to Latinas, what she’s learned through her 3-hours a week mentorship sessions, and why a career at Nike has been as dynamic as it’s been long.
Vivian Nunez: How have you fostered such a long career at the same company?
Andrea Perez: Two reasons: Nike’s brand values and the ability to have a diverse career within one company. Regarding Nike’s values, I truly believe that life is better with sport. Not just the health benefits, but everything it brings to people’s lives, especially young women. To be in a place where I come to work every day and I feel like I’m contributing to that belief, it’s massive for me. Second, the ability to have a very diverse career. Nike is a really big company. There are three different brands within Nike Inc.: Nike, Jordan and Converse. Nike also has a variety of different functional areas from innovation, to marketing, to our Community Impact group, to Air manufacturing, to Valiant Labs. And offices all over the world. You truly can have an amazingly diverse career.
Nunez: You worked your way up at Nike and now serve as the Global GM of Jordan Women and Kid’s — what has been your biggest lesson learned through that journey?
Perez: When I was working in Nike Mexico, our GM – a man named Cristian Corsi, had a sign in his office that said: “the desk is the worst place from where to see the world”. I truly think that’s the best lesson anyone gave me. To be open to what’s happening outside your desk – with your team, with the other teams, with the organization, with the industry, with the consumer, with the world- is what truly makes you expand your mind and see opportunities. Personally, I think it also makes us better humans.
Nunez: What motivated you to set aside three hours of your time every week for mentorship?
Perez: A lot of people have helped me out in journey at Nike. I had people that took their time to teach me, to give me projects, to support me, even to read my business school applications. I truly owe those people and feel I can do that by helping others out and paying it forward. Conducting mentorship meetings at determined hours of the week helps me keep control of my caledar and be centered before meeting people so that I can focus on the person I am speaking with and not veer off from the conversation or think about my to do list.
Continue onto Forbes to read the complete article.
The American Indian College Fund explored how to support higher education’s role in creating safe and welcoming environments and greater visibility for American Indian and Alaska Native (AIAN) students at a convening it hosted of students, tribal college leaders and leaders from mainstream institutions of higher education (IHE), policy organizations and funders.
What we heard affirmed what we already knew — for Native students to be successful in college the institution must be committed to their inclusion.
Native students shared they want to go to college in an environment where their unique tribal identities are recognized, where their history and current lives are included in the curriculum and in campus life, and where they are visible.
Supporting education equity for Native students takes many forms. Native students at tribal colleges and mainstream institutions have benefited from Johnson Scholarship Foundation’s support of access to higher education through scholarships. The American Indian College Fund works to expand student support to specific ways that higher education institutions can be proactive with inclusion.
Four specific approaches were identified that can have an immediate impact on the experiences of Native students with higher education:
Land acknowledgment: All higher education institutions exist on land that once served as the homeland of one or more tribal nations. Westward expansion, war and removal all impacted the abilities of tribes to situate themselves or have claims on homelands. When land acknowledgment occurs, Native students’ existence and experience is validated. I’ve learned that it is also a good educational exercise because most people don’t know whose homelands they are living on.
2. Representation in curriculum, at events and functions and in public materials: The history and contemporary experiences of indigenous peoples are usually not represented in curriculum. In addition, many times Native peoples are not onstage or giving presentations and are rarely included in public-facing places like websites and brochures. IHE can examine and modify curriculum to insure inclusion. For example, any American government class that doesn’t include tribal governments as a form of governance in the U.S. should immediately remedy that. When events are organized and representatives of various populations are invited to participate, inclusion of Native speakers should be automatically considered and materials and media should be reviewed to determine if Native student photos and stories are included.
3. Data inclusion: Ensuring the institution’s leadership knows the status of Native students is critical to success, whether it is one student or 400. Often the numbers are used as an excuse for not knowing the status of Native students and for not reporting that status to the public and to enrolled students. This may require extra effort to define who will be included in that population and what reporting will look like, but it is essential to overcoming invisibility.
Did you know that Hispanics contribute $1 trillion to the economy every year?
Two years into his second career as a business executive and baseball analyst, Alex Rodriguez—always a student, always a numbers cruncher—knows all too well.
And he’s looking ahead.
“I think… we should be having really smart conversations on how to double that number,” he said.
Rodriguez was one of the greatest players in Major League Baseball history, finishing his career with 696 dingers and winning a World Series with the fabled New York Yankees, but this is A-Rod 2.0.
Owner and CEO of A-Rod Corp. Investor. The first Hispanic to swim with the big fish on Shark Tank.
Rodriguez has gone from baseball star to business supernova.
“When people think about my career, they think about the championships, the RBIs, the home runs, but what they don’t realize is that I’m fifth all-time in striking out, so that means I have a PhD in failing,” Rodriguez, 43, said. “But I also have a master’s in getting back up and that’s what America is all about: getting back up, not getting defined by your mistakes. That’s what I try to push and encourage.”
Rodriguez, the father of two daughters, started A-Rod Corp, a private holding company with multiple businesses in the United States and Latin America, when he was 26. His motivation? “Fear.” He’d already seen too many players go broke.
His first investment was in a type of infrastructure he knew all about from his modest childhood: rental properties.
“We find ’em, we vet ’em, we underwrite ’em, we close ’em, we manage ’em, and then we rehab ’em,” he said. “We buy in secondary markets where job growth is growing. Millennials don’t want to own a house. They want to own an app. The last five or six years have been very healthy in the multifamily apartment sector.”
Today, A-Rod Corp owns or manages about 20,000 properties in 12 states and has branched out to fitness centers and automotive dealerships. The man who made hundreds of millions in his playing days also invests in Google, Amazon, Facebook, Berkshire Hathaway, JPMorgan Chase and Bank of America, among others.
He espoused his investing strategy on his first appearance as a guest judge on Shark Tank.
“I always invest in jockeys, not horses, because business—like sports—is just about people and I always tell people that I want entrepreneurs and partners with a PhD, not from Harvard or Yale, which is nice, too, but I mean poor, hungry and driven. I want entrepreneurs that are scrappy, that are gritty, and that can think outside the box, and that are winning players.”
Rodriguez retired from Major League Baseball after the 2016 season, and after Sports Illustrated named him one of the 30 most influential Hispanics in sports. The shortstop/third baseman won three MVP awards, was named to 14 all-star teams, and knocked out 3,115 hits in a 22-year career.
He was known for putting up staggering numbers; he was also revered as a student of the game.
He had been in business for years while he played for Seattle, Texas, and New York. He even took marketing classes at the University of Miami and value investing at Columbia University.
Now, it was time to do a deep dive into business. Rodriguez did what he’d done in sports: stepped into circles of greatness.
He asked questions. He listened.
His mentors include Lennar CEO Stuart Miller, JPMorgan Asset Management CEO Mary Erdoes, billionaire Warren Buffett, and Chicago White Sox owner Jerry Reinsdorf, who once said Rodriguez’ most impressive quality was “incessant curiosity.”
Rodriguez has never forgotten—and always applied—a simple lesson about business he received from Buffett: Never personally guarantee any debt and never hold too much cash, but rather put your money in great businesses.
Buffett also taught him that you can be a great businessman and a great guy.
“Always be a gentleman,” Buffett told him.
“That was simple, but it was genius,” Rodriguez said.
Rodriguez first appeared on Shark Tank in 2017 and is returning as a guest judge for its tenth season.
As usual, he looked like a natural, as if he’d been swimming in those waters all his life. Truth be told, his success is a result of hard work and preparation.
He says starring on the show with the likes of Mark Cuban, Daymond John, and Lori Greiner is a thrill.
“Of course, being the first Hispanic on Shark Tank is something to be really proud of,” he said.
In one of his investment victories, Rodriguez teamed up with Cuban to invest $150,000—for a 15 percent stake—in an Ice Shaker business, which sells insulated bottles that are an upscale version of plastic cups used to mix up protein shakes.
Chris Gronkowski—brother of famous New England Patriot Rob—said Ice Shaker sold about $80,000 worth of shakers in the first few months after he, Rob, and his three other brothers appeared on Shark Tank.
Rodriguez has stayed involved in baseball, honing his skills as a broadcaster for FOX before ESPN named him their lead analyst in early 2018. During his playing days, Rodriguez was versatile enough to switch from shortstop to third base when he joined the Yankees. As a broadcaster, he seamlessly goes from color commentator during games to studio analyst.
“It’s an exciting time in baseball and now I get that front row seat to tell that the story,” Rodriguez said.
Rodriguez has proved to be studied, insightful, and articulate in his off-the-field role. Listen to him for ten minutes and you’re bound to learn something about the national pastime. Recently, in a studio appearance on the morning sports show Get Up!, Rodriguez named the five greatest hitters he’d ever seen.
His take went viral. Many agreed. Many disagreed. Nobody questioned his baseball acumen, or his reasoned arguments, however.
For Rodriguez, life is never business as usual. There’s parenting, and there’s giving back to the community.
Rodriguez has spearheaded the Alex Rodriguez All-Stars in Education Scholars, offering hundreds
of thousands in scholarship money to those determined to be the first in their families to earn a college degree.
He also premiered a TV show called Back in the Game earlier this year, designed to help athletes who are down on their luck, financially speaking. His co-star? Former NFL great and current TV superstar Michael Strahan.
“Michael and I, something we’re really passionate about is taking athletes who have run into some bad luck … [and] lend a helping hand and hopefully they can get back on their feet,” Rodriguez said. “If you look at the data, they suggest that a lot of our players are going bankrupt way too soon. You make 90 percent of your money between age 20 to 30. Less than 5 percent of our guys in the major leagues have a college degree. What happens from age 30 to 80?”
Alex Rodriguez seems to have packed several lifetimes into his 43 years. And he’s come a long way from his early life as a child of Dominican immigrants who was raised by a single mother and had to move every 18 months “because the landlord would raise the rent.”
He was born in New York City and spent time in the Dominican Republic and Miami, Florida. He has never forgotten his Hispanic roots.
In 2005, amid confusion about his ethnicity, Rodriguez stated: “I want to say it out loud. I am Dominican.”
He has gone the extra mile to help Dominican baseball players thrive in “The Show.”
When Puerto Rico was devastated by Hurricane Maria in 2017, he and Jennifer Lopez visited the country and raised more than $30 million to help victims and rebuild infrastructure.
His mission is to improve financial literacy among Hispanics and athletes in general.
What comes next for A-Rod?
If past is prologue, as Shakespeare said, he’ll surprise us with yet more accomplishments.
If humility is wisdom, as Proverbs says, he’ll continue to grow wiser, because he’s got two secret weapons named Ella and Natasha.
“My girls are great at making fun of dad,” he laughed. “They’re never impressed with anything I do. I love that.”
There are now literally hundreds of MBA programs available worldwide. Evaluating an MBA today is roughly the equivalent of talking about a car—one needs more specific details to really understand how one program compares to another.
In the same way that there is often little in common between a small sports car and a large SUV, MBA programs come in many variations. Indeed, there are many comparative factors to consider, including a program’s standing in global rankings, academic design, specializations, entry requirements, delivery mode, or, most relevant to this discussion, its duration.
MBAs have become diversified products, catering to segmented clientele’s needs. Upon exploring whether a two-year MBA program is superior to a one-year program, there is, unfortunately, no simple answer to suit all circumstances.
Internships and career changes
The first argument in support of a two-year MBA program pertains to the job market. Even within a two-year program, students are under pressure, as they juggle academics with career-prep workshops. Most programs begin in August and employers arrive on campus as early as September to recruit, both for summer internships and full-time jobs. Many students say that they are unsure of the field in which they wish to specialize, yet are asked to commit to a job search within a chosen industry almost immediately.
In a two-year MBA program, this issue is actually less problematic. Students complete internships first and are then provided with additional opportunities to engage with employers the following autumn. Moreover, some students accept full-time jobs with the same employer, usually during the last two weeks of their summer internship. Most remain in the same industry, but move laterally to a different employer and/or to a different job category. Finally, some realize that the chosen industry was not for them and move to a different one altogether, typically seeking a different field of specialization in their MBA. Given the duration of the program, students will have one more round of campus recruitment and a full eight months of courses left, making such transitions possible and easy to make. We have found that students enter the next round of recruitment better prepared, more aware of their strengths and weaknesses, as well as their goals and aspirations.
A two-year MBA program allows more time to build a strong foundation
The second argument in support of a two-year MBA program relates to academics. To acquire in-depth knowledge, one needs time flexibility to build their schedule, as well as to digest and integrate content. While knowledge can often be acquired relatively quickly, developing competency requires more time. One needs to read, apply the material, build presentations, study, write exams, and experience the use of the material in real life.
One aspect that most professors will likely agree on is that the faster one is forced to learn something, the faster this material will be forgotten. A two-year MBA program allows more time to build a strong foundation, as well as to consider and select options within a given field. More time allows for more informed choices, and more informed choices translate to a more adapted education.
The third and final strength of a two-year MBA program is its resilience to errors. Students may not be aware of the different choices that exist in management education or on the management job market. If a student begins his or her studies in marketing and either struggles academically or lacks interest, there is time to reorient. As mentioned previously, if a student completes an internship and does not appreciate the practical aspects of a field, there is still time to change direction. Finally, it is also noteworthy to mention that a key advantage of an MBA is the networking opportunities that it brings. However, it can be more challenging to build lasting relationships over a more condensed period of time.
Value of one-year vs. two-year MBA may hinge on your circumstances
To summarize, the value of a two-year MBA program over a shorter one is essentially a matter of “it depends.” As a rule of thumb, the more removed an applicant is from the world of management at the time of admission, the more he or she should contemplate the two-year degree. The strength of a two-year program is the additional time that it affords to build expertise, explore the job market, and validate both academic and career choices. In my opinion, ideal candidates for such a program would be international students, as well as those seeking a career change, such as engineers, lawyers, teachers, artists and others who are interested in a management career and/or in relocating to a different country.
However, the closer one is to the world of management, the stronger the argument in favor of a one-year MBA. Those looking to move up in their career are the target clientele. Career climbers are less likely to feel the need to acquire knowledge of the job market, or to build strong foundations in management. Thus, students who meet this profile will likely be well-served by a one-year degree. This is why, after all, MBA programs of varying durations exist in the first place, as they are built to adapt to different clienteles and their respective needs.
Nevertheless, as the saying goes, the proof is often in the pudding. Indeed, this is probably the strongest argument of all: When given a choice to go faster, our well-informed students choose to take more time!
Not that long ago, Diversity & Inclusion was viewed as a sort of “icing on the cake” issue – companies knew that having a team dedicated to these issues was a good thing to have, but not totally necessary to the bottom line.
Thankfully, that viewpoint has shifted over the past few years, as more and more data is showing that diversity and inclusion is actually correlated to value creation and a company’s profitability.
Therefore, companies are realizing (some more quickly than others) that focusing on total societal impact is fundamental to driving long-term financial success. But how do we measure total societal impact? What factors do we take into account, and how do we quantify and measure that data? One approach to tackling this problem has come from Thomson Reuters, who recently released its 2018 list of the Top 100 Most Diverse and Inclusive Organizations Globally.
The team behind the annual D&I list looks at more than 7,000 companies across the globe and ranks them according to how they’re doing based on environmental, social and governance data spread across four key pillars: Diversity, Inclusion, People Development and News Controversy. Companies that score the highest across all measures are awarded a spot on the list.
It’s not easy to become a leader in Diversity & Inclusion, but it’s well-worth trying. Many companies who have invested in D&I practices over the years have seen significant growth and financial gains as a result. Here are four of the top leaders in D&I, as well as an overview of what they’ve been doing right over the past few years to help them gain this ranking.
Accenture PLC: In 2017 alone, Accenture added 1,800 employees of diverse backgrounds, up from approximately 1,000 in 2016, and increased the number of women in their workforce from 36 to 37%, with a goal of hitting 40% by 2020. The company also hired 750 veterans and military spouses, bringing them halfway to their goal of hiring 5,000 by 2020.
Medtronic PLC: Medtronic has made an effort to develop a series of robust diversity networks and employee resource groups for their employees across the globe. Their networks include the African Descent Network, Asian Descent Network Hispanic Descent Network and the Medtronic Women’s Network. They also have 12 Employee Resource Groups (ERGs), which are built to engage employees around shared interests and affinities.
Diageo PLC: In addition to boasting 50% female representation on their board and 40% on their executive committee, Diageo has also set goals of hitting 35% female representation on their senior leadership team by 2020, with a goal of 40% by 2025. They’ve also launched Plan W, a program that’s part of Diageo’s 2020 sustainability and responsibility targets which aims to build thriving communities by empowering women. As of 2017, Plan W has empowered over 315,000 women through learning, and indirectly impacted more than 1,700,000 people and is building thriving communities across 17 countries.
Gap Inc: In addition to business resource groups and advisory boards designed to provide opportunities for cross-cultural learning, mentoring and relationship building among employees, they’ve also launched ASCEND, a program devoted to developing an inclusive, diverse workforce and a pipeline of future leaders. ASCEND is designed to help minority leaders realize their potential and achieve their career aspirations through mentorship, building opportunity and individual capability building.
Continue on to Forbes.com to read the complete article.
New Nationwide survey reveals more than 80 percent of both African-American and Hispanic business owners of companies under 500 employees indicate they offer some form of employee benefits.
As unemployment rates remain low across the country, strong employee benefits packages are a key driver of both recruitment and retention. Diverse business owners — specifically those owned by Hispanics and African Americans — appear to be leading the way, as they are the most likely to offer benefits that can increase employee satisfaction.
“We treat our employees like family,” said Natasha Pongonis, a native Argentinean who is co-owner of Nativa, a Nationwide-insured independent multicultural marketing communications agency based in Columbus. “That’s why these survey results weren’t that surprising to me. They reinforce the fact that diverse business owners are diligent not only in job creation, but also in job security.”
Across every benefit category included in Nationwide’s survey, more African-American and Hispanic business owners indicate they provide more benefits to their employees than the general population of business owners:
Medical insurance: Offered by 62 percent of African-American business owners, 52 percent of Hispanic business owners and 41 percent of total business owners
Dental insurance: Offered by 48 percent of African-American business owners, 43 percent of Hispanic business owners and 25 percent of total business owners
Paid time off: Offered by 45 percent of African-American business owners, 40 percent of Hispanic business owners and 33 percent of total business owners
Workers’ compensation: Offered by 40 percent of African-American business owners, 43 percent of Hispanic business owners and 33 percent of total business owners
Life insurance: Offered by 38 percent of African-American business owners, 38 percent of Hispanic business owners and 22 percent of total business owners
Retirement benefits: Offered by 37 percent of African-American business owners, 37 percent of Hispanic business owners and 27 percent of total business owners
Vision insurance: Offered by 34 percent of African-American business owners, 34 percent of Hispanic business owners and 20 percent of total business owners
Short-term disability: Offered by 23 percent of African-American business owners, 24 percent of Hispanic business owners and 17 percent of total business owners
Long-term disability: Offered by 20 percent of African-American business owners, 19 percent of Hispanic business owners and 14 percent of total business owners
Domestic partner benefits: Offered by 13 percent of African-American business owners, 17 percent of Hispanic business owners and 8 percent of total business owners
Pet insurance: Offered by 4 percent of African-American owners, 7 percent of Hispanic business owners and 2 percent of total business owners
“Employee benefits help business owners take care of their most important asset: their employees,” said Syed Rizvi, Nationwide’s chief specialty insurance officer. “And when it comes to caring for their employees, diverse business owners appear to be among the most generous. From retirement plans to workers’ compensation and even pet insurance, they are more likely to invest in their employees’ futures and personal well-being.”
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Latinx leaders are still relatively scarce, but those we spoke to are blazing a trail for others to follow.
As we round out National Hispanic Heritage Month (which runs from September 15 to October 15), celebrating the histories, cultures, and contributions of American citizens whose ancestors came from Spain, Mexico, the Caribbean, and Central and South America, Fast Company spoke to Latinx leaders to acknowledge their contributions and recognize their opportunities and challenges.
The challenges are not insignificant with under-representation across the board. Although the Latinx workforce is one of the fastest growing–increasing from 10.7 million in 1990 to 26.8 million in 2016 according to the Bureau of Labor Statistics, only 11 CEOs lead companies in the Fortune 500 and only 3.5% of Fortune 500 board seats were held by Latinx executives in 2016. The Alliance for Board Diversity says that represents just a .5% increase between 2010 and 2016. Hispanics have the highest rate of new entrepreneurs, but at 12% they have the lowest rate of business loans from financial institutions among all other firms. Hispanic women-owned businesses represent nearly half of all Hispanic firms. However, access to capital, a major facilitator of business growth, isn’t available to them as readily, according to a report from Stanford. And Hispanic women’s equal pay day–the additional number of days in the year they have to work to equal a white man’s pay–isn’t until November 2.
Despite these significant challenges, Latinx leaders continue to blaze a trail for others to follow. Here’s what they told us about the opportunities they’re leveraging to make a difference.
“MY CULTURE RELEASED ME FROM THE FALSE PRESUMPTION THAT THERE WAS ONE RIGHT PATH.”
The biggest challenge is the invisibility of our community in all of the narratives of leadership. We are rarely present. The Latinx folks who have traveled the path are so few, far, in between, and hidden. You rarely get the benefit of learning from the pathbreakers.
For chunks of my upbringing, I resented having one foot in the world of my cultural heritage and one foot in the American experiment but my career helped me deeply appreciate it. Straddling both worlds gave me such a unique lens on what it means to carry different perspectives as a result of different life experiences. It helped me see and grow people for what they could be instead of molding them into a bootleg version of myself. My culture released me from the false presumption that there was one right path.
–Karla Monterroso, CEO, Code2040
“I HAVE THE OPPORTUNITY TO INFLUENCE A NATIONAL CONVERSATION.”
As a Latina business executive at a high-growth tech company with a strong consumer brand, I have the opportunity to influence a national conversation. Our country is grappling with so many issues that affect the Latino community: immigration reform, refugee rights, political representation, and voting engagement, and the reality is that those making, executing, and influencing policy are likely to listen to strong members of the business community. Every time I have an opportunity to speak or write something that will be publicly shared, I ensure I am speaking to these issues in some capacity.
It’s no surprise that there is not equal representation of Latinx leaders in the tech industry. This means we are working extra hard to show up everywhere our community needs us. I wear a lot of hats at Lyft–from a VP on the Lyft Business team, to the executive sponsor of our Latinx ERG group, to the company’s representative at events or meetings where the insights from a Latinx executive might be helpful. I also advise a VC fund that is focused on supporting Latinx entrepreneurs–it’s the only VC fund I know of that is focused specifically on this–and while my participation is extremely rewarding, it requires a lot of time and dedication. I feel responsibility for this work, because every voice matters.
–Veronica Juarez, Area VP of Social Enterprise at Lyft
Operating with transparency used to be a luxury versus a necessity but, now, it’s quite mandatory. Millennials, in particular, who wield a tremendous amount of influence and purchasing power, make buying decisions based largely on the provenance, manufacturing processes and overall business practices of a particular company.
Because millennials are now the largest population in the United States, to say that transparency will drive how businesses are perceived is an understatement, at best. However, the good news is that establishing and maintaining transparency doesn’t have to be difficult. Simply communicating regularly with honesty and unequivocally holding yourself, your staff and your company accountable will go a long way toward fostering goodwill with not only consumers and prospects but also with vendors, strategic partners and your industry at large.
It used to be that only airlines had “loyalty” programs. Now, everybody from giant corporations like Pepsi Co. to mom-and-pop corner coffee shops have some sort of loyalty program. And rightfully so. Every industry faces new competition on a daily basis and customers are understandably price sensitive, often buying from whoever has the best sale or perks. However, what loyalty programs really come down to is creating that coveted repeat customer. For instance, airlines offering free first-class upgrades or hotels upgrading size of the room for elite travelers often creates an allegiance that trumps price point. This principle can be applied in every business. If you’re a service company and a client is at the end of his or her agreement, offer a specific service at a discount or another deliverable with a high perceived value. Those who do business online can easily build an awards program that fosters a faithful following.
The ugly truth is if you need a loan, chances are extremely high you won’t be able to get one. In fact, the recent small business study also revealed that the majority—a full 61 percent—of those who tried to get a favorable loan were unable to do so. Venture capital and private equity funding is equally, if not more, difficult to come by. While some types of capital are actually easier to procure, the interest rates are usually more aggressive, often prohibitively so. Instead, focus on crowdfunding and non-traditional lenders, such as Bond Street, Kabbage and Deal Struck. According to Massolution’s 2015CF–Crowdfunding Industry Report, global crowdfunding was anticipated to be more than $34 billion. A revenue source of that size is simply too big to ignore and not tap into.
4 Pay-for-Play Social Media.
Facebook was among the first to implement the “pay-for-play” model by removing organic reach and focusing on paid advertisement. Since being acquired by Facebook, Instagram is destined to follow. Pinterest and Twitter are also both currently growing into their pay-for-play systems and will likely make it difficult for pure organic reach as well. Unfortunately, this means entrepreneurs will need to increase their social media budget. However, Facebook’s paid ads have been shown to reach a significantly greater percentage of users than organic posts, making paid ads well worth the investment. However, social media shouldn’t only be leveraged as a form of advertising. Rather, social media is an ideal way to handle customer service in a way that not only improves marketplace loyalty but also your company’s transparency endeavor.
5 Instant Gratification.
Simply put, if you don’t offer some form of instant gratification, your prospective customer will likely go somewhere that does. This truth is particularly problematic for businesses that require information from customers, such as insurance or financial services. Having prospects fill out contact request forms to be contacted later on for products or services is becoming less and less effective in the “Age of Impatience.” To be competitive, you need to deliver to the customer instantaneously in some way, whether that be with the information they are seeking or some other deliverable that will satisfy them in the moment and keep them interested for a longer term. Even just offering quicker and more efficient processes for dealing or transacting with your company is certainly a form of instant gratification. At every available touchpoint, strive to impress the customer—an incredibly effective way of evoking that gratified feeling. No matter what industry you’re in or what type of business you run, you can still make a profit, no matter what the current economic outlook happens to be. That begins with giving customers what they want, how they want it and in a way that’s more sensitive to marketplace vs. company needs.
About the Author
Brian Greenberg is a multi-faceted entrepreneur who has founded and currently
spearheads an assortment of successful online businesses. He currently co-owns
and operates multiple entrepreneurial companies with his father, Elliott
Greenberg, which have each flourished for over 10 years, including Wholesale-JanitorialSupply.com, TouchFreeConcepts.com and TrueBlueLifeInsurance.com.