JPMorgan Chase Commits $30 Billion to Advance Racial Equity
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Today, JPMorgan Chase announced new long-term commitments to advance racial equity. The firm will harness its expertise in business, policy and philanthropy and commit an additional $30 billion over the next five years to provide economic opportunity to underserved communities, especially the Black and Latinx communities.

Structural barriers in the U.S. have created profound racial inequalities that have been exacerbated by the COVID-19 pandemic. The existing racial wealth gap puts a strain on families’ economic mobility and restricts the U.S. economy. Building on the firm’s existing investments, this new commitment will drive an inclusive economic recovery, support employees and break down barriers of systemic racism.

“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”

Over the next five years, the firm expects these new commitments, which include loans, equity and direct funding, to:

I. Promote and Expand Affordable Housing and Homeownership for Underserved Communities

A. Originate an additional 40,000 home purchase loans for Black and Latinx households. To do this, the firm is committing $8 billion in mortgages. Efforts include:

  • Improving key home lending products and offerings, including substantially increasing the Chase Homebuyer Grant in underserved communities.

B. Help an additional 20,000 Black and Latinx households achieve lower mortgage payments through refinancing loans. To do this, the firm is committing up to $4 billion in refinancing loans.

C. Finance an additional 100,000 affordable rental units. To do this, the firm will provide $14 billion in new loans, equity investments and other efforts to expand affordable housing in underserved communities. Efforts include:

  • Investing additional capital in vital community institutions and increasing funding for the construction and rehabilitation of affordable housing for low and moderate-income households nationwide.

II. Grow Black- and Latinx-owned Businesses

A. Provide an additional 15,000 loans to small businesses in majority-Black and -Latinx communities. To do this, the firm will deliver $2 billion in loans. Efforts include:

  • Launching a new program designed to help entrepreneurs in historically underserved areas access coaching, technical assistance and capital.
  • Accelerating a digital lending product to better support the needs of small Black- and Latinx-owned businesses seeking quick access to capital.

B. Spend an additional $750 million with Black and Latinx suppliers.

III. Improve Financial Health and Access to Banking in Black and Latinx Communities

A. Help one million people open low-cost checking or savings accounts. To do this, the firm commits to hiring 150 new community managers, opening new Community Center branches in underserved communities and materially increasing marketing spend to reach more customers who are currently underserved, unbanked or underbanked. Other efforts include:

  • Continuing to open 100 new branches in low-to-moderate income communities across the country as part of the firm’s market expansion initiative.
  • Building awareness and trust in Chase Secure Banking to meet the needs of Black and Latinx unbanked and underbanked households and expand access to traditional banking.

B. Invest up to $50 million in the form of capital and deposits in Black and Latinx-led Minority Depository Institutions (MDI) and Community Development Financial Institutions (CDFI), and continue to mentor and advise select MDIs and CDFIs to help them achieve future success.

IV. Accelerate Investment in our Employees and Build a More Diverse and Inclusive Workforce

A. Continuing to build a more equitable and representative workforce and hold executives accountable by incorporating priorities and progress into year-end performance evaluations and compensation decisions for members of the Operating Committee and their direct reports.

B. Providing financial coaching services to the firm’s U.S. employees.

The firm will also provide $2 billion in philanthropic capital over the next five years to drive an inclusive economic recovery and support Black, Latinx and other underserved communities. This extends and increases the firm’s current five-year $1.75 billion philanthropic commitment made in 2018. It will also include an emphasis on supporting Black- and Latinx-led organizations.

A fact sheet detailing JPMorgan Chase’s new commitments is available here.

Holding Ourselves Accountable

Measuring impact and ensuring accountability is central to these new commitments. Progress will be tracked regularly and shared with senior leadership across the firm, as well as externally with the Chase Advisory Panel, to assess performance and hold the business accountable. These efforts will further allow for maximum impact and bring an enhanced equity lens to the firm’s business.

Comments on the Importance of Advancing Racial Equity

“We have a responsibility to intentionally drive economic inclusion for people that have been left behind,” said Brian Lamb, Global Head of Diversity and Inclusion, JPMorgan Chase.The COVID-19 crisis has exacerbated long-standing inequities for Black and Latinx people around the world. We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities.”

“To ensure the Latino community can thrive, we must work together to break down persistent obstacles to opportunity created by systemic racism,” said Janet Murguía, President and CEO, UnidosUS. “JPMorgan Chase’s new commitments will help ensure that the American dream is accessible to more Latinos today, create a multiplier effect through generations, and lead to a stronger country with greater shared prosperity.”

“America’s racial wealth gap has been a persistent injustice, and it can no longer be tolerated as business as usual,” said Marc Morial, President and CEO, National Urban League. “I am heartened to see JPMorgan’s specific, measurable commitments that we believe will address decades of systemic racism toward Black communities – and will bolster the wellbeing of families across the country, as well as our collective economy. We are proud to work alongside JPMorgan Chase to make these changes and help craft conditions for lasting racial equity.”

“All Americans deserve equitable access to affordable housing and the physical, emotional and financial security it represents,” said Lisa Rice, CEO, National Fair Housing Alliance. “JPMorgan Chase’s new commitments will help make owning or renting a reality for more Black and Latinx families, whose housing access has been impeded by decades of systemic racism and are now disproportionately affected by the impact of COVID-19. Addressing the affordability crisis, now overlaid with the pandemic, will require many players on many fronts, and these commitments are concrete, meaningful steps in the right direction.”

“This moment requires leaders and their institutions to shake off the husks of complacency and to stand in transformative solidarity with the more than 100 million in America who face the burdens of a democracy and economy that does not yet allow them to participate, prosper, and reach their full potential,” said Dr. Michael McAfee, President and CEO, PolicyLink. “JPMorgan Chase is beginning the journey to answer this call. It’s targeted investments in black and brown communities, and its leadership advancing public policy that ensures all people in America participate in a just society, live in a healthy community of opportunity, and prosper in an equitable economy is the type of creative spark that will usher in America’s renewal.



About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

The City of Austin’s RENT Assistance program
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RENT assistance program flyer with picture of nurses and doctors wearing masks

The program is available for low-income Austin residents who have been financially impacted by COVID-19 and are struggling to pay their rent. 2020 has been challenging for everyone and the City of Austin has expanded its RENT Assistance program making it easier for eligible candidates to apply.

The RENT assistance program will pay up to 12-15 months of rent for eligible Austin renters and may cover the following:

Future rent payments will be provided three months at a time and families will be requalified every three months after that. If the government pays for a portion of your rent, the program can pay the additional portions not covered by the government subsidy.

Residents may be eligible if they earn 80% or less than the average household income. If residents were assisted last year, they are still eligible for this new program and can help cover rents that are still due from April 2020 through December 2021.

For example, a mother with two children who lives in Austin’s Rosewood neighborhood who made $54,500 a year but has lost her job due to the pandemic should apply for RENT assistance. She is currently unable to pay her landlord and may lose her apartment. She can visit http://AustinTexas.gov/RENT and submit her application.

Another example includes a couple living in Austin’s Riverside neighborhood. They made a combined $62,500 and renewed their lease, but due to the pandemic one of them lost their job and they are now struggling to make future rent payments. They will qualify for RENT assistance.

The RENT Assistance Program has established a priority point system to ensure those in greatest need are considered first.

Renters in the first priority group will receive 3 points and will be considered first. That includes Renters need to meet two criteria: the renter must qualify for unemployment for at least 90 consecutive days before application and have zero or extremely low income (at or less than 30% of the area median income).

Renters in the 2nd priority group will receive 2 points and will be considered after the 1st group. This includes renters who qualify for two criteria: renters who qualify for unemployment for at least 90 consecutive days before application, and have low income (between 30% and 50% of the area median income).

Renters in the 3rd group will receive one point and will be considered after the 2nd group. These renters only have to meet one of the following criteria:

  • Renters who qualify for unemployment for at least 90 consecutive days before application
  • Low income renters (at or less than 50% of the area median income)
  • Renters who have experienced homelessness in the last 3 years
  • Renters who applied for the RENT Assistance program between August 2020 – December 2020 and did not receive rent help (this does not include inactive applications and applications that were denied.)

All other applications will be considered after those in the 3rd group.

With an easier application process, candidates do not need to submit documents with their application but will be requested if they are selected. Documents that will be needed include:

  • A Self-Certification form stating residents have been financially impacted by COVID-19. The form will be sent electronically requesting an e-signature.
  • Proof of current monthly income for all household members.
  • Proof that residents are at risk of experiencing homelessness or that housing is unstable, which may include past due rent or eviction notice.
  • Current lease showing address, name of the leaseholder, amount of monthly rent, and when the lease expires. The lease must be signed by both the resident(s) and the landlord.
  • A government-issued photo ID for the head of household. For example, a driver’s license, passport, or other photo ID.

A social security number and legal status are not required for this application. Eligible applicants will be randomly selected, and if the application is selected, the RENT Assistance program will contact the landlord and pay rent directly.

To learn more and apply please visit http://austintexas.gov/RENT. The portal will remain open through September 2021 or until all available funds have been committed.

Supporting an inclusive economy: small businesses, Black and Latinx entrepreneurs, and their intersection
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For many of us, connections to small businesses are deeply personal—your local barber shop or family dentist, the spot for the best pizza in town, the small contractor you call to fix your leak.

Businesses like these make up the fabric of our communities—but many don’t realize what a big role they play, collectively, in the U.S. economy.

However, they face unique challenges even in the strongest of times and now, amidst the covid-19 pandemic, many small businesses are struggling to survive.

The situation at hand

JPMorgan Chase Institute research found that prior to the covid-19 pandemic, typical small businesses had only enough cash on hand to keep the lights on for two to three weeks. This was even more pronounced for small businesses in majority-Black and Latinx communities, where the typical business had only one to two weeks of reserves.

Interestingly, researchers found that in the Fall of 2020, many small businesses actually had cash reserves at higher levels than normal. This seems like great news—but when you look under the hood, the situation is more precarious. [3]

There are two factors to explain the elevated reserves: 1) an injection of cash from federal and local policy shored up many of the businesses likely to face a shortfall, and 2) a decision many businesses made to delay or dial back payments on things like upkeep of key assets, limiting wages or employee benefits, or other choices that may not be financially healthy in the months or years ahead.[4]

So, while cash balances are larger than usual, they may not be enough for small businesses to continue to survive in these tumultuous times. Expenses have already begun to outpace revenue. This trend could have a disproportionate impact on Black- and Latinx-owned companies, that tend to experience lower revenues and profit margins compared to white-owned counterparts.[5]

Help in many forms

Many small businesses face similar challenges: lack of access to capital and resources to grow. However, businesses owned by people of color and other underserved groups face these challenges more acutely. For example, according to the JPMorgan Chase Institute, Black, Latinx and women-owned small businesses are underrepresented among firms with substantial external financing. While there are no simple solutions, business, government and nonprofit leaders should work together to support, sustain and grow these critical enterprises.

For example, December’s $900 billion stimulus package included a second infusion of PPP funds, with $12 billion set aside for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).

While the terms might be unfamiliar, you likely already know your local CDFI or MDI. Some local banks or credit unions might fall into this category.

An MDI is a bank whose ownership or leadership is made up of a majority of people of color. CDFIs are community lenders, which primarily finance in low- and moderate-income communities and focus on small businesses, as well as affordable housing and nonprofits. Both MDIs and CDFIs earn these designations from the federal government, due to the vital financial services they provide in communities that are often underserved. CDFIs in particular are designed to meet these needs by offering capital and guidance to help ensure the success of vulnerable businesses. We think that’s a winning combination.

But MDIs and CDFIs need banks to provide additional capital to fund this critical work in communities. Here’s where JPMorgan Chase comes in.

Part of the solution

We believe that business has a role to play in addressing societal issues, along with business and community leaders. JPMorgan Chase is committed to building a more inclusive economy and our support for small business, especially in Black and Latinx communities, is a critical element of this work.

That’s why, in February, the firm announced new initiatives focused on providing MDIs and diverse-led CDFIs with additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects, and mentorship and training opportunities. Initial investments and commitments to minority-owned and Black-led MDIs included Liberty Bank and Trust, M&F Bank, Carver Federal Savings Bank and Broadway Federal Bank. The firm also committed $42.5 million to expand the Entrepreneurs of Color Fund to reach new U.S. cities in 2021, providing loans and technical assistance to minority-owned small businesses in collaboration with LISC and a network of CDFIs. Since its inception in Detroit in 2015, the Entrepreneurs of Color Fund has deployed more than $32 million to Black, Latinx and other underserved entrepreneurs, including Jimmie Williams from Chicago, who received a small business loan to scale his landscaping company. In addition, we continue our direct support for small business, including through PPP.

This work is part of the $30 billion commitment over five years we announced in October 2020 to provide economic opportunity to underserved communities to help close the racial wealth divide. The firm is continuing to put this commitment into practice by combining our business, policy, data and philanthropic expertise.

We are committing $350 million over five years to help grow Black, Latinx, woman-owned and other underserved small businesses. This includes:

Philanthropy, low-cost loans and direct equity investments: Supporting the signature Ascend Program, helping build the capacity of diverse-led nonprofits across the globe to more effectively support entrepreneurs, and investing in early-stage businesses to help companies drive economic opportunity, including in Black and Latinx communities. Last month we made our initial direct equity investment in Bitwise Industries.
Policy: Releasing new data-driven policy solutions such as increasing resources for the Small Business Administration (SBA) Microloan program, which provides loans of up to $50,000 to help small businesses. The firm will support advancing these policy reforms to help address the immediate and long-term challenges small business owners face.
Supplier diversity: Spending an additional $750 million with Black and Latinx suppliers, and co-investing up to $200 million in middle market businesses that are or will be minority owned via a new initiative with Ariel Alternatives.
Wrap-around support: Launching a nationwide Minority Entrepreneurs program to help entrepreneurs in historically underserved areas access 1:1 coaching, technical assistance and capital.

Together, these commitments will help reduce barriers to capital access and support the growth of thousands of additional underserved businesses.

Read the full article on the Washington Post.

Hispanics In Wine Organization Aims To Empower Latinx Wine Communities
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two women smile at the camera and hold a glass of wine as the sun sets in the background

Social organization Hispanics in Wine was founded with the aim of promoting equality and diversity and helping Latinx professionals advance in the wine industry. Founded in September 2020, it consists of a social media space and website which serve as a digital platform for insight into opportunities and resources for members of the community.

It was established by Lydia Richards and Maria Calvert alongside wine professional Ivonne Nill. The organization’s mission is to give back to Spanish-speaking communities by promoting equality and helping the new generation of Latinx professionals advance in the wine and hospitality industries. Hispanics in Wine also intends to help wine companies better communicate with their Spanish-speaking consumers.

Photo: Forbes

Cofounders Maria Calvert and Lydia Richards met while working in wine public relations at Colangelo & Partners, a well-known agency with offices in New York and California. Calvert, a native of Quito, Ecuador, is currently working as an independent Public Relations Consultant with a focus on startup and established brands in wine and food, while Richards, who hails from Panama, recently started a job as PR Manager at Taub Family Companies: Palm Bay International and Taub Family Selections.

At this time Hispanics in Wine has more than 30 members and is prepared to grow as word spreads within the wine and hospitality industries. Hispanics in Wine aims to encourage and connect people from diverse backgrounds to pursue their career path in the industry through the organization. It also intends to help wine brands and companies cater to the Latinx population in the U.S., whose buying power is forecasted to top $1.9 trillion by 2023.

As Women’s Month draws to a close, we are concluding our focus on women in the wine industry with this interview of co-founder Maria Calvert.

World Wine Guys: What was the impetus behind starting Hispanics in Wine?

Maria Calvert: In 2018, I transitioned to the wine industry and met Lydia Richards at a public relations agency. As part of our PR jobs, we work closely with all types of professionals in the alcohol beverage and hospitality industries, including sommeliers, retail stores, restaurants, trade, press, wine brands, winemakers, marketing professionals, and many others. Coming new into the wine industry, you see people of color cutting the grapes and working behind the scenes, but we noticed the lack of representation and diversity when attending trade events, press trips, and executive meetings. In addition to the lack of BIPOC, Hispanic, and Latinx professionals in decision-making roles, we noticed the lack of Spanish language resources for our community, brands neglecting Hispanic and Latinx consumers, and the need to amplify the work done by vineyard stewards.

As a result of our professional experience as two Latina immigrants in the wine industry and Covid disproportionately impacting the hospitality industry and minority communities, we decided to launch Hispanics in Wine in September 2020. We chose this month in honor of Hispanic Heritage Month. Culturally, Hispanics and Latinx work together as a community; it’s part of our pride, family, our roots. Community is so important to us, and this is something that we are trying to replicate with Hispanics in Wine. We created this centralized digital space for individuals to feel welcomed by the industry, to find important English and Spanish resources, to provide a sense of community with other Hispanics & Latinx alcohol and hospitality professionals, and more importantly, to educate the public about our communities and amplify the diverse talent and knowledge we offer and promote more representation in the industry.

WWG: Which areas of the wine community have you drawn members from thus far? 

MC: The Hispanics in Wine team are four women with different professional careers, hailing from different countries, and different journeys in the wine industry: Lydia Richards, Ivonne Nill, Emilia Alvarez, and myself. It is important to highlight our team diversity because it allows us to understand the industry’s needs, bridging the gap for opportunities and language, and build a broad Hispanic and Latinx beverage and hospitality community.

As a result of our team’s efforts and continued outreach, we have connected with wine professionals across the United States and worldwide. We have a community that covers the spectrum of wine and hospitality. For example, we have Nial Harris García, Wine Director at the Conrad Hotel in Washington D.C., Hugo Arias, Head Sommelier at The Grill in Washington D.C., Gabriela Fernández, Marketing and Event Coordinator for a California wine producer, Jesica Vargas, Founder and Wine Blogger of AndesUncorked, DeAnna Ornelas, President of non-profit organization AHIVOY, Sam Parra, Owner of PARRA Wines Co., and many others. Our Hispanics in Wine community is growing every day, and we have received tremendous support from many wine professionals in the industry who want to help in any way possible.

WWG: How are you reaching Latinx members of the wine community in order to let them know about Hispanics in Wine?

MC: We are working with our Hispanics in Wine community to help spread the word, share the “Hispanics in Wine Spotlight Series” within their network, and notify other Hispanics and Latinx professionals about this initiative. We started Hispanics in Wine on social media, and we now have a website. We have received inquiries from individuals trying to pursue a career in wine who reached out to us via Instagram, and individuals who found our website via Google search. We have also received inquiries from other Hispanic and Latinx professionals asking how they can help with the initiative and perhaps serve as mentors.

WWG: Can you tell us about some of the initiatives that Hispanics in Wine has implemented?

MC: We launched the “Hispanics in Wine Spotlight Series,” where the team conducts virtual English and Spanish interviews with talented Hispanic and Latinx professionals in the United States and worldwide, such as sommeliers, wine producers, marketing experts, retailer owners, portfolio specialists, social influencers, and bloggers, to learn about their journey in the wine industry, speak about educational opportunities, and provide essential advice to the next generation as well as changes they want to see in the industry.

Our mission with these interviews is to inspire individuals to enter the industry, thereby increasing the talent we offer as a community. Ultimately, we want to increase pressure on companies to hire Hispanic and Latinx professionals for leadership roles, drawing from our deep well of unique backgrounds, experiences, viewpoints. According to Nielsen data, by 2023, we expect the buying power of the U.S. Latinx population to top $1.9 trillion, which is higher than the gross domestic product of countries like Australia, Spain, and Mexico. Targeting this quickly growing consumer base by aligning with Hispanic and Latinx values has never been more critical.

Through the “Hispanics in Wine Spotlight Series,” we also aim to highlight the diverse backgrounds of the Hispanic and Latinx communities in the United States and worldwide. We hail from vastly different geographies, whether Latin America, Central America, the Caribbean, Spain, or the United States; we have different traditions, we look different, and in some instances, we claim unique local languages, such as Guaraní in Paraguay, Catalan in Spain, or Quechua in Ecuador.

Additionally, with our public relations expertise, we are also working with the local and national press to include Hispanics and Latinx alcohol beverage and hospitality professionals at the forefront for feature stories and share their knowledge with key external stakeholders. In the near future, we hope to execute a program aimed at providing educational training, scholarships, and professional opportunities for advancing in the industry – both via in-house opportunities and partnerships with external organizations. Lastly, we are also looking to partner with wine companies looking to tap into the Hispanic and Latinx consumer market.

Read the full article at Forbes.

Latina entrepreneurs find a space online to thrive in pandemic
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Amaury Vidales holds a shirt with a number so viewers of her "Amaury's Accessories" livestream can comment and purchase the shirt through a Facebook Live event inside of her Eden Prairie, Minn., home on March 10.

By  Kathryn Styer Martinez

Amaury Vidales goes live weekly on her Facebook page, Amaury Accesorios, to show prospective shoppers what new things she has to sell — but it’s not just another virtual boutique.

Between the spontaneous bidding wars, music and banter with customers, Vidales creates a shopping experience that is a mix of buzzing zocalos found in the centers of Mexican cities, bustling open-air tianguis where shoppers can find all manner of items and an artisan handmade crafts fair.

Photo: Evan Frost | MPR News

She tries to include a new surprise item each week. Recently, it was a mini lavadero for makeup brushes. “Everybody in Mexico has [a lavadero] in [their] house,” said Vidales. The small handmade replica comes complete with a mini soap and it’s own carrying case.

Vidales, 47, represents a new kind of entrepreneur, someone who’s built a following online for experiences that have become scarce during the COVID-19 pandemic. In the process, she’s created an online space for community members to come together in an isolated world.

“It’s kind of like an escape from home and escape from your job. It’s like a fun place to hang out,” said her daughter, Regina Olono Vidales. “Most people just show up and they stay the full four hours.”

Her mother is also part of a growing wave of Latino small business owners in Minnesota and across the country. Latino-owned businesses grew by 34 percent compared to non-Latinos at just 1 percent over the past decade, according to a recent study by the Stanford Latino Entrepreneurship Initiative.

That report also found Latina business owners had been especially hurt by the pandemic, making Vidales’ success that much more intriguing.

Frida Kahlo an inspiration

Vidales reaches clients through her Facebook page, negotiates sales and follow-up calls through messaging applications and even sources her suppliers through Instagram accounts. All payments are made virtually.

She launched in 2019, before the pandemic, as a way to help pay her daughter’s college tuition and other family expenses. She said when she started, there were only a few other women like her selling goods through their social media accounts. The market exploded last year as COVID-19 kept people away from public gathering spaces.

Olono Vidales helps her mother with the weekly live events, along with her 12-year-old brother and Vidales’ husband, both named Javier.

On a recent broadcast, Vidales dressed in a shirt reminiscent of one worn by Salma Hayek in the movie “Frida.” She freshened her lipstick and turned on her ring light and smartphone as Latino pop music set the mood in the background.

As the four-hour event rolled on, the energy turned up. Vidales greeted people coming into the live chat by name while showing items for sale accompanied by their item number. Sometimes, bidding wars ensue, Olono Vidales said.

Vidales, who grew up in Sonora, Mexico, had long wanted to become a business owner. The virtual boutique has helped make her less shy and a polished public speaker, her daughter said.

Frida Kahlo’s importance to the boutique transcends fashion. The painter is prominent in many of the images. Women, especially Mexican women, look up to Kahlo as someone who achieved so much and never gave up despite her suffering.

Read the full article at mprnews.

Latinas earn $0.55 for every dollar paid to White men, a pay gap that has barely moved in 30 years
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Hispanic woman working on a tablet in a bright warehouse

By Courtney Connley, CNBC

This year, Latina Equal Pay Day falls on Oct. 29, marking how far into the new year Latinas have to work to earn the same pay white, non-Hispanic men earned the previous year.

When translated into a dollar amount, Latinas today earn, on average, just $0.55 for every dollar earned by White men, leaving them with a pay gap that surpasses that of women in all other racial groups. Over the course of a 40-year career, it’s estimated that Latinas stand to lose $1,163,920 due to the wage gap, according to data from the National Women’s Law Center (NWLC). Assuming that a Latina and her White male counterpart both start working at age 20, NWLC estimates that due to this wage gap a Latina will have to work until she’s 92 to earn what her While male peer earned by 60.

The ongoing pay disparity that Latinas face is one that has barely budged within the last 30 years, according to NWLC. In 1989, Latinas were paid just $0.52 for every dollar paid to White men. This means, that the Latina pay gap has only narrowed by a penny every decade since.

“I think there’s a lot of performative wokeness happening,” Jasmine Tucker, NWLC’s director of research, tells CNBC Make It about the Latina pay gap and why it’s barely improved over the last 30 years. “I think people are saying they care about this issue, but they’re not actually taking steps to address this issue.”

She says that while more companies are publishing reports to try and prove that they pay people in the same job fairly, it’s important to examine who these companies are hiring and what positions they’re hiring certain people for.

“I feel like there’s a lot of gaming the system in that way,” Tucker adds. ”[Companies] are like, ‘Oh well, we’re paying them the minimum wage. We’re paying them a living wage.’” But, she says, “when you’re doing the bare minimum, and then you’re also faster promoting White men into C-suite positions” then you’re not really making progress.

Today, for every 100 men promoted to manager, just 71 Latinas are promoted at the same rate, according to Lean In and McKinsey & Company’s 2020 “Women in the Workplace” report. The study describes this inequity as “the broken rung,” in which Latinas face barriers around sexism and racism that often block them from being promoted to manager.

Tucker explains that the longstanding pay disparities Latinas face have only been exacerbated by the Covid-19 crisis, with nearly three in 10 Latinas working a front-line job today, but still being underpaid for their work.

For example, Latinas make up just 7% of the overall workforce, but they account for 22% of child-care workers. On average, Latinas working full-time, year-round in child care earn just $0.88 for every dollar earned by White men in the same occupation, according to NWLC. Similarly, Latinas working as cashiers and retail salespeople earn just $0.76 for every dollar paid to a White man in the same role, and Latinas working as janitors, maids and housekeepers earn just $0.61 for every dollar paid to a White man in the same role.

“We’re depending on their labor like never before, but we’re not paying them what we owe them,” says Tucker, while adding that many of the jobs Latinas are overrepresented in are also jobs that have experienced major layoffs during the pandemic. In September, nearly one in nine Latinas were unemployed. But Tucker argues that this number is likely higher when you account for the thousands of women who’ve been forced to leave the labor force because of the overwhelming demands to work, teach and parent at the same time.

“I think there’s really a lot of suffering happening here because Latinas were already struggling to make ends meet before this crisis,” Tucker says. She adds that “if they had the [financial] cushion that some of their White male peers had,” then they would be in a much better position to weather the storms of today’s economy.

Click here to read the full article on CNBC.

Rosalía Just Revealed An Espadrille Air Force 1 On Instagram And I Am Spiraling
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Rosalia wearing a colorful bandana and looking at the camera

By Kelsey Stiegman, Yahoo Life

Yesterday, Rosalía gave fans a sneak peek at what seems to be an upcoming Nike collab starring the internet’s favorite shoe. The singer shared a video showing off the “AFI ESPADRILLE,” a Spanish take on the famed sneaker style.

Rosalía’s shoes combine the classic shape of an Air Force 1, with details taken from Spain’s traditional sandals, including a suede upper, ribbon laces, and a contrast stitch at the sole.

Inside the shoe, reads the phrase: “We just did it, Rosalía.”

As of now, Rosalía hasn’t expanded on her original post. It’s unclear whether these are a one-off design made custom for Rosalía or if these will soon hit Nike stories across the nation. That being said, the singer has been dropping hella hints on her Instagram over the past few months. First, there was this subtle shot of the espadrille sneakers…

A few days later, she posted a selfie, captioned: “Just did it.” In the pic, Rosalía wears nothing but a swoosh-printed sports bra.

Back in January, she even wore a Nike puffer jacket in the “Lo Vas a Olvidar” music video with Billie Eilish. (I’m not even including all the other Nike sneakers she’s worn because we’d be here all day.)

To learn more about Rosalia’s teaser for Nike, click here.

3 Investing Myths That Could Hurt Your Chances of Getting Rich
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woman sitting at a table with a money jar full of cash writing on a notepad

We believe investing is a great way to build your wealth and help your money work for you. But buying into misinformation could cause you to make bad choices as an investor.

Here are three investing myths we think you should steer clear of at all costs.

  1. You shouldn’t start to invest until you have a lot of money

You may be under the impression that you need thousands of dollars to buy stocks or open a brokerage account. This isn’t true. Many accounts don’t impose minimums, so you can invest with as little as $100 if that’s all you have. Some individual stocks may be out of reach if you’re low on funds, but it’s easier than ever to buy fractional shares, which give you the option of buying a piece of a share of stock.

Prior to investing, we recommend you have a solid emergency fund with three to six months’ worth of living expenses tucked away in a savings account. Once you’re all set in that regard, there’s no need to put off investing just because you might feel limited financially.

  1. You should unload stocks when the market goes down

Your goal as an investor should be to make money. When stock values fluctuate, it’s natural to panic. But if you sell stocks when their value is down, you may guarantee losses in your portfolio. If you sit tight and wait for the stock market to recover—which it has a strong history of doing—then you might not encounter losses at all.

There is one exception—if you have one or two specific stocks in your portfolio that have been doing poorly, it could pay in the long-term to unload them at a loss. Then you can put your freed-up money into stocks with more growth potential. Otherwise, patience pays off, so leave your stocks alone when there is a market turndown.

  1. It’s impossible to beat the market on your own

There’s a reason so many people pay hefty fees to invest in actively managed mutual funds. Some of those funds do a great job of outperforming the broader market and delivering solid returns. After all, they’re run by professionals who get paid to pick stocks for a living.

But… if your goal is to beat the market, you don’t have to pay someone else to do it for you. With the right strategy and research, you have the potential to beat the market on your own.

You’re more likely to beat the market if you focus on stocks with strong growth potential, assemble a diverse investment mix, and hold your stocks for a long time.

But how do you identify stocks with strong growth potential?

We here at The Motley Fool have you covered. Our flagship investing service, Stock Advisor, provides members with two curated stock picks a month chosen by our founders. These seasoned investors have led members to stocks which have had incredible returns, including:

  • Amazon (up 21,252% since our first recommendation in 2002)
  • Netflix (up 29,954% since our first recommendation in 2003)
  • Nvidia (up 3,865% since our first recommendation in 2017)

But we don’t need to pick-and-choose from their recommendations—their average return is 895%, which is more than 5X the returns of the S&P 500!

But that’s not all.

Click the link and sign up, and you’ll get access to our report, “5 Stocks Under $50” absolutely free. It’s a report detailing 5 of our top stock picks under $50 and it’s our gift to you. Just enter your email address below, and we’ll send it right to your inbox. It’s time to start taking control of your investments.

You don’t need to be a seasoned investor with lots of money to do well in the stock market. You just need to commit to the right strategy and practice the art of keeping a clear head when things go south. Most importantly, don’t believe the above myths. They could stand in the way of meeting your goals and building the wealth you deserve.

Habits Highly Successful Business Managers Have (and How to Get Them)
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According to Gallup, bad managers cost businesses billions each year, and account for at least 70% of variances in employee engagement scores. Having a highly successful business manager is crucial to the overall success of a company.

The problem, however, is that not everyone knows what type of habits effective managers have. By being able to identify what those habits are, businesses can take action to find the right people to fill the position, and managers can boost their productivity and increase their efficiency.

“There is always room for improvement, no matter how great of a manager you are,” explains Leon Goren, president and chief executive officer of PEO Leadership. “The good news is that making those improvements can often be simple. It’s just a matter of taking the steps to make it happen, to incorporate new habits that will lead to better outcomes.”

When managers take action to create effective habits, they see positive results in the overall success of their business. Here are some of the habits of highly successful business managers and how to nurture them:

  • Delegation skills. Highly successful leaders know how to delegate, rather than trying to do everything on their own. It’s imperative to learn to trust the people on your team.  If this is an issue for you, start by delegating small tasks and building on them. It’s also important that you have the right people in the right jobs.
  • Building a strong team. When hiring for your team, don’t just look at the candidate’s past experience and qualifications. Make sure that they are a good fit for your team and your overall corporate culture. Do they share the same values? Will they fit into your team’s unique dynamics? Do they understand what the expectations are? When you have the most qualified people – from both a fit and skills perspective, you will not only feel comfortable delegating tasks to them, you will also know they are working toward reaching your company goals. The right employees know how to work efficiently, are engaged, and exponentially help the company succeed.
  • Commitment to learning. The best managers never stop learning and understand that they will never know it all. They are committed to their development, they collaborate and bounce ideas off others, and they have mentors and join peer advisory boards to help them create robust and innovative solutions. These leaders continue to learn from others by discussing their challenges and opportunities and leveraging the knowledge and experience of their peers to help them grow. Joining a community like PEO Leadership, through their Senior Leadership Group, is a great investment in your personal, professional, and organizational growth.
  • Moving past fear. Being afraid to act can stifle management, which holds companies back. Highly successful leaders look to the future and are not afraid to take calculated risks. If this is something you are not comfortable with, consider engaging a leadership coach or joining a peer advisory board. Sharing your challenges and opportunities and getting feedback from multiple perspectives on your intended tactics, will enable you to apply the strategic advice to your plans and implement robust solutions. Having a mentor or successful peers review your plans will give you the confidence you need to carry them out.
  • Listening to others. Learn to actively listen to others. This is a skill that many people lack, even though it can be crucial to business success. Listen to your team, colleagues, mentors, etc. Listening doesn’t mean you have to heed their advice; nonetheless, hearing their thoughts, getting multiple perspectives and being an active listener, will help make you a more effective leader.

“It may seem overwhelming for someone to start laying the foundation to create numerous new habits all at once,” says Goren. “The best way to start is by selecting one thing to work on at a time. Once you have a good handle on it, move on to the next habit you’d like to incorporate. Before you know it, you will have many of these down, and it will be smooth sailing.”

PEO Leadership offers an executive leadership community that represents over 100 business leaders, successful entrepreneurs, and top executives. Its services include peer advisory boards, executive advisors/coaches, community connections, strategic business advice, an annual world-class leadership conference, and thought leadership events including PEO Leadership’s “The Way Forward” live webcast and podcast. The company is owned by Leon Goren, who has over 25 years of leadership experience.

PEO Leadership offers leadership advisory services in six categories, including for Presidents/C-suite executives of large national and multinational organizations, entrepreneurs of large national and multinational companies, global executives, small business entrepreneurs, senior executives, and businesses in transition. There is a 60-day free trial Leadership Bootcamp available. To get more information or obtain a free trial, visit the site at: https://peo-leadership.com.

About PEO Leadership

PEO Leadership is a Canadian peer-to-peer leadership advisory firm that has been the destination for business leaders to regularly meet and discuss important issues, solve problems and explore new opportunities since 1991. The organization provides a safe and highly confidential environment, with PEO Executive Advisors, who facilitate stimulating and astute dialogue to leverage the collective experience, creativity, intellect and wisdom of the Peer Advisory Board and the PEO Leadership Community at large. They support, cultivate and accelerate business leaders’ leadership excellence to achieve great impact through the organizations they lead, the communities they serve and the lives they live. Current members include Umbra, Miele, Crayola, ThinkOn and Nestle. For more information about the company and services, visit the site at: https://peo-leadership.com.

Study Says Hispanic Consumers Plan to Shop More Online
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Image of presents, with green and red lines on top

The power of the Hispanic community at retail continues to gain ground, according to a Univision proprietary study.

There are 62 million Hispanics in the U.S. accounting for 19 percent of the country’s population. In an interview Tuesday, Univision’s executive vice president of research, insights and analytics Roberto Ruiz referenced the youthful makeup and buying strength of the Hispanic market.

Twenty-three percent of babies born in the U.S. are Hispanic. And Hispanics have a younger median age — 30 compared to 42 for non-Hispanics.

(Image Credit – Morning Consult)

Traditionally, Hispanic consumers have represented a higher percentage of brick-and-mortar shoppers versus online, since in-store shopping is practically a form of entertainment especially among bigger families, Ruiz said.

Previous research has indicated that there is always a sense of discovery in shopping in stores. Before the coronavirus crisis, 53 percent of Hispanic respondents preferred to shop in stores and 47 percent preferred online shopping. The pandemic propelled online shopping and for Hispanics that shifted to 63 percent, Ruiz said.

“What is most surprising is the speed at which the Hispanic consumer has pivoted to e-commerce across categories. Now when Hispanics are asked about what they expect to happen after COVID-19, they are saying that 53 percent of their shopping will be online, compared to 48 percent online for non-Hispanics,” Ruiz said.

As for whether that shift is more indicative of how the pandemic has made many shoppers more comfortable about buying things online and they see no need to return to in-store shopping, he said, “Yes, however, everything we do is comparing Hispanic to non-Hispanic [people]. Non-Hispanics are telling us that 48 percent of their shopping will be online and 52 percent will be brick-and-mortar.” He added that he was surprised that more than half of Hispanic respondents said they will continue to shop online.

Continue to the original article at WWD.

Community Supports Restaurant Owner After The Video About Struggling Business
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Restaurant affected by COVID

Support is pouring in for a Long Beach restaurant owner following an emotional last-ditch plea for help as the business was on the verge of closing due to the ongoing coronavirus pandemic.

In a tearful video, Oscar Rodriguez, who opened Cantarito Molito’s Grill on Pacific Coast Highway just about a year ago, could be seen tearfully informing his customers that his business has been drowning in debt and may potentially close.

“I don’t want to close my doors. I want to keep going because I do believe in this beautiful restaurant,” Rodriguez said, as he struggled to fight back tears. “I know I need to keep going because help is on the way, but I don’t know I can keep going.”

Like millions of business owners struggling to stay open, Rodriguez says bills are piling up without money coming innot even enough to buy meat for the few orders he had.

“I looked in the drawer and I only had like $50 in there,” he said, urging people to help as much as they can.

The emotional, heartfelt video captured the hearts of many in the community who listened to Rodriguez’s calls for help to keep his 30-year long dream alive. As of Sunday afternoon, the video has picked up over 90,000 views.

Robert Reedy, a resident from Whittier who traveled to Long Beach to eat at Cantarito Molito’s Grill , said Rodriguez’s video “really touched me because I know how much it took for him to make that video, to be that open and lay it all out there it brought tears to my eyes actually,”

Rodriguez says Cantarito Molito’s Grill is more than just a restaurantit’s a part of his community, and one he gives back to.

Some of his loyal customers who were dining at the restaurant Sunday said Rodriguez is known to bring people together with great food.

Rodriguez’s own staff set up a GoFundMe account to accept donations to keep the restaurant going. As of Sunday evening, the account surpassed its fundraising goal of $15,000.

Read the original article at KTLA News.

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