The Power of Taking Action: HACR is Elevating More Hispanic Inclusive in Corporate America and Corporate Boards
Did you know Hispanics hold 5% of the approximate Fortune 100 board seats? Latinas have 1% of Fortune 500 board seats. Latinos hold 4% of Fortune 500 board seats. Minority women hold 6.6% of Fortune 500 board seats.
The voice of more than 46.6 million Hispanics in the United States needs to feel heard, not neglected!
The Hispanic Association on Corporate Responsibility (HACR), founded in 1986, has been listening and taking action by advancing the inclusion of Hispanics in Corporate America. The non-profit focuses on four areas of corporate social responsibility and community reciprocity: Employment, Procurement, Philanthropy, and Governance. To better fill this gap, the HACR organization is prioritizing working with corporations nationally and globally to create positive change for our Latino/as and Hispanic communities.
Cid Wilson, a Dominican American living in New Jersey, serves as the President and Chief Executive Officer of HACR. He is proud to be promoting Hispanic inclusivity through direct corporate advocacy by speaking with chief executive officers, board of directors, and chief diversity officers to increase the representation of Hispanics at all levels in Corporate America. Having Cid speak with the leaders that influence the appointment of board members allows for elevating more Latino/as and Hispanics to get onto more corporate boards.
In daily conversations, the most common question that comes up is, what is Corporate America doing to change the culture of the corporate board? It's not just naming a Latino/a on the board. But how can every board director be a catalyst for change in the current culture of the corporate board?
"There are challenges posed for more Latino/as communities to get onto corporate boards faster, has to do with the current corporate structure in Corporate America. That is what we need to change," stated Wilson. "The misconception you hear from Corporate America that they cannot find 'qualified' Latino/as or a 'good fit' is a fallacy!"
"This means they are looking for someone open to assimilating a white-centric board of directors rather than what Corporate America should do, acculturate to Hispanics and Latinos. The issue of 'qualification' and 'fit' completely goes away because now Corporate America is looking at this through the acculturation lens rather than the old-school assimilation lens. When Corporate America adapts acculturation in their corporate boards, you will see the numbers of Hispanics and Latinos getting on boards go up dramatically," emphasized Cid.
For Latinos and Hispanics interested in being part of a board, Cid's advice is to recognize it's all about visibility. "If you add visibility, time, and qualifications, it equates to external credibility and the notice needed for the boards. Remember that 2/3 of board seats are chosen by word of mouth and 1/3 by search firms. 60% of board seats go to current/former CEOs or other c-suite roles. The last 20% goes to everyone else. Rather than fighting the last 20%, ask yourself, how do you start thinking about your career strategy to qualify for more of the other percentages."
Cid is a propeller of Hispanic talent in the United States. During his time at HACR, he has contributed to having more than doubled the organization's size and tripled net assets. He wants people to remember his time at HACR as a catalyst of change, where Hispanics and Latino/as are visible in corporate gatherings, where they have never been before. "I want people to remember me as the leader who changed corporate culture, who created a Corporate America that is not only inclusive but also a place of belonging."
¹Deloitte and ABD published a Missing Pieces Report, titled, “The Board Diversity Census of Women and Minorities on Fortune 500 Boards, 6th Edition”
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Photo: Courtesy of HACR
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“If you add visibility, time, and qualifications, it equates to external credibility and the notice needed for the boards.”