Hispanic Population to Become Significant Economic Force
The hispanic population in the United States has grown tremendously in the past 15 years from 6 million households in 1990 to approximately 10 million today. By 2010, the number of hispanic holdholds is expected to increase to13.5 million. The result will be, according to a recent study by the Conference Board, that these households will control $670 billion in personal income. According to Louis Martin, a McKinsey & Co. consultant quoted at Knowledge@Wharton, the hispanic market is made up of younger, larger families than traditional families in the United States. In addition, these families are more likely to live in multi-generational households.
From the perspective of employers, companies will have to continue to be be cognizant of the diverse differences of the hispanic population and will have to continue to provide opportunities for assimilation in organizations for these individuals. This may be compounded by the fact that, for some, English may be their second language. From the perspective of the business strategy, organizations will need to continue to develop strategies for marketing their products to this group, which will begin to wield substantial economic power. The challenge for the human resources professional will be to ensure that the positive efforts to market to this sector of the population coincide with a human resources strategy that mirrors this business strategy.