SEIZE THE OPPORTUNITY

As the workplace and business landscapes have changed, corporations are losing their impact and influence to perform in this changing terrain. For example, the multicultural footprint of America will reach 54% of its population by 2050, making cultural intelligence, a leadership and business imperative that can no longer be ignored.

It is no longer enough to meet the numbers in terms of workforce diversity and to pursue ethnic product/service differentiation, as many companies have done. This cultural lens – more broadly defined as the “immigrant perspective” – holds the key to unlocking business growth and innovation in the next decade and beyond.

While corporations are still warming up to the importance of multiculturalism as a business imperative, a lot of work still needs to be done to recruit, develop and retain top talent – and it begins with their leaders becoming more intelligent about the core cultural characteristics of Hispanics that are leading the demographic shift in the U.S, which will redefine business models and brand strategies.

With consumer purchasing power estimated to reach $1.5 trillion by 2015, Hispanics are an important part of business and the fabric of American society – yet many are not sure how to start a relationship with this emerging Hispanic consumer base – especially considering that Hispanics come from different countries with different experiences and customs.

Herein lies the opportunity for companies across all industries to fully understand the mindset of their Hispanic talent and how best to build brand loyalty by tailoring its business strategy, products, services, and internal culture to embrace a consumer base that will comprise 30% of the U.S. population by 2050.

EMBRACE THE APPROACH

Across all industries everyone wants to engage with Hispanic consumers, yet industry leaders continue to unknowingly create tension points that continue to widen the gap of engagement. The truth is, it’s not just only about the numbers, the data, or the analyses any more. The first step in recruiting and developing Hispanic talent – and building trust and loyalty with Hispanic consumers — is to reacquaint yourself with the opportunity – recognizing there is both an art and a science to its approach. If done correctly, your Hispanic employees will yield valuable intellectual capital for your
business. Furthermore, the relationship you have cultivated with your Hispanic consumers will generate incremental revenue streams and serve to propel a two-way dialogue to stimulate innovation and initiative.

Increase Hispanic employee and consumer engagement by first becoming more culturally intelligent so that you understand Hispanics not just with your head (the data) but with your heart (the human component). Frankly, it’s the latter that will gain you long-lasting loyalty and sustainable success because it will help you understand the former – and the required intellectual capital that supports both.

While Hispanics may represent different countries, there are certain traits and values that transcend country boundaries – character traits that are deeply rooted in the Hispanic culture and that can be recognized and leveraged to better understand and know how Hispanics work, are motivated, and buy.

The fundamental mastery of Hispanic cultural intelligence requires organizations and their leaders to be more aware and knowledgeable of the