Minority business leaders share a positive outlook

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After more than a year of battling the lingering effects of the pandemic on all aspects of business, executives across various industries are feeling a level of optimism not seen since 2019. The spikes in confidence look particularly positive for one segment.

According to Mabel Frias, co-founder of an independent minority and women-owned beauty and lifestyle brand Luna Magic, this type of resilience is something that many minority business owners have built from years of struggle. “It’s lucky for us to have had all these experiences that were difficult before, because now we are serving ourselves and we are getting by as entrepreneurs. As weird as it sounds,” says Mabel, “I feel like when the pandemic hit, we were ready.

His sister and co-founder, Shaira Frias, adds, “I think being first-generation Americans, we grew up with a different mentality. We belong to a culture that understands by any means necessary before asking for help. We have this scramble. It’s in our DNA not to give up.

people first

The biggest hurdle many companies face today is finding and keeping the right talent. Due to the rise in workers quitting their jobs or seeking other opportunities, sometimes referred to as the “Great Quit,” more and more Black, Hispanic, and Latino business owners are taking control by rethinking their compensation plans. remuneration, their infrastructure and their training for the benefit of the employees.

Nearly half (49%) of all Hispanic and Latino business owners surveyed plan to offer flexible hours to their employees, while only 40% of all those surveyed commit to doing so. However, the largest gaps between Black, Hispanic, and Latino business owners and the general population of respondents relate to increased wages and benefits. More than half of black business owners (56%) and 64% of Latino owners say they will increase employee salaries, while only 40% of the entire survey group agree with the To do.

When it comes to the percentage of companies planning to increase benefits, the results are equally skewed. Nearly half of Black business owners (46%) and 62% of Hispanic and Latino business owners agree, while only 28% of total respondents plan to make the change.

Although not as drastic, there are other noted differences:

  • 37% of Black, Hispanic and Latino respondents express great interest in providing remote work opportunities, compared to 33% of all respondents.
  • 38% of Black respondents and 42% of Hispanic and Latino residents say they are very committed to providing training opportunities, while only 25% of total respondents say the same.
  • 35% of Black respondents and 31% of Hispanic and Latino respondents plan to improve their work infrastructure, compared to 23% of all respondents.

In an industry where labor shortages have forced reduced hours of operation, limited service and permanent business closures, the owners of The Salty Donut have not given up. The Miami-based donut shop has found a way to recruit staff.

“We completely redesigned and heavily invested in everything related to benefits,” says co-founder Andy Rodriguez. “It was a huge move, and it was very expensive. But we also recognized that we were at that inflection point where if we didn’t we couldn’t move forward. We wanted to retain talent. We want to promote from within, so doing all of these things just set us up for success in the future.

Trust rooted in humility

Despite falling revenues for Hispanic and Latino businesses during the pandemic, more Black, Hispanic and Latino than non-minority business owners surveyed expect increased revenue/sales (80% Black, 67 % Hispanic and Latino) and earnings (79% Black, 66% Hispanic and Latino) over the coming year, driving even higher levels of optimism.

In addition to being confident in their own financial future, Black, Hispanic and Latino business owners express increased optimism about the global economy (61% Black, 50% Hispanic and Latino) , the national economy (67% Black, 51% Hispanic and Latino) and the local economy (72% Black, 58% Hispanic and Latino), compared to the optimism of the total sample ( 43% global, 49% national, 57% local).

“It may be the way I was raised, by immigrants who had to prove their worth to earn a living, but I accept adversity,” says Danny Pizarro, Marketing Director of The Salty Donut. “That’s where the learning opportunities arise, where you improve. So while things may get difficult and feel overwhelming, it helps to mentally zoom out and realize that each difficult moment is just a tiny speck of dust in the grand scheme of things that you can either allow. set you back, or better prepare you for the future. What is the alternative – give up?

Positive changes, positive outlook

Since the start of the pandemic, there has been no business as usual. For many groups that have had to adapt to change and overcome obstacles throughout their lives, they may have been better prepared not only to survive, but also to thrive. And they are ready to do so in the coming year and beyond.

“Each generation grapples with things or concepts that make you think, wonder and evolve,” says Mabel Frias. “Before our parents’ generation it was police brutality, and the generation before it was the Great Depression. So I think historically we have maybe more experience of being OK when things are not going well and stay optimistic. It always gets better. It has to be. It’s a natural cycle of life.

For more perspectives from minority-owned business owners, check out the Business Leaders Outlook Survey 2022.

About the 2022 CEO Outlook Survey

This survey was conducted by Chase Insights from November 11-29, 2021. It features data from 1,005 business leaders in professional services, retail, technology, healthcare and other key sectors . The results of this online survey meet the statistical parameters of validity, and the error rate is plus or minus 3.1% for the results, at a confidence level of 95%.

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For Informational/Educational Purposes Only: The opinions expressed in this article may differ from those of other JPMorgan Chase & Co. employees and departments. The opinions and strategies described may not be appropriate for everyone and may not are not intended to constitute specific advice/recommendations for any individual. . The information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and goals before making any decisions and consult with the appropriate professional(s). Prospects and past performance are not indicative of future results.

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