The Hunt for Talent
Headhunters are seeking Latino executives to fill the leadership gap in corporate America
By Jennifer LeClaire
Corporate America is more committed to diversity than ever—and with good reason. A multiculturalism movement is witnessing Asian, African-American and Latin panache influence in everything from television programming to restaurants to clothing to toothpaste.
At 13 percent of the nation’s population, Hispanics are officially the largest minority group. But this demographic is also the most underrepresented in America’s corporate offices and boardrooms.
In fact, the Hispanic Association on Corporate Responsibility reports that Latinos hold only 1.8 percent of board seats and 1.1 percent of executive offices in Fortune 1,000 companies. More than 900 of those companies have no Latino officers and 35 entire industries, including insurance and telecommunications, have no Hispanics at all in executive positions.
Latino headhunters are working with corporate America to change those statistics in favor of diversity. Companies like Sara Lee, Sony, and The Home Depot are savvy enough to realize that U.S. Hispanics spend more than $700 billion a year on goods and services. That number is expected to reach $1 trillion by 2010, according to researcher Hispantelligence.
“Companies that sell direct to consumers are looking at the market trends. Selling to Latinos is a huge revenue stream and companies need executives who reflect their customer base,” says David Gomez, principal of executive search and management consulting firm David Gomez & Associates in Chicago. “As society becomes more diverse, corporations need executive search firms to help fill the void in upper management.”
The only problem is there is a dearth of Latino executives. Hispanics make up only 4.5 percent of the students in the typical university’s MBA program, according to the Graduate Management Admissions Council. Even fewer working Hispanics boast MBAs, yet higher-paying managerial and professional jobs are the fastest-growing occupational categories for Latinos.
Executive search firms are one key to bridging the gap with national and international searches. Just as companies need specialized headhunters to find the best and brightest Latino execs, Latino execs need these search firms to help them find the best career match.
Only 11 percent of hiring companies ever post a help wanted ad on an Internet job board, The Herman Group reveals. As such, recruiters can help Latino jobseekers gain access to the hidden job market. Recruiters can keep an eye on the types of companies you want to work for. They can alert you when there is a job opening. And they can open the door to the decision makers.
“The sexiest jobs come through networks, and recruiters are part of that broader professional network,” says Ron Todd of Ft. Walton Beach, Fla.-based Execumax’s talent acquisition team. “Recruiters have legitimate connections that help you separate the wheat from the chaff and see what’s really going on in the business.”
Recruiters who specialize in placing Latinos understand that a diversity-minded corporate culture is critical to the career success of Latinos who hope to plug their coveted skills into a company’s executive ranks. Recruiters often have the inside scoop on the corporation’s views toward diversity.
And Latino recruiters provide value to corporations because they understand the need to balance ethnicity with skill. “It’s not good enough to just be a bilingual Latino. Companies are looking for candidates’ leadership competencies for executive roles,” says Juan Morales, a partner with Miami-based executive recruiter Stanton Chase International.
Of course, being bilingual is a major advantage. On a global basis, consumer products, retail and apparel, technology and professional services are among the types of industries that most frequently call for bi/multilingual executives, says a survey by executive recruiter Korn/Ferry International. Marketing and sales, president and general management, and Chief Executive Officer were among the top functions where the ability to speak two or more languages are becoming vital in a global economy.
“These findings suggest that although English remains the dominant language of international business, multilingual executives clearly have a competitive advantage,” says Paul Reilly, chairman and CEO of Korn/Ferry International. “This will only increase with the continued globalization of commerce and the growing power and presence of emerging nations.”
Still, recruiters said having the MBA degree is even more important to corporations than the language capabilities. That’s why Gomez made sure his children attended the best schools. And that’s why Todd suggests all Latinos do the same, regardless of their age. Recruiters can only connect Latino execs with the most appropriate position if there are qualified Latinos to connect. With Baby Boomers retiring the shortage of qualified Latino candidates could grow worse before it gets better.
“For Hispanics, the top message right now is get an education. Do whatever it takes because you can choose your own career path if you are educated,” Todd says. “There will be unlimited opportunities for bilingual Latinos who hold MBAs in the next five to 10 years.
