A roundup of top stories from the LCDA network and timely board diversity topics.
BREAKING NEWS
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LCDA partnered with McKinsey & Company on its 2020 HLEF Webinar Series where our membership and other Latino leaders have been discussing the impact of COVID-19 on the Hispanic and Latino community – how it has had a disproportionate impact on our vulnerable population, and what areas of opportunity are emerging as most promising as we look to recovery.
We are pleased to share with you their highly-awaited report “US Hispanic and Latino lives and livelihoods in the recovery from COVID-19.” For years, Latinos have increasingly served as a major source of talent, entrepreneurship, and economic power. This pandemic, however, has disproportionately impacted the lives and livelihoods of marginalized and poor communities on a global scale. In the US, Latinos have experienced elevated risks due to already limited access to healthcare, overrepresentation in positions deemed “essential” and interrupted upward mobility.
The McKinsey report offers a fact-based perspective on this critical issue and the opportunity for longer-term transformational change. They evaluated COVID-19 as both a public health crisis and an economic emergency that poses an elevated threat to the long-term well-being of the US Hispanic and Latino population.
Below is the link to the article:
The McKinsey report highlights the disproportionate impact the Latino community has experienced, including:
- The likelihood of Latinos testing positive for COVID-19 being at least 1.5xs higher than non-Hispanic Whites.
- Latinos represent 18% of the US population, yet represent 27% of all US COVID-19 cases.
- Latinos are almost twice as likely to live in places where the pandemic has resulted in outsized disruption.
- Latinos are 1.5-2xs more at risk of economic disruption. The economic consequences of COVID-19 will likely disrupt all stages of Latinos’ wealth-building journey.
- It affirmed that the “socioeconomic disparities, carried forward, will become “a compounded drag on US society and the economy.”
Prior to the pandemic, Latinos were pivotal to the nation’s economy, workforce, and future growth. US Latinos have kept America growing and competing with 86% of total net new business formation in America and buying power on pace to grow $80-$90 billion a year. The same holds true to the US recovery from COVID-19 and its aftermath. Prior, during, and post the pandemic, Latinos are the engine that will help this economy recover. New business models, solutions and investments need to take Latinos into consideration. The road to US economic recovery runs through the Latino community.
The report shares the need for inclusive and targeted interventions – including investments – to improve the health and economic outcomes of Latinos, while removing obstacles that affect them disproportionately. These will be crucial for the growth of the United States post-pandemic:
- Safeguarding health with expanded healthcare access, including tech-enabled solutions such as telehealth which has proven successful through this period.
- Connecting vulnerable communities with resources such through multimedia campaigns or smart customer experience tools.
- Protecting and rebuilding family wealth. Fintechs are proving promising vehicles for access and engagement.
- Maintaining family incomes and ensuring remote learning is accessible by all.
- Conserving and rebuilding family savings through tools such as digital banking.
We encourage you to share this with others who are interested in this topic. Please reach out at Hispanic_Latino_Economic_Forum@mckinsey.com if you have any questions or reflections you would like to share with the McKinsey team.
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