Gen Y Hispanics
Gen Y Hispanics will change the future landscape of U.S. business
Luke Sharrett | The New York Times
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As the aging 'Baby Boomer' workforce holds on to their ranks, Generation Y is clicking at their heels ready to take force and revolutionize the U.S. job market. Gen Y’ers are more ethnically diverse than any preceding generation bubble a trend headed by the growing Hispanic population. Companies should anticipate the changes sure to follow the eventual Baby Boomer exit and a culturally influenced Gen Y take over.
There were 76 million Americans born in the Baby Boomer era from 1946 to 1964 roughly. Many of these Boomers currently hold top managerial and executive positions. The combination of steadfast work mentalities, increased life expectancy and fear surrounding the economic crisis has resulted in an increasingly aging workforce not seeking early retirement.
The Baby Boomers’ delayed retirement years will leave a labor force deficit too large for the Generation X’ers, a mere 46 million, to fill. The approximate 100 million Gen Y’ers will have to pick up the slack.
Looking to the future, the question remains how these now early 20-somethings will affect the business world. The Hispanic impact on Gen Y is strong and will influence this -workforce evolution. Out of the 45 million U.S. Hispanics 50 percent are under the age of 26. The sheer numerical force of Hispanic Gen-Y’ers will ensure an increased presence in the general market U.S. business scene.
Hispanics are more educated and much more affluent than previous decades. They possess the cultural capital to penetrate all position and skill levels. These English speaking second-, third- and even fourth-generation Hispanics, often referred to as New Generational Latinos (NGLs), are outspoken and ready to take charge.
Generation Y as a whole is extremely tech savvy. Raised on text messaging, Facebooking and real time media, their communication methods and immediacy expectations differ from older generations.
Gen Y Hispanics are even more tech-centric than their general market brethren. According to Scarborough Research more than 60% U.S. Hispanics aged 18-34 are online and growing at a rate outpacing the general population. Online Hispanics are heavy consumers and early adopters revealing a cultural affinity for technology usage. Coinciding with their close ties to social and family circles, Hispanics also lead the way in social media.
These characteristics foreshadow a future laden with increased e-commerce, eased globalization and advanced interaction. A ruling Hispanic Gen Y work force will result in technological integration beyond what many anticipate.
Hispanic Chamber of E-Commerce President, Tayde Aburto, understands this future. “As the population of Hispanic youth replaces the current aging job market, we will see more Hispanics businesses using e-commerce, internet-based marketing tools and nationwide and worldwide transactions as part of their daily operations” Aburto said.
As is always the case when one group replaces another, Generation Y’s certain control over the future of the U.S. business setting will alter norms and practices. Presumably the change will be positive by increasing efficiency and expanding possibilities. One thing is for sure, the nation’s largest and fastest growing minority group will play a large role in the course of this development.
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