61% of Latino employers cut their salaries to pay their workforce | Economy

61% of Latino employers in the United States cut their wages during the toughest economic times of the COVID-19 pandemic in order to keep and pay their workers, according to a study published by Bank of America.

As part of its celebration of Hispanic Heritage Month (October 15-November 15), Bank of America released its 2021 Hispanic Business Owner Spotlight, which analyzes trends among entrepreneurs in the community.

How could it be otherwise, this year’s report focuses on the consequences of the pandemic, which nearly all respondents say has increased the level of stress in the day-to-day running of their companies.

In addition to cutting wages, Hispanic entrepreneurs have also found innovative ways to retain the talent of their employees, often focused on improving profits and protecting their well-being.

Thus, more than half of the employers surveyed said they have made working hours more flexible to help juggle work and personal life, and 44% have allowed their employees to work remotely.

In the context of labor shortages like the one currently occurring in the United States, Latino employers have also resorted to financial incentives not to let their workers run away (33% say they improved their pay) and wage increases. Paid sick days (29%).

Perhaps one of the most interesting aspects highlighted by the pandemic that was not given enough attention prior to COVID-19 was mental health, which is why nearly a third of the entrepreneurs surveyed have moved to include focused health coverage in this area during the last period. general.

Throughout the pandemic, which has posed previously unheard of challenges for most businesses, Hispanic entrepreneurs say they have found their main support in family and friends (66%), followed by online communities (61%), the local community (59%) and banks. Small Business Service (55%).

The survey, conducted by Bank of America between March 11 and May 1, 2021, surveyed 300 small Hispanic entrepreneurs in the United States with annual sales ranging from $100,000 to $4,999,999. And with a range from two to 99 designated employees. .