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

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

As part of the celebration of Hispanic Heritage Month (October 15 to November 15), Bank of America released its Hispanic Business Owner Spotlight 2021, 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, according to almost all respondents, has increased the stress in everyday business life.

In addition to wage cuts, Hispanic entrepreneurs have also found innovative ways to retain their employees’ talent, often with an emphasis on improving profits and ensuring their well-being.

More than half of the employers surveyed said that they had made working hours more flexible in order to balance work and private life, and 44% gave their employees the opportunity to work remotely.

Given the current shortage of labor in the United States, Latin American employers have also resorted to financial incentives and wage increases to keep their workers from running away (33% say they have improved their wages). Paid sick days (29%).

One of the most interesting aspects highlighted by the pandemic, which was not given enough attention prior to COVID-19, was mental health, which is why almost a third of the business owners surveyed have recently started adopting targeted health insurance in this area . General.

Throughout the pandemic, which has presented previously unknown challenges to most businesses, Hispanic entrepreneurs say they found their most important 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, polled 300 Hispanic small business owners in the United States with annual sales of $ 100,000 to $ 4,999,999. And that with a range of two to 99 designated employees. .

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