New Jersey Business Beat with Raven Santana
Latinas see growth in business, but still face challenges
3/25/2023 | 26m 46sVideo has Closed Captions
Raven Santana analyzes the challenges Latinas still face in the workplace.
Latinas play an important role in the economy, but still face many challenges in the workplace. Raven Santana sits down with Latina business leaders in New Jersey to discuss the progress made for Hispanic women and why they still aren't represented at the corporate level. Plus, Raven breaks down the major headlines of the week, including testimony from the first public budget hearing.
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New Jersey Business Beat with Raven Santana is a local public television program presented by NJ PBS
New Jersey Business Beat with Raven Santana
Latinas see growth in business, but still face challenges
3/25/2023 | 26m 46sVideo has Closed Captions
Latinas play an important role in the economy, but still face many challenges in the workplace. Raven Santana sits down with Latina business leaders in New Jersey to discuss the progress made for Hispanic women and why they still aren't represented at the corporate level. Plus, Raven breaks down the major headlines of the week, including testimony from the first public budget hearing.
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RHONDA: This week, laying out their financial priorities.
Ribs from around the state vy for funding in the first public business hearing.
Plus, how an NCAA tournament run can propel a New Jersey university to new heights off the court.
And we target the important roles Latina women play in the business world into the challenges they face to growing their businesses and reaching executive levels.
That's ahead on"NJ business Beat."
♪ >> This is "NJ business Beat."
Raven: Thank you for joining me.
This week marked the first time the public could weigh in on Governor Murphy's record $53 billion budget proposal.
Community and business groups along with advocates made the case for causes.
Some of the key items in Governor Murphy's budget proposal for the next fiscal year include nearly $11 billion in state aid for schools, property tax relief for homeowners and renters, increased child tax credits and $10 billion in reserves.
And while lawmakers prepare to battle it out, senior political correspondent Dave was at the first hearing where the public lined up to take their shot on how the money should be spent.
>> The first budget session of the year is an opportunity for nonprofits, interest groups and service organizations to work on their pitching.
>> Please support the increase for DDD community providers in additional to the annual wage increase and the proposed annualized weight -- rate increase for coordination.
>> I respectfully request the legislature increased state funding for the Red Cross from the $1 million in the proposed budget to $2 million to help us to continue to enhance vital services.
>> We are asking for $10 million to be invested in additional partnerships between community colleges, developing pipelines in the workforce as well.
>> It wouldn't be budget season if there was an animated discussion about the school funding formula and school districts that have lost state aid, even after or especially after the Senate voted to approve restoring 102 million dollars of it to selected districts yesterday.
>> The testimony I turned and looks the same every year.
We've been asking over and over and over and over again.
>> Something desperately needs to be done.
There is no way that any school district can prepare for a level of cut like 53%.
>> We have cut 112 positions.
I have cut over 15% of my administrative staff.
We are the lowest spending district in Monmouth County even know we are supposed to be the most expensive district, having only high school students.
>> I don't want to debate every -- there are a lot of other issues.
You had your time, everybody had their time yesterday.
>> I think this is one of the most important things we have to deal with this year in this budget, and certainly from the perspective of public policy, we should have dealt with this.
It should have been done years ago.
>> Needless to say, the school funding conundrum was not solved at this meeting.
Reality is, aside from some nipping and tucking around the edges, this year's budget is mostly set.
There will however be a flurry of earmarks or Christmas tree items, or more commonly, pork, added in the final hours of the season like a wildcard.
A senator from the minority party lamenting their existence in a world where schools have to go begging for crayons.
>> The governor proposed budget with more than 100 special line items for favored towns, schools and counties outside of any fair formula or process.
$12 million for a new art museum in Jersey City.
Middlesex County, $5 million.
Middlesex County community dollars, $20 million for her special force -- sports field, including cricket and rugby.
Neptune Township, 100,000 dollars for unknown capital project.
A high school in Newark, $626,000.
I find it difficult to balance those line items when there are schools that have very difficult -- have very special needs.
>> The budget is just over $53 million right now but it is early.
In an election year with the state still flush with the federal COVID cash, the number could change as Democrats, who control the purse strings, get into midseason form.
RAVEN: The next budget hearing will be in the budget committee next Monday at 9:30 a.m.
This week the Federal Reserve met to discuss everything from inflation to the collapse of institutions like Silicon Valley Bank.
Despite the growing concern around the viability of regional banks and the impact of rate increases, the Fed decided it would raise rates again by a quarter of a point.
It is the ninth consecutive meeting they have raised rates.
The Fed did signal it may halt rate increases at future meetings as banks try to find their footing.
The increased list of rates range from 5% and will include everything from car loans to mortgage rates, which we know are already high.
New Jersey has its sights set on Houston and the Final Four this week as the NCAA men's basket alternate enters the sweet 16.
The Tigers continue the Cinderella run, and win the game's tipoff, you can bet workers in New Jersey and around the country will press pause on the workday to watch the action.
That will translate to a lot of lost productivity for employers.
According to a research group, March Madness will cost employers more than $17 billion.
That is $1 billion more than last year.
According to a recent survey, 36% of workers will watch the tournament on the job.
A quarter of workers will actually take off from work.
Princeton isn't the only team to make New Jersey crowd in this year's tournament.
Fairleigh Dickinson University made history, with a monumental upset.
The success in the tournament can lead to huge financial gains for a university.
Just ask St. Peter's and Jersey City.
-- in Jersey City.
Last year they made a run to the elite eight and the school is still feeling the positive impact.
I sat down with a president of the University to discuss how success in the tournament translates to growth for a university.
I've got to ask -- is this giving you deja vu?
>> It is indeed it is an exciting time for us.
We were two games short of going onto the NCAA but we are still jazzed from last year and it shows in so many aspects of our university.
RAVEN: Let's talk about that.
I think people sometimes fail to realize there is a huge economic impact when you think about March Madness and universities tell me about the impact March Madness has had on your university.
>> Sure.
In the initial run, during that time, we saw an explosion in sales of our merchandise and licensing.
We had online orders for our peacock gear from 45 different states.
Including, I might add, after the Kentucky game, from people in Kentucky, which I thought was a blast.
RAVEN: Love it.
>> On campus, our sales hit records, $47,000 in a couple of days.
Which was unbelievable for us.
Overall, $100,000 in sales the first weekend of the tournament.
We go beyond that.
Requests for more licensing of our products by other companies.
That generated half $1 million in licensing.
RAVEN: Wow.
>> It was an increase from the previous year.
There is that aspect.
The other aspect that was really important is the impact it had on general fundraising as well as athletic fundraising.
For example, for athletics, we have seen a 43% increase in commitments for gifts for the athletic department.
A 66% increase in donors, and 100% increase in gifts.
RAVEN: I was going ask about enrollment as well.
For anyone trying to get into St. Peter's, what would you let them know?
Has it been harder?
>> They better hurry up because our applications for next year are up 63% compared to last year at the same time.
Our enrollment group is working day and night to process all the applications we have.
It's really exciting.
I think the thing about our Cinderella run and elite eight presence, the impact is national and to a degree, international recognition that for a school such as St. Peter's, we could not have bought that kind of exposure and marketing impact.
RAVEN: A Cinderella story to the very end, I see.
Thank you for joining me.
We are coming to the end of women's history month and we have highlighted how women are making strides in the workplace while still facing uphill battles on pay and executive leadership.
One group of women is experiencing major growth in business.
We are talking about Latinos.
This week we are highlighting the important role they play in the business role -- business world, and the obstacles they face to reach equity in the workplace.
According to the Census Bureau, there are 5 million this panic owned businesses in the country.
2 million of those are owned by Hispanic women.
Latino businesses have grown by him was 90% since 2007, and one in for new businesses that open our Hispanic owned.
Latinos will make up more than 9% of the workforce by the year 2029 but they are still being left out of the highest positions in the business world.
Latinas makeup just 1.6% of executive positions.
Just 1% of corporate boards include a Latina member.
I met with the cofounder and president of Latina surge, a nonprofit that advocates for the inclusion and promotion of left Tinas -- latinas.
I spoke with her on the NJIT campus.
>> It is when he 23, a new report came out about the Latina pay cap.
One of the first headlines I read was all work, no pay.
Why is that?
>> There are some any reasons why this is still happening.
It is unacceptable that we are so close to almost a 50% differential in pay and that's across all sectors.
Not just if you are an attorney, a physician, in tact.
We are talking -- in tech.
We are talking all sectors.
In 2023, to think it would take a Latina almost a whole year to make the same amount of salary as someone who is only working one year.
It is unfathomable.
There is a lot of system a change that has to be analyzed.
Things we can do both as an electing community, but also as decision-makers in corporate America as to what we can do to change the issue.
It's a major issue.
RAVEN: Part of what makes this so challenging I feel like for so many Latinas is there are so few mentors for them.
When you are dealt with all of these issues, problems, hurdles, obstacles, there was no one to turn to that can understand what you are going through.
Is that part of the bigger scope of the problem?
>> Having sponsors to guide you, whether it is life skills and having to navigate within cultures.
Every company, every entity has a different culture.
Having Sponsors to bring you along and understand what is the culture of that entity where they are working, it is supercritical for someone's success.
Then in terms of navigating your profession in general, whatever sector you are in the, that too, you need Sponsors to say you know what, this is a great continuing ed program you should take.
This will help you as a stepping stone to other projects where you want to see yourself in the next two or three years.
These are critical points of guidance that Sponsors give.
It is pretty unfortunate that at least for the Latina community, aiding a sponsor is hit-or-miss.
RAVEN: One survey I read said that Latinas didn't feel they fit easily into the corporate culture.
What are your thoughts on that when you think about that experience for many Latinas, for yourself?
>> If we can see it, we know we can be it.
If we don't see it, we start doubting whether we can see ourselves in those roles.
That's the first thing.
The second is, again, to the point of mentorship, are we seeing people in those roles that can mentor us and To us -- these are almost like life skills.
It's not just I know how to be an accountant and so I can do the job of accounting, it is how do I position myself to move ahead?
Some of us are first generation going to college.
A lot of people in corporate America have huge networks through their universities, through other jobs, and we don't necessarily have those.
How do we start setting ourselves up for success?
That is systemic change.
That is having those networks to help us rise up.
RAVEN: Thank you so much.
Thank you.
And wonderful conversation.
Pay equity is a persistent problem for all women, but the pay gap for Latinas is even more stark.
According to ADP, Latinas make 46% less than white men.
There are a number of factors that lead to lower pay.
I spoke to the executive director of the Latina action network foundation about those reasons and where Latinas can find support to overcome the gap.
What are the greatest barriers that have been revealed in this recent study when we talk about Latinas and pay gap and work in general?
>> The primary barriers were language access, having a strong domination of the English language as well as immigration status was a barrier often.
Also childcare, accessing, blocking access to childcare subsidies.
And importantly, racial discrimination.
Discrimination against having a neck sent -- an accent or even a perceived immigration status by potential employers.
RAVEN: I think what is most disturbing is it is 2023 and Latinas are still facing these barriers.
Tell me a little bit about where they can go for support and resources and guidance to help them out of these situations.
>> We are really grateful to be living in the state of New Jersey, where the Latina network action foundation works with New Jersey to increase access to employment and training services for Latina through the state.
So in our resource centers, community affairs, the Hispanic family Center and expansion into southern New Jersey, these agencies are the primary agencies providing employment services for Latina women regardless of immigration status.
RAVEN: Tell me a little bit about what they are offering.
For people who are listening who think they know a loved one or themselves want help, what is being offered?
>> We offer English as a second language classes, as well as Spanish literacy classes.
They really just try to improve literacy and reading literacy in English and Spanish.
High school equivalency programs , as well as scholarships to help overcome financial barriers for certification programs, training programs such as a nursing assistant or certifications in care work like home health aide.
As well as food-service preparation and even driving classes for women who may be looking to provide, expand into different areas of work.
RAVEN: For anyone looking to access that, what can they go, quickly?
>> lanfoundation.org.
There will be a link for the resource centers.
RAVEN: Thank you so much for joining me, not just about this important conversation but also giving guidance, support and access to Latinas.
>> Thank you, Raven.
RAVEN: As we mentioned earlier, many new businesses opening around the country are run by Latinas.
We wanted to meet one of them in New Jersey.
Monica is an entrepreneur and owner of stumpy's hatchet house.
She is deeply embedded in the New Jersey business community, as a vice chairperson of the Somerset County business partnership.
I visited her to learn more about her journey from the corporate world to business ownership.
What I love most about your story is that you started in corporate America.
This wasn't the first destination.
Talk about that.
How did we end up here?
>> I started working in corporate, doing something totally different.
I started at a telecommunications company and a friend of mine said we need help, we need an office type of admin.
I had no experience, I'd never dealt with corporate America before.
I thought I will start at the bottom, and no offense to any admins, but I did start right out of college at the bottom.
RAVEN: You talk about feeling a little lonely.
>> Yes.
RAVEN: And really that is what in turn made you want to rethink your future, is that right?
>> I didn't know how to navigate the system.
One experience where, in my job, and I did very well, somebody came up to me while I was on a conference call and said the kitchen is disgusting, it is a mess.
Our office kitchen.
I looked at him and I was like, wait, are you talking to me?
And he was like yeah, I am talking to you.
It triggered me.
I was extremely so upset.
I said, I hate to go there, but are you saying that to me because of my last name, I am a woman and Spanish?
RAVEN: Did he expect you to clean up the kitchen?
>> I think it was like he expected me to clean up the kitchen and he wanted to show me that he could walk up to me and say that.
And no one said a word.
Everybody just kept typing in their own little cubicle.
I was very upset.
But now that I've processed it, I've used it as a learning experience.
So that was one of the reasons -- many -- why I was burnt out and I ended up telling my husband, I can't do this anymore.
RAVEN: Something we talked about off-camera that we have in common, we both have Lyme disease.
Anyone who has it knows it is quite the recovery.
In that time of recovery, you almost had your a-ha moment, and you were able to pivot.
>> I went through five years of trying to figure out what I had.
Within those five years, I took two years, I had to quit my job and because I could barely walk or think, I had to take two years to recover.
My husband, who is my partner, my ride or die, he gets a phone call and his friends are saying you need to check out ax throwing.
He looks at me and he says what you think about ax throwing?
I realized it would be something we could help others release stress.
I said let's go check it out and see what it is about.
RAVEN: When I think about the pay gap for Latinas, the fear of being entrepreneurs, sometimes the unfairness, the cultural stereotypes.
What you think the future holds for Latinas in 2023?
>> All of that still exists.
The difference is we have people like you and me sitting here with this opportunity to share so much with the world.
What you do is so important.
I really am so grateful for you to have taken the time to seek out Latinas that have stories that are success stories.
Not always failures.
In 2023, we have a big role to play.
RAVEN: And there is room for everybody.
>> So much room for everybody.
RAVEN: Thank you so much, you are amazing.
That does it for us this week.
Remember to subscribe to our nj spotlight YouTube channel.
Thank you for watching and we will see you next weekend.
>> Funding for "NJ Business Beat " provided by local 102, proudly serving New Jersey's business community.
Lighting the path, leading the way.
Visit our website.
And, for more than 110 years, NJBIA has been focused on the advancement and success of our members.
We are the voice representing all industries, working together to build a more prosperous New Jersey through advocacy, support, networking and benefits.
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