Summary of the 2023 Latinas in Tech Annual Report

by Teany Hidalgo

Here are  the implications for the Latino working class

The 2023 Latinas in Tech Survey provides critical insights into the current state of Latina professionals in the technology sector. It highlights significant issues such as layoffs, career stagnation, and the rise of entrepreneurship among Latinas. The survey’s findings are crucial for understanding the challenges and opportunities facing this demographic, and how these trends impact the broader Latino working-class population.

Layoffs and Employment Challenges

In 2023, 21% of Latinas in the tech sector were affected by layoffs. This high percentage indicates a disproportionate impact on this community compared to the general tech workforce, where only 2% experienced layoffs. Alarmingly, over 60% of those laid off are still searching for new employment. This prolonged period of unemployment suggests significant barriers to reemployment, which could include systemic biases, lack of networking opportunities, and inadequate access to job openings that match their skills.

Implications for the Latino Working Class: The high layoff rates and therefore difficulties in finding new jobs can lead to increased financial instability and stress within the Latino working-class community. This situation exacerbates economic differences and could potentially push affected individuals into less secure, lower-paying jobs outside their field of expertise, thereby hindering career progression and overall economic mobility.

Career Stagnation

Career advancement remains a significant challenge for Latinas in tech. The survey revealed that 78% of respondents had not received a promotion in the past year, and 64% are still in entry-level positions despite having substantial experience, with 25% having over ten years in their roles. This indicates a troubling trend of career stagnation, where experienced professionals are not advancing to higher positions.

Implications for the Latino Working Class: Career stagnation among Latinas reflects broader issues of limited access to professional growth opportunities for the Latino working class. This stagnation not only affects individual career satisfaction and earnings potential but also limits the community’s overall economic progress. Without opportunities for advancement, many Latinas may feel undervalued and underutilized, which can lead to decreased motivation and job satisfaction.

Rise of Entrepreneurship

Despite these challenges, entrepreneurship is on the rise among Latinas. The survey found that 45% of respondents are full-time entrepreneurs, with a significant majority (71%) being self-funded. This entrepreneurial spirit demonstrates resilience and a proactive approach to overcoming career barriers by creating their own opportunities.

Implications for the Latino Working Class: The increasing trend of entrepreneurship among Latinas is a positive development that can inspire and empower the broader Latino working-class community. Self-employment offers a path to economic independence and the potential for significant financial rewards. However, the reliance on self-funding indicates that many Latina entrepreneurs may not have access to traditional financing options, which can limit their ability to scale their businesses. Support networks, access to capital, and business education are crucial for sustaining and growing these business ventures.

Recommendations and Future Directions

1. Enhanced Support for Reemployment:

  • Developing targeted reemployment programs and initiatives that connect laid-off Latinas with job opportunities in tech.
  • Providing career coaching and networking opportunities to help them re-enter the workforce more quickly.

2. Promotion and Advancement Opportunities:

  • Implementing policies and programs that facilitate career advancement for experienced Latinas.
  • Encouraging tech companies to actively promote diversity and inclusion in their promotion practices to address the career stagnation issue.

3. Supporting Latina Entrepreneurs:

  • Increasing access to funding and financial resources for Latina entrepreneurs through grants, loans, and investment opportunities.
  • Offering comprehensive business development programs that include mentorship, networking, and training to help entrepreneurs scale their businesses successfully.

4. Community and Policy Advocacy:

  • Advocating for policies that support diversity and inclusion in the workplace.
  • Strengthening community organizations that provide resources and support for Latinas in tech and other industries.

The 2023 Latinas in Tech Survey discusses the resilience and potential of Latina professionals while highlighting the systemic barriers they face. Although there are many challenges a concerted efforts from employers, policymakers, and community organizations can support them to create a more inclusive and equitable tech industry and broader workforce. By doing so, we can ensure that Latinas, and the Latino working class have the opportunities and support needed to thrive in their careers and contribute to economic growth and innovation.

Related content:

Future of Work: Employee Development & Technology- Part 1 [Video]

Future of Work: Employees Attrition & Managing Wisely [Video]

The Future of Work: Training Is a Key Component to Be a Talent Magnet [Video]

Latinas with Impact: Pioneers of Progress in Science and Technology

Get the full 2023 Latinas in Tech Annual Report here