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A study published by Bank of America, determined that 61% of Latino employers have sacrificed their own salary to be able to pay their employees during the Covid-19 pandemic that strongly affected the economy of small entrepreneurs in the United States.
Bank of America presented the report of a study that focused on Hispanic entrepreneurs who did not drop their businesses, during the times of economic crisis of this pandemic.
Said report is titled “2021 Hispanic Business Owner Spotlight” and analyzed the trends of entrepreneurs in the Hispanic community, in honor of “Hispanic Heritage Month.”
The financial entity’s report, for this 2021, places special emphasis on the consequences of the pandemic for Hispanic entrepreneurs and how they have managed to subsist.
Most of those surveyed indicate that they resorted to creativity, sacrifice and incentive not to lose the employees of their companies. From taking out of their own salary to obtain payments and incentives to granting benefits that will help the well-being of work.
On the one hand, schedules were made more flexible so that employees could establish a balance between work and home life as parents. It is said that 44% of Hispanic business owners allowed their employees to remote work.
Likewise, 33% of Hispanic employers say they have improved the salary of their employees, in order not to lose them and that they remain in their jobs despite the health risks, in the midst of the pandemic.
Paid sick days were also an incentive applied by at least 29% of the small entrepreneurs surveyed. And employee health coverage expanded their mental health benefits.
The study highlights that these small Hispanic entrepreneurs or employers received support from their banking entities at least 55%.
Bank of America used a sample for this survey of 300 small Latino entrepreneurs in the United States, with a workforce of between 2 and 99, whose annual turnover was between $ 100,000 and $ 5 million.
Two-thirds of Latino employers say they have felt an increase in support from the Hispanic community for their businesses.
Likewise, 36% of the Hispanic community say they have been “especially” affected; 60% of Hispanic entrepreneurs say they volunteered to help their local community.
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