PepsiCo marked the end of Hispanic Heritage Month Thursday with a long-term commitment to Hispanic Americans with an investment to facilitate change in three main pillars: people, businesses and communities.
PepsiCo’s $ 170 million plan will remove a number of barriers that Hispanic communities face, including access to higher education and the lack of executive representation in the workforce.
Over the next five years, the company has committed to a number of initiatives ranging from building relationships with Hispanic suppliers to expanding its Food for Good program to providing jobs and food security for families in need.
This investment complements PepsiCo’s 2020 goal of $ 275 million to spend on Hispanic suppliers. After seeing the devastating impact of the pandemic on the black and brown communities, the company was forced to step up its diversity and inclusion efforts, Chairman and CEO Ramon Laguarta said in a statement.
“We watched helplessly as the virus claimed a disproportionately large number of black and brown lives, bearing a national testimony to the pain and frustration, outrage and indignation that so many of our friends and colleagues endured with heartbreaking frequency,” he wrote.
This promise follows PepsiCo’s $ 400 million commitment to support the black community through increased internal representation and investments in black-owned companies. The company has also responded to consumer demand for transparency by releasing its internal diversity data among US employees.
This report found that 71% of the company’s executives are white, with Black and Hispanic executives being underrepresented at just 6% and 8%, respectively. The two groups together make up 17% of managers and around a quarter of middle-level managers.
“While it is clear that there is much more to be done, I am confident that this increased transparency will create more trust and accountability and ensure that our journey to diversity continues to be focused and swift,” wrote Ronald Schellekens, EPP and Chief Human Resources Officer, in a statement.