PepsiCo to invest US$170M to change three main pillars for the Hispanic Americans

Image Courtesy: The Insider Story

SPAIN – PepsiCo has committed US$170 million to Hispanic Americans for facilitating change in three main pillars: people, business and communities which will tackle a range of obstacles faced by Hispanic communities, including access to higher education and a lack of managerial representation in the workforce.

Over the next five years, the company has pledged a variety of initiatives, which span from building relationships with Hispanic-owned suppliers to expanding its Food for Good program, as well as providing jobs and food security to families in need.

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PepsiCo under its people plans will seek to expand Hispanic managerial representation to 10% of its workforce by 2025 by hiring 120 Hispanic managers, including 50 Hispanic executives. The company will partner with national and local Hispanic organizations and minority-owned search firms to accelerate diverse recruitment efforts.

This investment is in addition to PepsiCo’s 2020 goal of spending US$275 million with Hispanic suppliers. After witnessing the devastating effect of the pandemic on Black and brown communities, the company felt compelled to expand its diversity and inclusion efforts, according to chairman and CEO Ramon Laguarta in a statement.

“We’ve watched helplessly as the virus disproportionately claimed Black and brown lives, and borne witness on a national scale to the pain and frustration, the outrage and indignity, endured by so many of our friends and colleagues with heartbreaking frequency.”

Ramon Laguarta – chairman and CEO, PepsiCo

“We’ve watched helplessly as the virus disproportionately claimed Black and brown lives, and borne witness on a national scale to the pain and frustration, the outrage and indignity, endured by so many of our friends and colleagues with heartbreaking frequency,” Ramon said in a statement.

This pledge follows PepsiCo’s US$400 million commitment to supporting the Black community through increased internal representation and investments in Black-owned businesses.

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The company has also responded to demand among consumers for transparency, publicizing its internal diversity data among U.S. employees.

PepsiCo under its businesses plans will build on this year’s US$275 million investment in Hispanic-owned businesses by establishing relationships between Hispanic-owned companies and PepsiCo buyers and by expanding Hispanic-owned supplier capability in areas such as agriculture and sustainable packaging.

PepsiCo will invest US$87 million in the company’s Hispanic business units and US$50 million over five years to strengthen Hispanic-owned businesses through access to capital not available through traditional sources and tools to address structural barriers to success.

PepsiCo under its communities plan will invest US$35 million over five years. The company plans to expand an existing two-year/trade certificate community scholarship program to include additional scholarships for Hispanics and to provide scholarships for students transitioning from two-year programs to four-year programs in the PepsiCo headquarter locations of New York, Dallas and Chicago.

PepsiCo also will fund community organization partners that deliver programs to uplift the Hispanic community.

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