PepsiCo marked the end of Hispanic Heritage Month on Thursday with a long-term commitment to Hispanic Americans with an investment to facilitate change in three main pillars: people, business and communities.
PepsiCo’s $170 million plan 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.
This investment is in addition to PepsiCo’s 2020 goal of spending $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,” he wrote.
This pledge follows PepsiCo’s $400 million commitment to supporting the Black community through increased internal representation and investments in Black-owned businesses. The company has also responded to demand among consumers for transparency, publicizing its internal diversity data among U.S. employees.
That report revealed that 71% of the company’s executives are white, with Black and Hispanic executives underrepresented, at just 6% and 8%, respectively. The two groups make up a combined 17% of senior level managers and about a quarter of mid-level managers.
“While it’s clear there’s much more to do, I am confident that this increased transparency will build greater trust and accountability, and ensure our diversity journey continues to proceed with purpose and speed,” wrote evp and chief human resources officer Ronald Schellekens in a statement.