Negocios Now

www.negociosnow.com Diciembre 2022 13 By Olga Camargo, Patricia Mota and Juan Carlos Avila, co-founders of SHENIX T he equal pay gap for this year has been the worst that it has ever been, specifically for Latinas. According to the American Association of University Women (AAUW), more than 50 years after the Equal Pay Act of 1963 "Latinas are paid 54 cents for every dollar paid to white men." This year, Lati- na Equal Pay Day is December 8 and it signifies when Latina pay cat- ches up to that of white non-Latino men from the previous year. To put it in perspective, it would take a Latina all of 2021 plus working up until Dec. 8, 2022, to make the same pay as a non-Latino white man made in 2021 alone. We also have to consider the severe after effect of this gap which is the economic loss of potential wealth for Latinas and their families. The nonprofit Hispa- nic Star offered a statistic denoting how "Latinas account for nearly one trillion in U.S. buying power." Instead of making progress, we're regressing. That's why we need to address this issue along with contributing factors like the devastating pande- mic that began in early 2020. When it struck our country's workforce, for example, many Latinas were the first ones to be let go of their positions. They exited the workfor- ce in record numbers last Septem- ber. When you think about Lati- nas' current discounted wage, they can't build much wealth so before jumping back into the job market, we want them to do some research so they are equipped with infor- mation to become their own best advocates for fair wages. To help them, they can find organizations such as the Hispanic Alliance for Career Enhancement (HACE), and the Mujeres de HACE Latina Leadership Program, which gives participants the vital sup- port, resources, and networking opportunities to succeed profes- sionally and thrive personally. We want Latinas to have the knowled- ge, confidence and a spot on a level playing ground where they are making equal pay with their white male counterparts. We also encourage employers to provide pay transparency. As they are earning those sala- ries, Latinas need to access finan- cial literacy resources, affordable and high-quality investments to grow their portfolios and create that future wealth. They need to find trusted content and advisors who have their best intentions. With Latinas in mind, we crea- ted the SHENIX™ web-based app earlier this year. We, as the co- founders, grew up in Latino com- munities, gained graduate educa- tion, and experience in career lea- dership development and finan- cial expertise, and have firsthand knowledge of what is needed. When we talk about the journey, it's very personal. For example, one of our co-founders lived in the pre- dominately Hispanic Little Village neighborhood in Chicago, and her mother ran a small bridal business. She faced a lot of financial and cultural issues while operating it. These experiences were the ins- piration to start SHENIX to give trusted financial and professional support from a culturally relevant resource. With our app, we are covering three areas. One is about provi- ding financial education to address issues like equal pay, retirement, and opening up a new business— the latter is something we've obser- ved. Hispanic Star cited a statistic from PEW Research's U.S. adults Survey 2020 that "Latinas create small businesses 6 times faster than any other group in America." Two is about opening a door to offer financial resources and plat- forms and opportunities to talk with fiduciary advisors. Three is to give access to career professio- nal development and negotiate equal pay. Visitors who click on the app will find access to English and Spanish-speaking financial advisors, videos, some live webi- nars, wealth planning tools for individuals and business owners, articles, career advice, and infor- mation on Latinas in business. What we want to do is to have a comprehensive, culturally rele- vant, and holistic app focusing on Latinas' needs through their lens. Olga Camargo, Patricia Mota, and Juan Carlos Avila are co-foun- ders of Chicago-based SHENIX. SHENIX is an innovative finan- cial company built by Latinas/x, for Latinas/x, providing culturally relevant financial services to the Latina/x community to help them accelerate their economic and social transformation while priori- tizing their cultural mindset. Helping Latinas build their financial legacy

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