I think it depends on the job. If you're in corporate America and your specific job does not involve another language, then you probably may not have an edge. But for example, if Marketing had an opening for a Hispanic business assessment team then yes, it would definitely provide you with an edge. Another area where it helps is if you work with the community or in retail.
I have no doubt that being bilingual provides you an edge over other job seekers that aren't. Particularly at this time when the economy is in such a fragile state. Being bilingual usually implies that you are comfortable with more than one culture too, which facilitates the understanding of other cultures and how to reach out to them (at least from a marketing perspective).
The Hispanic market in particular has a HUGE potential, and companies need to start tapping into that segment to survive in the long run; this is where being bilingual pays off. The same goes for the global environment we live in today, where it not only spanish is a huge plus - the same goes for German, Japanese, Chinese, Portuguese and many others.
The market has become so competitive nowadays that I even recommend attempting to be trilingual, which personally is my next goal :)
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