Supporting the LGBTQ+ Community is Not Only the Right Thing to Do, It Will Help the Success of Your Business

In today's rapidly changing world, creating an inclusive workplace is no longer just a matter of social responsibility; it's also a strategic business move. By actively supporting the LGBTQ+ (Lesbian, Gay, Bisexual, Transgender, Queer/Questioning, and others) community, businesses can unlock a multitude of benefits. In this article, we'll explore the advantages of investing in LGBTQ+ employees and discuss actionable steps for organisations to foster a supportive environment and ensure they're pro-actively moving towards equity in the workplace.

So what does the data show us and why should organisations care?

1. Diversity Drives Innovation 💡

According to a study conducted by the Boston Consulting Group (BCG), companies with diverse management teams generate 19% more revenue through innovation compared to those with less diverse teams. Embracing LGBTQ+ employees and their unique perspectives fosters a diversity of thought, leading to fresh ideas, improved decision-making, and a competitive edge in the market.

2. Enhanced Talent Acquisition and Retention 🔐

A survey by Glassdoor found that 67% of job seekers consider diversity and inclusion an important factor when evaluating job offers. By prioritising inclusivity, businesses attract a broader talent pool, increasing their chances of hiring top candidates. Furthermore, a study revealed that LGBTQ+ employees who feel comfortable being out at work are 32% more likely to stay with their current employer for three or more years, reducing turnover costs and ensuring continuity.

3. Expanded Customer Base 🤝

Supporting the LGBTQ+ community can positively impact a company's customer base. 78% of LGBTQ+ adults are more likely to purchase products and services from companies that support LGBTQ+ equality. Additionally, the purchasing power of LGBTQ+ individuals is substantial, estimated at $1.7 trillion globally, making them an influential consumer segment. By being LGBTQ+ friendly, businesses can attract and retain these customers, leading to increased sales and brand loyalty.

4. Positive Workplace Culture ❤️

Investing in LGBTQ+ employees fosters a positive workplace culture, benefiting all employees. A study by Deloitte revealed that inclusive companies are twice as likely to meet or exceed financial targets, three times more likely to be high-performing, and six times more likely to be innovative. Inclusive environments that celebrate diversity lead to higher employee engagement, job satisfaction, and collaboration, resulting in improved productivity and overall success.

But how can companies show their support in tangible ways that don’t just contribute to the rainbow washing, financially motivated marketing pride campaigns that we see time and time again?

1. Develop and Enforce Inclusive Policies: Update existing policies to explicitly protect LGBTQ+ individuals from discrimination, harassment, and bias. Research by the Human Rights Campaign Foundation shows that 93% of Fortune 500 companies have non-discrimination policies that include sexual orientation, and 91% include gender identity.

2. Provide Diversity and Inclusion Training: Offer comprehensive training to all employees, educating them about LGBTQ+ issues, promoting inclusive behaviour, and mitigating unconscious biases. 92% of LGBTQ+ employees in companies with diversity training feel more included and comfortable in the workplace as a result.

3. Establish LGBTQ+ Resource Groups: Employee resource groups focused on LGBTQ+ inclusion have proven to be valuable. According to a study by Out & Equal, companies with LGBTQ+ employee resource groups experience higher job satisfaction and increased rates of promotion for LGBTQ+ employees. Encourage the formation of these groups to provide support, mentorship, and networking opportunities.

4. Review Benefits and Inclusive Practices: Around 66% of employers now offer same-sex partner health benefits - but can we work towards making that 100%? Continually assess and update employee benefits and workplace practices to ensure they are inclusive of LGBTQ+ needs. Consider providing gender-neutral facilities, gender transition support, or improved maternity/paternity cover for same-sex couples.

Investing in the LGBTQ+ community is a proven win-win, as it not only aligns with ethical values but also paves the way for long-term success and growth in today's diverse and competitive business landscape.

If you want to read more, we'd recommend some of the great resources below.

📚 "The Power of Out: LGBT in the workplace - By Sylvia Ann Hewlett & Karen Sumberg

📚 Creating an LGBT+ Inclusive Workplace: The Practical Resource Guide for Business Leaders by Kryss Shane