How Does an LGBTQ+ Workplace Help the Economy?

Creating an LGBTQ+ inclusive workplace is not just a matter of fairness; it’s an economic powerhouse. Research from McKinsey shows that companies in the top quartile for gender diversity are 21% more likely to experience above-average profitability. By embracing diversity, businesses unlock the full potential of their workforce, enhancing productivity and innovation through better education and equal treatment. This strategic modernisation not only boosts individual wellbeing and capabilities but also positions countries as forward-thinking leaders, attracting global trading partners and fostering broader economic growth.

Source: Williams Institute

Why is LGBTQ+ Inclusion Important in the Workplace?

LGBTQ+ inclusion in the workplace is crucial for several compelling reasons. Firstly, it significantly boosts employee wellbeing and job satisfaction by creating a supportive environment where individuals feel safe and valued, regardless of their sexual orientation or gender identity. This, in turn, reduces mental and physical health issues often associated with discrimination and stress. Secondly, inclusive workplaces are attractive to a broader pool of top talent, enhancing diversity and fostering a culture of respect and productivity. Thirdly, embracing LGBTQ+ inclusion helps companies fulfil their legal and ethical obligations, such as compliance with anti-discrimination laws like the UK’s Equality Act 2010. Finally, it promotes a diverse range of perspectives and ideas, enhancing creativity and providing LGBTQ+ role models that empower employees to perform to their best potential. Collectively, these factors contribute to a more stable, innovative, and successful organisation.

Source: Harding Evans

What are the Benefits of an LGBTQ+ Inclusive Workplace for Businesses?

An LGBTQ+ inclusive workplace offers significant benefits for businesses, impacting both their bottom line and workplace morale. Implementing effective inclusion policies not only supports the wellbeing of LGBTQ+ employees by reducing stress and health-related costs from discrimination, but it also enhances overall productivity. According to the study ‘LGBT 2020 – LGBT Diversity Show Me the Business Case’ by Out Now, the US economy could save $9 billion annually with better inclusion practices. Furthermore, inclusivity strengthens customer loyalty and taps into the substantial buying power of the LGBTQ+ community. Customers are also more likely to support businesses that demonstrate a commitment to diversity and inclusion, avoiding companies known for discrimination. Thus, fostering an LGBTQ+ friendly environment is not only ethically sound but also financially advantageous.

Source: My HR Tool Kit

How Can Businesses Increase LGBTQ+ Representation in the Workplace?

1. Create an Inclusive Hiring Process

To enhance LGBT+ representation, businesses should foster an inclusive hiring process. By actively engaging with LGBT+ professionals through specialised recruitment events and dedicated job boards, companies signal their commitment to diversity. Research indicates that diverse organisations not only excel in attracting top talent but also lead in innovation. Therefore, prioritising an inclusive work environment is not only ethically sound but also beneficial for a company’s competitive edge and overall organisational wellbeing.

2. Offer Gender-Neutral Benefits

Businesses can promote LGBTQ+ representation by offering gender-neutral benefits in their employee packages. This approach ensures that policies like parental leave and adoption support do not exclude individuals based on sexual orientation. By using inclusive language and offering benefits that apply to all employees, companies foster a more welcoming environment. This includes removing gendered language and creating benefits that are accessible to everyone, regardless of their gender identity or family structure, promoting equality and respect.

“Representation is important because it shows people that you can be LGBT AND be successful in any career you want.” – Keegan Hirst

3. Celebrate Openness

Organisations can enhance LGBTQ+ representation by fostering a culture of openness and support. Encouraging active listening and affirming communication demonstrates genuine care and respect, promoting an environment where LGBTQ+ individuals feel safe to express their true selves. Continuously educating oneself and the team about LGBTQ+ issues further strengthens this inclusive atmosphere. By doing so, companies not only show solidarity but also empower their LGBTQ+ employees, enriching the workplace with diverse perspectives and experiences.

4. Create an LGBTQ+ Network

Businesses can enhance LGBTQ+ representation by establishing an LGBTQ+ network with clear objectives, resources, and high-level executive support. Such networks empower LGBTQ+ employees by giving them a voice and ensuring their needs are addressed without placing the burden of inclusivity solely on them. Involving all employees, regardless of their identity, fosters a culture of diversity and inclusion. Actions like displaying LGBTQ+ ally mugs or lanyards visibly demonstrate support, making the workplace more inclusive for everyone.

“Unless you’re consciously including people, you’re almost certainly unconsciously excluding people.” – Catherine Garrod

5. Provide LGBTQ+ Inclusion Training

Another way that businesses can enhance LGBTQ+ representation is by initiating LGBTQ+ inclusion training programs, which are essential for fostering a diverse and welcoming workplace. A practical method to implement this training is by engaging an LGBT keynote speaker. These experts can provide tailored insights and guidance to ensure all employees understand and practice non-discrimination and inclusion. Additionally, incorporating real employee testimonials and allies’ experiences further enriches the training, showcasing a truly inclusive culture.

Who are the Top 5 LGBT Speakers to Hire for Inclusion Events?

• Inga Beale – First Female CEO of Lloyd’s of London
• Geffrye Parsons – CEO & Founder of The Inclusive Imperative
• Joanne Lockwood – CEO & Founder of SEE Change Happen Consultancy
• Matt Lindley – One of the Armed Forces’ First Openly Gay Pilots &
• Charlotte Williams – Diversity & Inclusion Manager of Impact Culture & LGBT+ Inclusion Consultant

Hire an LGBT+ Speaker Today!

If you are interested in hiring an LGBT+ speaker who can help organisations create an inclusive work environment, browse The LGBT Speakers Agency’s roster of talented keynote speakers, and contact us today to discuss your options. Call 0203 9816 265 or complete our online contact form today to discuss the prospects of hiring an LGBT speaker for your future events.

This exclusive article was written by Jack Hayes, who has accumulated the official data and customer feedback from 294 Pride events, corporate events, and training sessions held between 2022 to 2024.