Why LGBT Diversity in the Workplace is a Good Thing
LGBT diversity in the workplace means both the presence of lesbian, gay, bisexual, and transgender people in the workforce, as well as openness. It is important because it can lead to a number of benefits for both employees and businesses. Payments Pro fully support and embrace LGBT workers.
Benefits for Employees
LGBT employees who work in inclusive workplaces are more likely to:
- Enhanced creativity and innovation: LGBT employees can bring diverse perspectives, experiences, and ideas to the workplace, which can foster creativity and innovation. LGBT employees can also help organisations understand and serve the needs and preferences of LGBT customers and stakeholders, which can open new markets and opportunities. According to McKinsey, diverse teams are more likely to outperform homogeneous ones in terms of decision making, problem solving, and financial performance.
- Improved health and well-being: LGBT employees who work in inclusive environments are more likely to feel comfortable being themselves, have higher self-esteem, and experience less stress, anxiety, and depression. This can lead to lower absenteeism, higher productivity, and lower health care costs. According to GLAAD, LGBT-friendly workplaces can improve health, job satisfaction, relationships with co-workers and supervisors, and work commitment among LGBT workers.
- Increased loyalty and retention: LGBT employees who work in inclusive environments are more likely to feel valued, respected, and engaged, which can increase their loyalty and retention. LGBT employees are also less likely to face discrimination, harassment, or conflict, which can reduce turnover and legal costs. According to CIPD, 21 percent of cisgender employees thought frequently about leaving their workplace; that figure rose as high as 32 percent for trans employees.
- Improved reputation and brand image: LGBT diversity in the workplace can enhance an organisation’s reputation and brand image as a socially responsible and progressive employer. This can attract more talent, customers, investors, and partners who share the same values and support LGBT rights. According to PeopleScout, employers with LGBTQ-friendly workplaces will benefit from lower legal costs related to discrimination lawsuits as well as lower health insurance cost.
Benefits for Businesses
Businesses that have a diverse workforce, including LGBT employees, are more likely to:
- Attract and retain top talent: Studies have shown that LGBT employees are more likely to work for companies that are seen as being supportive of LGBT people.
- Improve customer service: LGBT employees are more likely to be able to relate to and understand the needs of LGBT customers.
- Be more innovative: A diverse workforce can bring new ideas and perspectives to the table, which can lead to innovation.
- Have a better reputation: Companies that are seen as being supportive of LGBT people have a better reputation with customers, investors, and employees.
How to Create an LGBT-Friendly Workplace
There are many things that businesses can do to create an LGBT-friendly workplace. Some of these things include:
- Adopt an LGBT-inclusive non-discrimination policy: This policy should state that all employees are treated fairly and with respect, regardless of their sexual orientation or gender identity.
- Providing training on LGBT issues: This training should help employees understand and appreciate the diversity of the LGBT community.
- Creating a welcoming and inclusive work environment: This can be done by displaying LGBT-friendly symbols and signage, and by creating opportunities for employees to share their experiences.
- Providing benefits to LGBT employees: This includes providing domestic partner benefits and transgender-inclusive healthcare coverage.
By taking these steps, businesses can create an LGBT-friendly workplace that is beneficial to both the employees and the business.
In conclusion, LGBT diversity in the workplace is a good thing and beneficial to the business because it can improve health and well-being, enhance creativity and innovation, increase loyalty and retention, and improve reputation and brand image. To achieve these benefits, organisations need to create a culture of inclusion that respects and celebrates the diversity of all employees.
At Payments Pro we encourage openness, acceptance, and inclusion for all workers. We promote acceptance and encourage staff to embrace who they are, from how they identify to the freedom to be open with their colleagues.