The findings are included in the report Defining the Future: LGBTQ+ Attraction and Perception. This report explores the importance of DE&I initiatives that promote diversity, equity and inclusion.
The study included responses from more than 1,830 people in seven countries. It also revealed that 63 percent feel more confident applying for jobs when hiring panels consist of visible LGBTQ+ individuals who have been trained in DE&I.
Retention challenges and influencing factors
One in two LGBTQ+ professionals said they would consider changing their current job for one that is more inclusive. The report also identifies the key factors that influence employment decisions. Compensation and benefits are also the top priorities for LGBTQ+ talent (21%), followed closely by job security (15%), and work/life-balance (15%).
A highly competitive, fast-paced environment is what deters 18 percent of respondents. Sixty-percent of LGBTQ+ employees reported that organisations with formal diversity targets and visible LGBTQ+ content influenced them positively.
Matt Cameron, founder and CEO of LGBT Great said: “Our report is designed to redefine the narrative, by providing organisations with tools, data, and insights that will foster authentic belonging, and create workplaces in which every identity can flourish. Companies that prioritize LGBTQ+ inclusion and sensitivity not only create better workplaces, but they also gain an important competitive advantage in attracting LGBTQ+ talent as well as their allies.
“To attract talent that is underrepresented, inclusion needs to go beyond policy. It requires genuine action and visible advocacy. It is not only the right thing to be doing, but also a necessity for companies that wish to remain competitive. LGBTQ+ employees are more than just looking for a job. They are searching for a workplace where they can be themselves, where their identities are respected, and where others are like them.
Disclosure of Sexual Orientation & Gender Identity
In the survey, LGBTQ+ professionals were found to be hesitant about disclosing their sexual orientation and gender identity in the workplace. One third of respondents (33%) said that they would feel uncomfortable disclosing their gender identity or sexual orientation.
Nearly half of respondents (46%) who identified as trans, nonbinary and intersex cited social stigma and prejudice as their primary reasons for not sharing personal information. Another 40 percent expressed concern about the unclear use of data and possible workplace discrimination.
The study found that allies are crucial in creating inclusive workplace cultures. Allies are more likely than non allies to apply for roles in which hiring panels consist of LGBTQ+ individuals who have been trained in DE&I. They are also more likely to favor organisations that have formal diversity hiring goals.
LGBTQ+ Perspectives in the Financial Services Industry
The report, which focuses on the financial sector, found that 40 percent Gen Z LGBTQ+ talent felt that leaders in the financial services sector did not act as effective Allies for the LGBTQ+ Community. This was the opinion of one in five LGBTQ+ respondents from all generations.
Despite the fact that 70 percent of LGBTQ+ professionals recognize the attractive compensation and benefits offered by the financial services sector, they are nearly twice as likely to believe the industry has a poor work-life balance as their non LGBT+ counterparts. The financial services industry is also plagued by concerns about inclusion and diversity. LGBTQ+ professionals are three times as likely to agree strongly that it lacks diversity.
One fifth of respondents (22%) believed that the financial services sector was not inclusive to all sexual orientations or gender identities. 23 percent of respondents believed that LGBTQ+ employees were uncomfortable being “out” in the workplace, while another 29 percent were unsure about this perception.
