Empowering LGBTQIA+ Groups in Workplace: A Pathway to Inclusive and Economic Success

Empowering marginalized groups, including 2SLGBTQIA+ individuals, has been proven as a way to foster a harmonious and productive work environment. This is because inclusivity leads to several key benefits for organizations, including being able to attract and retain top talent, enhancing reputation and competitiveness, and ultimately contributing to the entities’ overall sustainability.

ORGANIZATIONS MUST LEAD THE WAY TO CREATE DIVERSITY AND UPHOLD INCLUSION

Companies play a critical role in fostering a workplace culture that is inclusive of 2SLGBTQIA+ employees. One of the most impactful ways to achieve this is through diverse hiring practices—whereas firms such as American Express can be an excellent case in point. Recently receiving a full score in the Human Rights Campaign’s 2023-2024 Corporate Equality Index, which measures 2SLGBTQIA+-friendliness in the workplace, the credit card giant hires and fosters a welcoming environment for all its team members. It does this by enforcing a policy where sexual orientation or gender identity cannot be discriminately used to disqualify a candidate and hosting various intra-company support groups to nurture the unique needs within this diverse workforce. Similarly, Boeing, a global aerospace and defense manufacturer, recognizes the importance of "psychological safety and support" for its 2SLGBTQIA+ team members. This commitment goes beyond merely offering equal opportunities; Boeing acknowledges the need for a workplace where diverse individuals feel safe to bring their authentic selves to work. Therefore, it creates an environment that fosters psychological safety and celebrates diversity by, among other means, supporting diversity-focused resource groups, funding internal 2SLGBTQIA+ initiatives, and actively seeking to enlarge its pool of diverse team members.

THE RESULTS ARE NOT JUST PR-WINS BUT ALSO ECONOMIC GAINS

Beyond the ethical imperative of creating a fair and inclusive workplace, there are compelling economic reasons for organizations to actively support and promote 2SLGBTQIA+ rights. Firstly, 2SLGBTQIA+ consumers are recognized for their brand loyalty. Studies from Harris Interactive, one of the world’s largest market research firms, show that 71% of 2SLGBTQIA+ individuals are more likely to remain loyal to and reward companies that champion diversity and inclusion within their operations. In the US alone, the 2SLGBTQIA+ community holds significant spending power, estimated at a staggering $800 billion annually, as per data from the World Economic Forum. This translates to a powerful market force that businesses cannot afford to ignore; companies that embrace 2SLGBTQIA+ inclusion position themselves to attract and retain this loyal customer base, boosting their overall profitability. Secondly, discrimination against 2SLGBTQIA+ individuals has been proven to create a negative impact on a national-level economy. The World Bank estimates that India’s $32 billion a year loss in economic output can be attributed to discrimination against 2SLGBTQIA+ from various sects within the country. The reasons this loss happens are varied—mainly the underutilization of talents, the decrease in productivity, and the missing business opportunities.

The long-term benefits of supporting a diverse workforce, such as 2SLGBTQIA+ employees, extend far beyond immediate gains. Diverse hiring practices have the potential to create a more attractive workplace for top talent and foster a culture of innovation. Furthermore, supporting 2SLGBTQIA+ rights unlocks significant economic potential by attracting a loyal customer base and eliminating the economic losses associated with discrimination. BRANDi would like to encourage all organizations to take action by adopting and strengthening inclusive policies that empower all employees, regardless of their identity. Not only is this a recipe for long-term economic success, but it is also what we, as a species, have the moral obligation to uphold. Every identity, gender, and sexual orientation matters, and each deserves the same empowerment that has been so long enjoyed solely by some dominant groups.

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