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Impact Report 2022-2023 for LGBTQ+ Inclusive Societies

Open for Business is a coalition of businesses which aims to promote LGBTQ+ inclusion worldwide. It includes businesses such as Deloitte, LinkedIn, Virgin, Lego and Microsoft, to name just a few. The charity’s mission is to “exist to improve the legal and social situations of LGBTQ+ people around the world by using the influence of the private sector”.

According to their latest report, published June 2023, Impact Report 2022-2023 for LGBTQ+ Inclusive Societies, “stronger financial performance flows from the increased ability of LGBTQ+ inclusive companies to attract and retain talent, to innovate and to build customer loyalty and brand strength.”

In their report, they set out the economic and business case for LGBTQ+ inclusion. Companies that are more diverse and inclusive are:
• “Better able to compete for talented employees
• Have higher rates of retention of talented employees
• Have higher levels of innovation and creativity
• Create an atmosphere of trust and communication
• Better able to anticipate the needs of all customers and access a broader client base
• Have greater brand appeal and loyalty with customers
• Have better share price performance, higher return on equity, higher market valuations and stronger cash flows.”

From an individual perspective, those who work in an open, diverse and inclusive environment:
• “Are able to be themselves instead of concealing important aspects of themselves
• Have higher levels of motivation
• Have a greater affinity wit with the values and culture of the workplace
• Have higher levels of job satisfaction
• Free from discrimination,
• More likely to speak up with suggestions to improve performance
• More likely to go beyond their duties and make a contribution to the life and culture of the company
• Have greater productivity, more efficient work with higher quality outputs.”

Equality, Diversity and Inclusion not only makes business sense, but prioritising it withing within the business, it is the right thing to do.

Have you reviewed and updated your policies recently to ensure that they are inclusive? Our expert team can help to review your policies and make necessary changes if required. You can also read our many articles on the subject of inclusion:

Dealing with language barriers at work
Discrimination – general
Diversity in the workplace
Managing gender reassignment
Neurodiversity in the workplace
Ramadan

We’re here to help with managing employees, and can support you with all your HR, Payroll and Health and Safety needs. Contact us if you need support.

 

 

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