Why LGBT+ Inclusion Is a Key to Long-Term Success in Business

According to Score, gender-diverse companies and ethically-diverse companies are likely to outperform non-diverse companies by 21 percent and 33 percent respectively, whereas non-diverse companies are 29 percent more likely to underperform their diverse contemporaries.  

Although this fact is widely proven across industry, many employers struggle to create an environment where LGBT+ employees can be authentic at work. 

Worryingly, Harver says only 23 percent of HR professionals believe their D&I programmes are highly effective.  

Overall, there seems to be a mismatch in how organisations design their diversity policies and how they implement them in the workplace. One of the big hitters - McKinsey & Company - says about US$8 billion is spent on diversity training in the US alone each year. 

This is important because, not only do diverse and inclusive teams mean 19 percent greater employee retention, but employees and job candidates say a diverse workforce is important when evaluating a company and job offer. 

To commemorate Pride Month, and also open up the floor to promote and discuss LGBT+ inclusion in the workplace, ESCP Business School Executive Education held a panel with members of the LGBT+ community to share their thoughts about why businesses thrive when they ensure everyone can be their true self at work. 

Speakers discussed how employers can craft an LGBT+ inclusive ecosystem to increase innovation, positive change and prosperity at their organisations. Panellists also presented best practices as well as the first steps to be taken to develop a diverse work culture.