Nearly two-thirds (64%) of LGBTQ+ professionals are more likely to pursue job opportunities with organisations that have been assessed for LGBTQ+ sensitivity and inclusion, as are 55% of allies, according to a new study by LGBT Great. The study also reveals that 63% of LGBTQ+ talent feel more comfortable applying when hiring panels include visibly LGBTQ+ individuals and are trained in diversity, equity, and inclusion (DE&I).
LGBT Great, a global diversity and inclusion organisation, launched its global report, Redefining the Future: LGBTQ+ Talent Attraction and Perception. The report underscores critical insights into the perceptions, priorities, and challenges faced by LGBTQ+ professionals in the workplace, providing actionable strategies for organisations to foster authentic inclusion.
Understanding LGBTQ+ talent priorities
The report, based on data from over 1,830 respondents across seven countries, sheds light on the priorities influencing LGBTQ+ professionals’ employment decisions across all industries:
- Top priorities: 21% of LGBTQ+ talent prioritise compensation and benefits, followed by job security (15%) and work/life balance (15%).
- Biggest deterrents: A highly competitive and fast-paced working environment deters 18% of LGBTQ+ talent.
- Retention challenges: One in two LGBTQ+ professionals would consider leaving their employer for a more inclusive organisation.
- Diversity hiring targets: 60% of LGBTQ+ talent said they would be positively influenced to apply to a firm that had formal diversity hiring targets and visible LGBTQ+ content.
Matt Cameron (he/him), Founder and Chief Executive of LGBT Great said:
LGBTQ+ talent seek more than just a job; they are looking for workplaces where they bring their full selves, where all identities are respected and where they can see others like them.
Matt Cameron, Founder and Chief Executive of LGBT Great
Disclosure of sexual orientation and gender identity in the workplace
One in three (33%) of all respondents said they would not feel comfortable disclosing their sexual orientation at any stage at work (and 18% for gender identity). LGBTQ+ talent was 2.5x more likely to express concerns about DE&I data disclosure compared to their non-LGBTQ+ counterparts.
The most significant reason for not disclosing diversity data was prejudice and social stigma, cited by nearly half (46%) of trans, non-binary, and intersex talent. Additionally, 40% expressed concerns about the lack of clarity regarding how companies would use their data, as well as potential discrimination from colleagues. However, 64% of LGBTQ+ talent and 55% of allies report being more likely to apply to and firms that have undergone an LGBTQ+ assessment.
The LGBTQ+ view of the financial services industry
Focusing on the financial services industry, the study revealed that 40% of Gen Z LGBTQ+ talent believe leaders and executives in the industry are not effective allies to the LGBTQ+ community. Overall, 1 in 5 LGBTQ+ respondents shared this sentiment. This issue is likely to intensify as Gen Z, the most diverse generation to enter the workforce—with 17% of global respondents identifying as LGBTQ+—continues to shape the future of work. The study also found:
- Confidence in ability but perception challenges:While 70% of LGBTQ+ talent agreed the financial services industry offers attractive compensation and benefits, they remain nearly two times more likely than non-LGBTQ+ talent to view the sector as having an unhealthy work/life balance.
- Concerns about diversity and inclusion:LGBTQ+ talent are three times more likely to strongly agree that financial services lacks diversity (increasing to 3.3 times among those with FS experience) and are 2.5 times more likely to express concerns about disclosing diversity data compared to their non-LGBTQ+ peers.
- Not inclusive:One in five (22%) LGBTQ+ professionals perceive the financial services industry as not inclusive of all sexual orientations and gender identities.
- Cultural challenges:23% believe LGBTQ+ talent is not comfortable being “out” at work, and 29% are unsure, while a further 23% view its culture as unappealing.