“There’s a price to be paid for workplace discrimination – $64 billion. That amount represents the annual estimated cost of losing and replacing more than 2 million American workers who leave their jobs each year due to unfairness and discrimination. A significant number of those workers are gay and transgender individuals who have been treated unfairly simply because of their sexual orientation and gender identity. According to a recent survey, 42 percent of gay individuals say they have experienced some form of employment discrimination at some point in their lives.” – Crosby Burns, “The Costly Business of Discrimination.” The Center for American Progress, March 2012.
At Troup, we’re very passionate about working with progressive companies that understand the importance of respecting, valuing and supporting all people.
Over the course of my career, I’ve advised companies to adopt inclusive workplace policies, including the addition of sexual orientation and gender identity protections to anti-discrimination policies, offering domestic partner benefits and providing health benefits for transgender employees. I also recommend that companies develop active affinity groups and provide mentorship resources for LGBT employees. Companies that commit to equality certainly reap the rewards!
“Almost all of Top 50 Fortune 500 companies and the Top 50 federal government contractors (92%) state that, in general, diversity policies and generous benefit packages are good for their business. In addition, the majority (53%) have specifically linked policies prohibiting sexual orientation and gender identity discrimination, and extending domestic partner benefits to their employees, to improving their bottom line.” – Brad Sears and Christy Mallory, “Economic Motives for Adopting LGBT-Related Workplace Policies.” The Williams Institute at UCLA, October 2011.
Corporate initiatives in support of LGBT inclusion, equality, outreach and engagement can improve your company’s bottom line by enhancing individual and collective performance in the following ways –
- Improve innovation by tapping into a creative, progressive workforce
- Facilitate recruitment and retention of the best talent
- Support broader, better and more diverse customer service
- Improve employee morale and relationships
- Increase productivity by cultivating a comfortable and inclusive workplace for all employees
- Improve relationships with companies that have similar values
While LGBT-friendly workplace policies and employee groups are good for business, they do not necessarily guarantee that your corporate brand will be synonymous with equality.
Achieving this goal requires a multi-faceted, strategic and sustained commitment that includes LGBT philanthropy, targeted direct-to-consumer marketing, community engagement and inclusive messaging. Stay tuned to my blog, or email me at Troup@TroupConsulting.com to learn more! Troup there it is!!