A global study by LGBT Great reveals that 64 percent of LGBTQ+ professionals and 55 percent of allies are more likely to apply to organisations that have undergone assessments for LGBTQ+ sensitivity and inclusion.
The findings, are part of the report Redefining the Future: LGBTQ+ Talent Attraction and Perception, which delves into the importance of visible diversity, equity, and inclusion (DE&I) initiatives in attracting and retaining LGBTQ+ talent.
The study, which included responses from over 1,830 individuals across seven countries, also found that 63 percent of LGBTQ+ professionals feel more comfortable applying for roles when hiring panels include visibly LGBTQ+ individuals trained in DE&I.
Retention Challenges and Influencing Factors
The report found that one in two LGBTQ+ professionals would consider leaving their current role for a more inclusive organisation. It also identifies key factors influencing employment decisions. For LGBTQ+ talent, compensation and benefits were also top priorities (21%), followed by job security (15%) and work/life balance (15%).
Conversely, a highly competitive and fast-paced work environment deterred 18 percent of respondents. Sixty percent of LGBTQ+ talent reported being positively influenced by organisations with formal diversity hiring targets and visible LGBTQ+ content.
Matt Cameron, Founder and Chief Executive of LGBT Great, said, “Our report aims to redefine the narrative by equipping organisations with the tools, data and insights to foster authentic belonging and create workplaces where every identity can thrive. Firms that prioritise LGBTQ+ sensitivity and inclusion not only create better environments but also gain a significant competitive edge in attracting both LGBTQ+ talent and their allies.
“To attract under-represented talent, inclusion must go beyond policy, it requires authentic action and visible advocacy. This is not just the right thing to do, but a business and reputational imperative for firms that want to stay competitive. 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.”
Disclosure of Sexual Orientation and Gender Identity
The survey found a significant reluctance among LGBTQ+ professionals to disclose their sexual orientation or gender identity at work. One in three respondents (33 percent) said they would not feel comfortable disclosing their sexual orientation, with 18 percent expressing similar concerns about gender identity.
Nearly half (46 percent) of trans, non-binary, and intersex respondents cited prejudice and social stigma as the primary reason for withholding personal information. A further 40 percent expressed concerns about unclear data usage and potential workplace discrimination.
The study also found that allies play a critical role in fostering inclusive workplace cultures. Allies are 28 percent more likely than non-allies to apply to roles where hiring panels include LGBTQ+ individuals trained in DE&I. Additionally, they are 22 percent more likely to favour organisations with formal diversity hiring targets.
LGBTQ+ Perspectives on the Financial Services Industry
Focusing on the financial services sector, the report found that 40 percent of Gen Z LGBTQ+ talent feel that leaders in financial services do not act as effective allies to the LGBTQ+ community. One in five LGBTQ+ respondents across all generations shared this view.
While 70 percent of LGBTQ+ professionals recognised the sector’s attractive compensation and benefits, they were nearly twice as likely as their non-LGBTQ+ peers to view the industry as having an unhealthy work/life balance. Concerns about diversity and inclusion also persist, with LGBTQ+ talent three times more likely to strongly agree that the financial services sector lacks diversity.
One in five respondents (22%) viewed the financial services industry as not inclusive of all sexual orientations and gender identities. Meanwhile, 23 percent believed LGBTQ+ employees in the sector were not comfortable being “out” at work, and an additional 29 percent were uncertain about this perception.
