How LGBT Inclusive Companies Are Changing The Game

  1. Jill Andrews
  2. July 12, 2016 2:50 pm

How LGBT Inclusive Companies Are Changing The Game

How LGBT Inclusive Companies Are Changing The Game

LGBT inclusion is important to businesses because it fosters loyalty, creativity, understanding of the LGBT markets they serve, and the retention of talented LGBT employees.  The global LGBT community spends roughly $3 trillion per year and it’s a figure and demographic that cannot be ignored.  

 

Employee Loyalty

LGBT inclusive companies encourage LGBT employees to be their authentic selves in the workplace, thus encouraging them to continue working at these businesses.  Seventy-two percent of LGBT allies (supporters and advocates of the LGBT community) say that their preference is to make purchases from LGBT inclusive companies.  Eighty-four percent of employees at LGBT inclusive companies say that they would be more willing to go the extra mile for their company, which shows that they have a sense of loyalty to businesses that don’t discriminate.  

With the support and feedback of their peers, LGBT employees can reach their full potential, increasing the overall creativity and productivity of the company as a whole.  

 

Market Innovation Through Understanding the LGBT Community

Companies that are inclusive of the LGBT community are more likely to see innovations among target consumers because of their shared sexual orientation.  The study from CTI shows that companies who wish to encourage LGBT inclusion can do so in one of three ways.  They can embrace the “When in Rome” model, the “Embassy” model, and the “Advocate” model.

In the model for “When in Rome,” it encourages businesses to find out how things operate in their jurisdiction and adhere to the local laws.  In the “Embassy” model, businesses encourage LGBT acceptance and inclusion within the confines of the business, but leave out enacting change in the outside community.  In the “Advocate” model, businesses encourage both inclusion and change in their own walls, but for the community of which they serve as well.

LGBT employees and their allies are encouraged to create and innovate based on their knowledge of the markets they serve.  As a result, businesses that are LGBT inclusive see an increased bottom line overall.  When LGBT employees and allies are happy, they are encouraged to show their creativity.  They are also more likely to remain in their jobs if they are out and accepted in the workplace, which leads to lowered costs of new employee hiring and training.

These employees, their friends, and family members are more likely to show brand loyalty to businesses that are inclusive of the LGBT community.  Because of the LGBT inclusion in the workplace, LGBT employees, like the market they represent, votes with their hard earned dollars.  This vote is one that is hard to ignore because of the spending power that comes along with the gay, lesbian, and transgender community.  

With employee retention, a focus on battling discrimination, and encouraging openness in the workplace, businesses that are LGBT inclusive can see monetary benefits as well as increased employee retention and productivity.  While many LGBT employees and allies are proud to work at companies that are LGBT inclusive, it leaves them a lot of room for them to enter their market and sweep the competition.