A series of recent studies have shown the economic benefits of having diverse employees. Having more LGBT+ people in your organisation is not only culturally beneficial, but can increase profits and effect your bottom line.
1. Diverse employees leads to better hires and better sales
A study from UCLA found that a massive 92% of companies with anti-discrimination policies said that those policies had a positive impact on annual sales. Those policies also reportedly lead to finding higher quality employees and a longer retention of high performing staff. A study from the Economist Intelligence Unit complimented those findings, saying that 90% of employers recognised the business advantage of diverse employees.
2. LGBT+ consumers are a massively growing base
Having LGBT+ employees can help companies actively seek out LGBT+ consumers, a consumer base which has risen by 20% from 2006 to 2012, while LGBT+ households have increased by 80% from 2000 to 2010 (according to GLAAD).
3. LGBT+ employees can bring in LGBT+ consumers
LGBT+ consumers are also incredibly brand loyal and politically aware. A study found that 87% of LGBT+ adults have said that they would be more likely to purchase from a brand they knew to have anti-discrimination polices rather than one that didn't. A further 23% have said they have switched products or services because a company wasn’t supportive of the LGBT+ community, even if the alternative was more expensive or inconvenient.
4. LGBT+ employees who are out are likelier to stay
LGBT+ employees who are out in the workplace are also far likelier to stay. Creating an inclusive workspace saves money on finding new hires and creates a sense of loyalty in the office.
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