Companies and corporations throughout Australia are beginning to realize the importance of an LGBTI inclusive policy for their customers, clients, and employees.
Markets and Brand Promotions
By working with an LGBTI inclusive program like Pride in Diversity and promoting this alliance, you can:
-Promote the inclusive culture of your business and brand
– Be recognized by organizations that embrace the LGBTI community as a part of their cutting edge diversity strategies.
Many business owners do not realize that 74 percent of gay consumers and 42 percent of straight consumers are less likely to do business with an organization that has negative views of homosexual people (Harris Interactive). Additionally, the workforce is filled with young adults (Gen Y and beyond) who are concerned about the diversity strategies of potential employers.
The Benefits of Attracting the “Pink Dollar” Why Businesses Should Capture Profitable Niche Markets
– According to A to Z of the Pink Dollar, The Age, 2004, the estimated annual disposal income of Australian gay and lesbian households is over $10 billion.
– Approximately 47 percent of LGBTI consumers base their purchases on a company’s diversity policies- compared to 18 percent of heterosexual consumers. (Winfield, 2005)
– The LGBTI consumers are very loyal to brands that embrace diversification policies and ethical organizations.
– Companies that hire LGBTI employees often align better with LGBTI consumers and investors, which can improve profits.
Employee Retention, Engagement and Productivity
– Approximately 2 in 5 gay and lesbian employees facing employer discrimination will change careers if the discrimination continues. (Harris Interactive, US)
Half of the LGBTI employees would be more committed and loyal to employers who embrace and enact LGBTI diversification programs and policies. (Same Same: The Gay Census, 2008)
– Employees who are comfortable about coming “out” in an inclusive work environment are more productive. This is seen in career remuneration and development.
– LGBTI employees who suffer discrimination in the workplace typically have a negative attitude in the workplace and are offered fewer promotions, according to Ragins and Cornwell, 2001.
– Same Same, The Gay Census from 2008 reports that employees perform better when they are allowed to be themselves. Approximately one-third of homosexual employees conceal their sexual orientation from their co-workers and employees.
– Casashade, a company that installs patio blinds in Sydney has put a policy in place and has said that it has many positive impacts, not just on sexual discrimination, but also on relationships in general.
Employers who embrace LGBTI inclusive policies can minimize their labor costs that are associated with staff turnover, absenteeism and complaint resolution.
– 53 percent of homosexuals in the workplace experience some type of discrimination or harassment.
– Approximately half of all working homosexuals experience homophobic jokes or remarks at their jobs.
– 28 percent of these employees are asked unwelcome or aggressive questions about their sexual status.
– 22 percent of employees feel “outed”in their workplace.
– 17 percent report that their careers have been restricted due to their sexual orientation.
– Employers can minimize mental health problems and employee turnover due to discrimination and stigma by having an LGBTI diversity strategy and program into place.
– According to DCA in 2008, the average cost of serious external complaints is $125,000 per incident. – Additionally, damages have been awarded in excess of $1 million.
– Reputations can negatively impact share prices. The US Department of Labor found that share prices tend to drop within 24 hours of a company discrimination complaint going public.
What Does This Mean for Australian Workplaces?
Having an LGBTI diversity strategy and program in place can improve employee retention, productivity and profitability. By ensuring the workplace does not discriminate against race, gender, age, disability, religion or sexual orientation, businesses can avoid costly lawsuits. Although progressive diversity strategies have been embraced by businesses in the UK and the US, these strategies are new to the Australian workplace.
Because of this, there are not many practitioners with the experience that businesses and HR executive need to implement diversification strategies for their LGBTI employees. This program provides Australian employers with the support and advice they need to embrace LGBTI diversification strategies in the workplace.
The Pride in Diversity program was designed to help business owners strengthen their reputation and brand recognition as an inclusive employer. They will provide you with the support and information you, as a business owner, needs to implement or strengthen your diversity strategy in your workplace.