LGBTQ+ is a term that stands for the array of people who make up the queer, meaning non-heterosexual and non-cis-gendered community, including but not limited to: lesbian, gay, bi-sexual, transgender, queer, questioning, intersex, undecided, asexual, pan-sexual, etc. Keeping in mind that all aspects of gender reside on a spectrum, let’s differentiate between the four aspects of gender:
LGBTQ+ people have higher rates of unemployment (9%) compared to the rest of the American labor force (3.7%), and the unemployment rate is even higher for transgender and non-binary presenting people (15%). LGBTQ+ folks are also more likely to be the victims of crime as well as discrimination in the workplace. However, LGBTQ+ individuals who work in environments that are inclusive and protect them from discrimination report higher levels of engagement, job satisfaction, and commitment to their employers.
To foster those higher levels of engagement in LGBTQ+ employees, banks should follow the best practices for inclusion:
In general, inclusive policies that support LGBTQ+ employees are beneficial for all employees in the workplace. In competitive environments for talent, having an LGBTQ+ friendly bank is good business practice and enhances the bank’s reputation as welcoming for everyone.
About Naomi: Naomi Mercer is senior vice president for diversity, equity and inclusion at ABA. She recently transitioned from a 25-year military career where she served as an assistant professor in the Department of English and Philosophy at the United States Military Academy and in the Pentagon running the Army’s gender integration and religious accommodation programs. Her educational background includes a doctorate in literary studies with a minor in gender and women’s studies from the University of Wisconsin-Madison and an executive certificate in strategic diversity and inclusion from Georgetown University’s Institute for Transformational Leadership. She is the author of the academic monograph, Toward Utopia (2015).