New research has revealed those industries that are both the friendliest and the unfriendliest to LGBTQ employees. Read the results below.
The research was conducted by the Human Rights Campaign Foundation (HRC) and the personal finance blog OverdraftApp.com. HRC’s 2018 Corporate Equality Index rated 947 companies in the US, based on their commitment to LGBTQ equality in the workplace. They score each company on a range of criteria, such as non-discrimination policies, equal benefits, and accountability.
Top US Industries with LGBTQ Friendly Companies
Companies within the banking & finance, law, and insurance sectors have topped the list, with 15% of all LGBTQ friendly companies falling within these three industries.
In direct comparison, industries such as marketing, education, and fashion were towards the bottom of the list, with just 1% of LGBTQ friendly companies falling within these three industries.
Which US State Is Home to the Most LGBTQ Friendly Companies?
Looking at the data in more detail, OverdraftApps.com have mapped the US states which are home to the headquarters of the most LGBTQ friendly companies.
Perhaps unsurprisingly, New York is at the top of the list followed closely by California and Illinois. Companies in these three states make up 17% of the total list of LGBTQ friendly companies.
The states with the lowest number of LGBTQ friendly companies are Alabama, Arkansas, Louisiana—making up just 0.3% of the total list.
The Impact of Employer Equality on LGBTQ Personal Finance
A recent study by OverdraftApps.com found that a significant number of the LGBTQ community say that discrimination at work has had a significant effect on their finances, with 62% of those surveyed telling Experian their sexual orientation or gender identity was a reason for financial challenges.
Some of the main challenges they face are:
- Discrimination or harassment at work (13%)
- Not being considered for jobs (12%)
- Being given a lower salary compared to the general population and less inclined to be given a promotion (10%)
Title VII of the Civil Rights Act of 1964 protects employees from discrimination based on race, color, sex or religion. However, there is no clause protecting discrimination based on sexual orientation. It should be noted that 21 states do protect against workplace discrimination based on sexual orientation and/or gender identity.
Ruben Aknin – Co-founder at OverdraftApps.com explains:
“The results of the HRC survey shines a light on the many positive steps that have been taken by companies all over the US to revolutionize their inclusivity and diversity policies.
“Whilst some industries, states, and companies are making leaps and bounds towards inclusivity, it is clear that there are still some sectors who need to review and revise their policies for their LGBTQ workforce.”
Uri Abramson – Co-founder at OverdraftApps.com adds:
“These improvements will not only have a profound impact on the working conditions for our LGBTQ community, but it will have a positive effect on their finances, too.
“From closing pay gaps through to job security and promotions, professional industries still have some work to do to improve diversity and inclusivity”
Justin Nelson, co-founder, and president of the National LGBT Chamber of Commerce says:
“Corporations need to do their due diligence when trying to attract LGBT employees. Only advertising to the community isn’t going to do it.
“Companies must ensure they are treating their LGBT employees fairly, as well as utilizing LGBT businesses in their diverse supply chains.”
What’s next for employers looking to improve inclusivity?
There are currently 100 US businesses working together as a coalition to support the Equality Act, which would provide legislation to protect the LGBTQ community from discrimination under federal law.
Equality is not only good for employees, but it’s also good for business too, so encouraging companies to support inclusivity and diversity legislation could go some way for employers to make a real difference.