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Article

Commentary: Companies with inclusive LGBT policies gain significant economic benefits

"To advance LGBT rights, companies must think "glocally"", 12 Jan 2017

When it comes to LGBT rights, this decade has seen a positive sea-change...U.S. federal law has no workplace protection for LGBT employees, yet 91% of Fortune 500 companies have introduced non-discrimination policies based on sexual orientation.  67% of them have gone further, and have voluntarily extended health and insurance benefits to all LGBT families...Despite this encouraging progress,...[t]he waste of human and economic potential is immense.  A report by Out Now estimates the U.S. economy could add an extra $9 billion a year if companies improved their ability to retain LGBT talent through the implementation of inclusive policies...[T]he World Bank estimates India is losing $32 billion a year in economic output precisely because of widespread discrimination against LGBT people...Companies with strong LGBT policies tend to innovate the most, to have loyal employees, and to experience significantly less cases of discrimination lawsuits...Where to start from, especially when operating in countries where same-sex relations are illegal?  The answer is to think and act glocally: underscoring the business benefits of diversity locally, and adopting global policies that make the workplace safe, fair and accepting for all...[Also refers to Adidas, Apple, BP, NBA, Starbucks and Uber]