August 18, 2023—With the rise of consumer behaviors leaning towards brands that value environmental and social causes, corporates and organizations ought to adapt. Since 80s, corporates see the rise of the LGBTQ+ communities, which are observed as the rise of an emerging market. As of 2019, the communities’ buying power, or aka Pink Money, reached $3.7 trillion before surpassing $4 trillion in 2021. The business world could definitely not avoid this power.
In the meantime, the research depicts that diversity and inclusion of LGBTQ+ in workplace directly corresponds to their engagement, productivity and effectiveness. By providing a safe and supportive working environment for LGBTQ+ employees, their productivity is observed to increase 30% more. Undoubtedly, in a warm and friendly environment, LGBTQ+ employees are likely to stay with the organizations longer, estimating 26% higher in turnover rate.
Another proven research conducted by Harris Interactive (2011) shows that 87% of LGBTQ+ adults are likely to lean towards the companies that ensures workplace inclusion and equality for LGBTQ+ community; likewise, 23% of them claim to have a change of mind in switching to others LGBTQ-friendly brands.
This is the reason why companies and organizations must consider diversity, equity and inclusion (DEI) as a serious matter. Otherwise, the companies and organizations will miss out not only talents that could potentially bring more innovation, production and income, but also the LGBTQ+ consumers who have considerably high buying power.
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