LGBT: the value of diversity in numbers
“In the UK, it costs an employer £30,600 to replace a new employee, compared with the average national salary of £26,500 and it takes 28 weeks for a new employee to get to optimum productivity”.
Oxford Economics, The Cost of the Brain Drain.
Earlier this year, a report, by Credit Suisse, into the impact of LGBT (Lesbian, Gay, Bisexual and Transgender) and the value of diversity on corporate performance shows that overall diversity brings financial benefits to an organization and their investors.
The report states that Companies embracing LGBT employees are likely to benefit from lower staff turnover rates and better retention, both of which directly reduce operating costs. Sylvia Ann Hewitt, the founder of the Center for Talent Innovation, writing in the Harvard Business Review (For LGBT Workers, Being ‘Out’ Brings Advantages), says that,
“closeted LGBT employees who feel isolated at work are 73% more likely than ‘out’ employees to leave their job within three years”.
According to the report, 72% LGBT allies say they are more likely to accept a job at a company supportive of LGBT employees than one that does not.
So how is your organisation attracting, developing and retaining diverse talent? How supported and happy do your people feel about bringing their whole selves to work? SceneChange launches its new Coaching Squared LGBT Programme this November 2016, to enable LGBT colleagues to build on their strengths and navigate the barriers through cross organisational peer to peer coaching. Find out how you can get involved here.