There's growing evidence of the economic benefits of LGBT-friendly policies. The World Bank recently estimated that India is losing $32 billion a year in economic output because of LGBT discrimination, and a report by Out Now estimated that the US economy could add an extra $9 billion a year if companies implemented inclusive policies that helped them retain LGBT talent.
This session, chaired by Miriam Meckel, Editor-in-Chief at WirtschaftsWoche, discussed the steps businesses and governments alike can take to promote inclusivity of LGBT people, as well as the importance of leading by example.
The business case
Hiding a part of yourself can have a big impact on individuals says Scott Brison, President of the Treasury Board of Canada. This can lead to mental health problems, which are known to have a negative impact on business.
Lisa Sherman, President and CEO of the Advertising Council, echoes this, noting that being in the closet reduces productivity.
Sander Noordende, Group Chief Executive at Accenture has been out since the beginning of his career, and he believes being open at work is important. “I would always encourage people to be out,” he says. “Be more of yourself, and bring more of yourself.”
Leading by example
Business has a role to play in using economic power to enact change says Lisa Sherman. Companies have the power to fight against discriminatory practices, and they are doing that she says. Institutions are saying ‘if you’re not going to be inclusive of everybody we’re pulling out.’
However, Scott Brison notes that while this is important, businesses must be careful and see the opportunity to lead by example in these places. “Economic engagement can lead to opportunities to engage on social issues.”
Brison goes on to note the importance of visible LGBT members in leadership roles, saying there is a responsibility to help make the lives of others better by being a role model.
Lisa Sherman agreed with this, adding the important role media has played and will continue to play in providing role models for young members of the LGBT community. Seeing people like you on tv has a significant impact she adds.
Barriers and change
The most promising measure for change? Millennials, according to Scott Brison. "They are going to be a force of remarkable change".
They will have a huge impact on decision making processes in organisations and governments, Bison notes. They are driving and will continue to drive change in terms of markets and consumer demand, and in terms of what they demand from their governments, he says.
Millennials are driving the change towards a more inclusive society Sherman adds.
Sander Noordende says the biggest barrier to inclusion is, “fear of the unknown, those who spread the fear, and worse of all, those who exploit it.”
We must work towards the inclusion of the T in LGBT Eric Vilain, Professor of Human Genetics at UCLA says.