Nearly two-thirds (64%) of LGBTQ+ professionals are more likely to pursue job opportunities with organisations that have been assessed for LGBTQ+ sensitivity and inclusion, as are 55% of allies, according to a new study by LGBT Great. The study also reveals that 63% of LGBTQ+ talent feel more comfortable applying when hiring panels include visibly LGBTQ+ individuals and are trained in diversity, equity, and inclusion (DE&I).
LGBT Great, a global diversity and inclusion organisation with members including Aon, Legal & General, St. James’s Place Wealth Management, Citi, Schroders, Fidelity and Calisen, today launches its global report, Redefining the Future: LGBTQ+ Talent Attraction and Perception1. The report underscores critical insights into the perceptions, priorities, and challenges faced by LGBTQ+ professionals in the workplace, providing actionable strategies for organisations to foster authentic inclusion.
Understanding LGBTQ+ talent priorities
The report, based on data from over 1,830 respondents across seven countries, sheds light on the priorities influencing LGBTQ+ professionals’ employment decisions across all industries:
- Top priorities: 21% of LGBTQ+ talent prioritise compensation and benefits, followed by job security (15%) and work/life balance (15%).
- Biggest deterrents: A highly competitive and fast-paced working environment deters 18% of LGBTQ+ talent.
- Retention challenges: One in two LGBTQ+ professionals would consider leaving their employer for a more inclusive organisation.
- Diversity hiring targets: 60% of LGBTQ+ talent said they would be positively influenced to apply to a firm that had formal diversity hiring targets and visible LGBTQ+ content.
Matt Cameron (he/him), Founder and Chief Executive of LGBT Great said: “Our report aims to redefine the narrative by equipping organisations with the tools, data and insights to foster authentic belonging and create workplaces where every identity can thrive. Firms that prioritise LGBTQ+ sensitivity and inclusion not only create better environments but also gain a significant competitive edge in attracting both LGBTQ+ talent and their allies.
“To attract under-represented talent, inclusion must go beyond policy, it requires authentic action and visible advocacy. This is not just the right thing to do, but a business and reputational imperative for firms that want to stay competitive. LGBTQ+ talent seek more than just a job; they are looking for workplaces where they bring their full selves, where all identities are respected and where they can see others like them.”
LGBT Great now has over 70 member firms since launching in 2019; the study reinforces its mission to empower 5,000 workplaces and 5 million people by 2035 to become authentically inclusive. Its membership now encompasses industries from financial services, asset management, energy, legal, banking, and construction. LGBT Great has raised inclusion standards through education, visibility, community engagement, and its flagship Inclusion Index Benchmarking Tool (iiBT).
Disclosure of sexual orientation and gender identity in the workplace
One in three (33%) of all respondents said they would not feel comfortable disclosing their sexual orientation at any stage at work (and 18% for gender identity). LGBTQ+ talent was 2.5x more likely to express concerns about DE&I data disclosure compared to their non-LGBTQ+ counterparts.
The most significant reason for not disclosing diversity data was prejudice and social stigma, cited by nearly half (46%) of trans, non-binary, and intersex talent. Additionally, 40% expressed concerns about the lack of clarity regarding how companies would use their data, as well as potential discrimination from colleagues. However, 64% of LGBTQ+ talent and 55% of allies report being more likely to apply to and firms that have undergone an LGBTQ+ assessment.
Engaging allies in the workplace
The study also highlights the critical role of allies in driving inclusion. In comparison to non-allies, allies are 28% more comfortable applying if hiring panels include visible LGBTQ+ individuals and are DE&I-trained. Furthermore, allies are 22% more likely to apply to firms with formal public diversity hiring targets.
The LGBTQ+ view of the financial services industry
Focusing on the financial services industry, the study revealed that 40% of Gen Z LGBTQ+ talent believe leaders and executives in the industry are not effective allies to the LGBTQ+ community. Overall, 1 in 5 LGBTQ+ respondents shared this sentiment. This issue is likely to intensify as Gen Z, the most diverse generation to enter the workforce—with 17% of global respondents identifying as LGBTQ+—continues to shape the future of work. The study also found:
- Confidence in ability but perception challenges: While 70% of LGBTQ+ talent agreed the financial services industry offers attractive compensation and benefits, they remain nearly two times more likely than non-LGBTQ+ talent to view the sector as having an unhealthy work/life balance.
- Concerns about diversity and inclusion: LGBTQ+ talent are three times more likely to strongly agree that financial services lacks diversity (increasing to 3.3 times among those with FS experience) and are 2.5 times more likely to express concerns about disclosing diversity data compared to their non-LGBTQ+ peers.
- Not inclusive: One in five (22%) LGBTQ+ professionals perceive the financial services industry as not inclusive of all sexual orientations and gender identities.
- Cultural challenges: 23% believe LGBTQ+ talent is not comfortable being “out” at work, and 29% are unsure, while a further 23% view its culture as unappealing.
Erika Irish-Brown (She/Her), Chief Diversity, Equity and Inclusion Officer and Global Head of Talent, Citi (an LGBT Great member firm) said: “At Citi, we believe that understanding the unique needs and perspectives of a diverse talent marketplace is essential to attracting the best talent from all backgrounds. This research is vital for staying ahead of trends, ensuring we attract top talent and driving innovation by cultivating workplaces where everyone can thrive. We are committed to fostering inclusion; we are proud of our programs that support Citi’s LGBTQIA+ colleagues and allies across the globe, and advance community, development, mentorship and mutual understanding”.
By partnering with organisations dedicated to meaningful change, LGBT Great envisions a future where inclusivity is not only an aspiration but a lived reality across all industries – because when your people prosper, everyone thrives.
For more information or to download the full report, visit LGBT Great.
1 The study was based on a hybrid research methodology, researching 1,832 respondents across seven countries (UK, US, Hong Kong, Singapore, Germany, France and India – these markets represented the regions of EMEA, APAC and North America and were chosen together with member firms) and ran multiple focus groups to collate data comprehensively. Of the 1,832 respondents, 754 self-identified as LGBTQ+ (Lesbian, Gay, Bisexual, Transgender, Queer or Questioning) and 1,078 as non-LGBTQ+ and 369 self-identified as an ally to LGBTQ+ people.
2 Ipsos, ‘Pride Survey’ (2024)