What is Pride?

Pride month is a global movement and has gained considerable traction across the world since getting started. A key reason for its success has been the passion and resilience of the LGBT+ community but also the support it has received from visible and vocal allies.

It is very important to recognise that Pride celebrates all identities and brings the community together. This means not just sexual orientations but gender identities too.

It is clear that the investment and pensions industry has a long way to go with regards to diversity, equity and inclusion. Only approximately3% of our workforce identifies as LGBT+, with a heavy skew towards the ‘G’. Over 30% choose not to be out to senior colleagues because they fear a risk to their career progression, and 49% said that they didn't feel fully supported by colleagues or leadership when they came out at work. These numbers have to improve and supporting Pride and encouraging allyship regularly are key ways organisations can start to get ahead.

Why are allies important?

Our research indicates that 92% of LGBT+ employees working in the industry say that visible support from senior level executives. Impactful allies are essential as they help us to dismantle stereotypes and provide valuable support to under-represented diversities who may not have the power, status or opportunity to influence institutional and systemic change. At LGBT Great, we refer consistently to ‘TheFive Traits of Impactful Allyship’. These are: self-discovery, empathy, courage, responsibility and persistence as key tools to help influencegreater visible and authentic support for our community.

This support has never been more vital than it is today. The coronavirus pandemic has prevented many Pride events taking place at all. The issue of gender identity is increasingly contentious for many governments and societies including the western world.

Transgenderand non-binary people are barely recognised at all and are facing unprecedented levels of discrimination and persecution. Despite these adversities, there are specific things organisations can do to ensure LGBT+ talent doesn’t feel isolated or alone.

What can you do?

1. Create a plan: building a practical LGBT+ diversity and inclusion plan means creating clear roles and accountabilities for executive leadersto sponsor and to drive. Visible allies play a critical role in helping to create psychological safety for employees, and are a key way to develop the corporate allyship that really matters to the community. Using a framework is a good way to focus hearts and minds on the tasks at hand.

2. Encourage authentic visibility: LGBT Great is proud to work with executive leaders across our industry and this year we are recognising one hundred influential allies for their leadership on the diversity, inclusion and equity agenda in our Top 100. This year we will also recognise ten leaders who are excelling in their allyship to others and demonstrating clear support to the LGBT+ community within their organisations in our inaugural Allies Awards. The Top 100 is one of our positive action initiatives to achieve our mission of one thousand visible role models and allies at all levels within five years. It’s a tall order but, together, I am confident that we can achieve it.

About LGBT Great

LGBT Great is a global diversity and inclusion membership organisation that are specialists in supporting businesses to develop corporate allyship, visibility and outreach. To join our push to achieve our mission and become a visible supporter of LGBT+ diversity and inclusion within your firm please sign up here.