Open for Business:

The Economic Case

Strengthening the Economic Case

The economic and business case for LGBTQ+ inclusion is central to the mission of Open for Business.

The economic case for inclusion comprises a comprehensive evidence base linking LGBTQ+ inclusion to better economic performance. The case outlines 27 Propositions across 3 categories of performance that synthesise a broad and fragmented evidence base into a clear and comprehensive economic case for LGBTQ+ inclusion.

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The evidence shows that open, inclusive and diverse societies are better for economic growth, and that discrimination on the basis of sexual orientation or gender identity can damage long-term economic prospects.

ECONOMIC PERFORMANCE

  • LGBTQ+ inclusive economies are more competitive

  • LGBTQ+ inclusion results in higher levels of entrepreneurship, creativity and innovation.

  • LGBTQ+ discrimination often goes hand-in-hand with corrupt practices and a lack of openness.

  • LGBTQ+ inclusion is associated with higher levels of direct investment.

  • LGBTQ+ discrimination may inhibit local companies from connecting to global markets.

  • LGBTQ+ discrimination results in a “brain drain” – the emigration of talented and skilled individuals.

  • LGBTQ+ discrimination leads to negative economic consequences as a result of poor health outcomes.

  • LGBTQ+ discrimination impacts perceptions on a world stage, which drive tourism, talent attraction and export markets for consumer goods.

  • LGBTQ+ discrimination leads to lower levels of national productivity.

  • LGBTQ+ inclusion signals a diverse and creative environment, which creates the right conditions for urban economic growth.

  • LGBTQ+ inclusive economies have higher levels of growth in Gross Domestic Product.

Stronger financial performance flows from the increased ability of LGBT+ inclusive companies to attract and retain talent, to innovate, and to build customer loyalty and brand strength.

BUSINESS PERFORMANCE

  • Companies that are more diverse and inclusive are better able to compete for talented employees.

  • Companies that are more diverse and inclusive have higher rates of retention of talented employees.

  • Companies that are more diverse and inclusive have higher levels of innovation and creativity.

  • Companies that are more diverse and inclusive create an atmosphere of trust and communication, which is essential for effective teamwork.

  • Companies that are more diverse and inclusive are better able to anticipate the needs of all customers, and to access a broader client base.

  • Companies that are LGBTQ+ inclusive are better placed to benefit from the large, growing, global spending power of LGBTQ+ consumers.

  • Companies that are more diverse and inclusive have greater brand appeal and loyalty with consumers who want socially responsible brands.

  • Companies that are LGBTQ+ inclusive have better share price performance, higher return on equity, higher market valuations and stronger cash flows.

Individuals working in open, diverse and inclusive environments tend to perform better. A culture of inclusion and diversity can boost individual performance – for everyone, not just LGBT+ individuals.

INDIVIDUAL PERFORMANCE

  • Individuals working in open, diverse, inclusive environments are able to be themselves, instead of concealing important aspects of themselves.

  • Individuals working in open, diverse, inclusive environments have higher levels of motivation.

  • Individuals working in open, diverse, inclusive environments have greater affinity with the values and culture of the workplace.

  • Individuals working in open, diverse, inclusive environments have higher levels of job satisfaction.

  • Individuals working in open, diverse, inclusive environments are free from discrimination – a cause of poor mental health and physical violence.

  • Individuals working in open, diverse, inclusive environments are more likely to speak up with suggestions to improve performance.

  • Individuals working in open, diverse, inclusive environments are more likely to go beyond their duties and make a contribution to the life and culture of the company.

  • Individuals working in open, diverse, inclusive environments have greater productivity – more efficient work with higher quality outputs.