INvolve, the global network championing diversity and inclusion (D&I) in business, is calling for companies to set targets to increase LGBT+ representation in the C-suite.
Several companies have published public targets for gender and ethnically diverse representation, but not for LGBT+, leaving this group of employees out in the cold when it comes to holding companies to account on diversity with hard data. There are currently just four publicly out LGBT+ CEOs of Fortune 500 companies and no publicly out LGBT+ CEOs in the FTSE 100. These figures haven’t improved for several years. In fact, there are now fewer LGBT+ CEOs in the FTSE 100 than in 2018.
In recognising that representation across the globe needs to change, INvolve is also urging companies to collect data on LGBT+ individuals across the organisation, including board and executive levels, just as they do for gender and race. Additionally, it wants companies to set targets for LGBT+ representation when it comes to pipelining and candidate slates for leadership positions.
OUTSTANDING LGBT+ LEADERS
The call for targets comes as INvolve revealed its OUTstanding LGBT+ Role Models Lists, supported by Yahoo Finance, yesterday. The lists celebrates business professionals playing a key role in breaking down barriers at work for LGBT+ individuals; and using their positions to keep D&I at the top of the agenda.
Now in their eighth year, the OUTstanding lists celebrate LGBT+ leaders in business. They are also helping to change perceptions and support more LGBT+ individuals to rise to the top of their organisations. Commenting on this year’s lists, INvolve’s Founder and CEO Suki Sandhu stated: “These lists demonstrate that you can be successful and out at work, but most importantly also inspire the next generation of LGBT+ leaders to reach these senior positions”.
Sandhu wants leaders to ensure that LGBT+ inclusion remains a top priority and not fall behind other areas of inclusion, but instead joins the general call for accountability and action. INvolve believes that targets is one way to achieve this, which will also help to improve LGBT+ representation in the C-suite.
BARRIERS TO PROMOTION
As individuals rise through a company, there is greater expectation for professional and personal lives to overlap, through social and networking events. Personal lives will be under scrutiny both publicly, and within the company itself; and for professionals who are not out, this has the potential to be a barrier to promotion. Potential senior leaders may find it hard to be out and in a senior leadership position, particularly those in international organisations where they have operations in countries where LGBT+ rights are not respected, points out Involve’s Sandhu.
“Companies need to be vocal on LGBT+ rights everywhere and show their support for the issues in all the regions they operate in,” continued Sandhu. “LGBT+ professionals are managing an array of obstacles alongside the pressures of their day jobs; from overcoming bias or discrimination or having to deal with the mental and emotional impact of coming out repeatedly to colleagues and clients. It’s our role to ensure LGBT+ professionals have that access and opportunity to climb the corporate ladder.”
High flying professionals from over 20 different countries made this year’s OUTstanding Role Model Lists, illustrating the positive impact that so many business professionals are having in actioning meaningful change for LGBT+ issues. Click here to read more.
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