Issue #26 Monday, 4 September 2023
Dear Subscriber,
Welcome to this *special* edition of the LGBT Great News Digest, focusing on the latest data around LGBTQ+ talent attraction and retention.
We know that the LGBTQ+ community remains underrepresented across financial and professional services. As part of our overarching mission to empower 1 million people through our programmes and initiatives by 2030, LGBT Great is committed to empowering LGBTQ+ talent to find more opportunities at LGBTQ+ inclusive organisations, and to be more comfortable sharing their stories. We know that visibility matters and that what we see, we begin to believe we can be.
With that in mind, stay tuned for an exciting update from LGBT Great tomorrow (5th September) about LGBT Great Careers and how we will work with our Members to build a new pipeline of talent for the financial and professional services industry.
In the meantime, click HERE to become an LGBT Great Careers Organisational Partner.
Best wishes, LGBT Great Team ___ Enjoyed this Digest? Click HERE to provide feedback. |
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| 1. LGBT Great survey finds hiring managers not well-versed in LGBTQ+ DE&I |
| LGBT Great recently conducted a series of in-depth interviews with talent acquisition senior leaders across our Member community. We found that 60% did not consider hiring managers to be "well-versed in LGBTQ+ DE&I". _____ Our view: We found that a majority of respondents expressed views that they were likely/very likely to explore dedicated LGBTQ+ talent attraction programmes.
With that in mind, our new LGBT Great Careers platform provides a unique opportunity for talent to identify opportunities at LGBTQ+ inclusive organisations. Secondly, the platform supports and organisations to better understand the demographic make-up of their talent pools and offers hiring managers and decision-makers access to targeted insights and resources to offset what is a clear knowledge deficit across the industry.
For more information on LGBT Great's market insights, get in touch with alex@lgbtgreat.com
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| 2. Study finds only 16% organisations meeting their diversity hiring targets |
| On 13 February 2023, GEM released a report identifying forward-looking recruitment trends for 2023. They found that 54% of smaller organisations and 76% of larger organisations had formal diversity hiring goals or initiatives in place, yet only 16% reported meeting them. The barriers for these organisations were finding underrepresented talent (53%), moving them through the hiring funnel (29%) and retaining them (17%). _____ Our View: This data paints an intriguing picture, highlighting the increasing importance of DEIB hiring with a concurrent struggle in recruiting diverse talent.
54% of the respondents also said that DEIB hiring should be the top recruitment focus for 2023 while 20% expressed difficulty in meeting diversity hiring targets.
LGBT Great is here to support! Explore opportunities with LGBT Great Careers by joining our talent pool or by posting jobs through our Platform. #ProudWork
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| 3. Report finds 1/3rd LGBTQ+ employees seeking new job with new employer |
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On 22 June 2023, Deloitte released an LGBTQ+ inclusion work report surveying 5,400 non-deloitte employees across 13 countries and various industries. The study found that 33% of LGBTQ+ employees were actively looking for a new job with a new employer. For ethnic minorities, the percentage soared to more than 50%. _____ Our View: This study is a helpful reminder of the importance of maintaining an intersectional appraoch to DE&I. With 69% of the respondents also citing workforce diversity as a top consideration when seeking a new employer, it is clear that intersectionality remains a front of mind issue for hiring teams and potential talent alike. |
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| 4. 80% of Gen Z planning to move jobs in the UK in 2023 |
| A LinkedIn surveyrevealed that 80% of Gen Z employees reported planning to change jobs in the UK, citing the primary influencing factor as a need for better pay. Roughly 80% of the respondents reported to consider their work ‘unfulfilling’ and lacking in a greater purpose. _____ Our View: With the most values-driven generation ever hitting the work-force, employers of all shapes and sizes need to consider not just technical components of roles, but also the culture and environment into which they are welcoming talent. Indeed, another recent survey found that 75% of Gen Z would reconsider applying at a company if they were unsatisfied with its D&I efforts. As a Deloitte article succinctly notes: ‘Entire industries and businesses will rise and fall in the wake of Gen Z’.
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| 5. 66% of US senior financial services employees says it will quit if asked to return to the office 5-days a week |
| On 01 August 2023, a new Deloitte report was released which surveyed 700 senior US financial services employees. It found that 2/3rd of the respondents who currently work in hybrid models would leave their job if they were made to return to the office 5-days a week. _____ Our View: The evidence unequivocally conveys that employees prefer a hybrid and flexible working model in the financial services, and beyond.
It is interesting to note that 64% of the respondents also reported that it improved their relationship with their partner/spouse or other family members. A similar WEF report found that 83% of employees prioritise flexible working hours and 71% of employees prioritise flexible working locations.
We know that hybrid is here to stay, but anecdotally we continue to see organisations struggling to realise an effective balance for their employees.
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.Applications for new Corporate Members are currently open. If you would like to find out more about the membership options with LGBT Great, get in touch today via this short form. |
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Disclaimer The information contained in this newsletter is for general information purposes only. The information is provided by LGBT Great and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the newsletter or the information, products, services, or related graphics contained in the newsletter for any purpose. All the quotations in the news are presented as originally published. LGBT Great does not necessarily share the views of the quoted authors and is not responsible for the accuracy of the information or quality of the analysis provided by them. Any reliance you place on such information is therefore strictly at your own risk. |
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