Issue #31 Monday, 13 November 2023
Dear Subscriber,
Welcome to Trans Awareness Week 2023 and the latest issue of the LGBT Great News Digest, a short briefing on the 5 LGBTQ+ news stories that you need to know about right now. Firstly, here are three upcoming LGBT Great updates for you:
1 – 2023 Top 10 Trans and Non-Binary Role Models Launching Soon
2 – Trans and Non-Binary Inclusion Guide This report was led by LGBT Great with its Member Firms to lay out the importance of trans and non-binary DE&I. The report aims to shine a light on existing work, make a bold new case for change, and provide some valuable tools for organisations, teams and leaders to leverage. Download your copy.
3 – Secure Your Tickets for the 2023 End of Year Reception After a rip-roaring success last year, we are delighted to invite you to our End of Year Reception 2023! This exciting community event will allow you to meet and connect with your peers, reflect on 2023, and give you the inside scoop on 2024's initiatives.You will also hear from some of our LGBTQ+ Women Role Models.Secure your tickets now.
Finally, stay tuned for a big 2024 announcement at noon tomorrow. Best wishes, LGBT Great Team ___ Enjoyed this Digest? Click HERE to provide your feedback. |
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| 1. UK investment industry launches diversity "code" |
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On 11 October 2023, the CFA Institute launched a voluntary DE&I code for the investment industry in the UK. Signatories commit to 6 principles of DE&I revolving around talent pipelines, equitable hiring, promotion and retention, industry-wide DE&I outcomes, and progress reporting. _____ Our View: In March 2023, a CFA UK survey revealed that 65% of respondents said that discrimination they had faced at work affected their career progression, with 41% saying gender equality and 36% saying race equality needed to improve in the industry.
LGBT Great commends the CFA’s swift reaction in developing and implementing a code to drive inclusion in response to the survey findings. |
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| 2. Study finds 65% LGBTQ+ respondents feel a need to hide their identity |
| A recently released DE&I study conducted by Hays, which surveyed 5.350 employees across the UK, found that 65% of LGBTQ+ respondents felt a need to hide an aspect of their identity due to the fear of judgement. Moreover, 48% of LGBTQ+ respondents also said that their career progression had been limited due to their identity. _____ Our View: These findings paint a concerning picture and reiterate the persisting lack of psychological safety and equitable outcomes for underrepresented groups in the workplace.
This clear human case for DE&I is supported by the wealth of literature and studies that outline the very real commercial benefit of working to improve inclusion and pyschological safety. Organisational culture that prioritises DE&I has consistently shown to drive innovation and financial gains.
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| 3. Virigina elects first trans lawmaker |
| On 7 November 2023, Danica Roem, the Virginia State democrat delegate, won her race to the state Senate by a 51.2-48.2 margin. This makes her the first transgender lawmaker in the southern states. _____ Our View:. In her road to victory, Danica beat her competitor Bill Woolf, whose campaign advocated for the exclusion of trans people in sport.
Lately, the US has been particularly belligerent toward the trans community, but this victory is a fitting reflection of pokcets of shifting public opinion in favour of trans equality.
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| 4. Kenya to lose billions if anti-LGBTQ+ law enacted |
| On 09 October 2023, social scientist and economist Fred Ogola released a report that predicted an economic loss of $28.13 billion for Kenya if the nation passes a harsh anti-LGBTQ+ 'Family Protection Bill', which mirrors Uganda’s recent legislation. _____ Our View: A report by the CFE found that human rights abuses by private individuals against the Ugandan LGBTQ+ community had drastically increased since the passing of the anti-LGBTQ+ bill. Furthermore, resulting economic sanctions by global institutions and Ugandan trade partners have also exacerbated many of the challengse facing the Ugandan economy.
All evidence indicates that Kenya would suffer drastic political and economic consequences if it goes down the same road as Uganda and passes the Family Protection Bill.
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| 5. 20% drop in number of employees who believe that their coworkers act as allies when needed |
| A new workplace culture report released in 2023 by Emtrain analysed sentiments from one million employees using 16 workplace social indicators across three years. It found a 20% drop in the number of employees who believed that people in the organisation acted as allies when needed. In almost every other case, employee sentiment had worsened as well. _____ Our View: Another report released by SHRM in 2022 noted, ‘workplace culture will spell the difference between success and failure in a post-pandemic world.’ Considering the Emtrain and SHRM findings in tandem, one notes a tension between the increasing importance of workplace culture and a regression in employee sentiment.
Employers who genuinely prioritise their workforce's mental, physical and psychological health and take active steps to better understand and improve these are set to see better long-term results and outcomes.
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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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