LGBTQ Gen Z workers think their employers aren’t doing enough on inclusion

[Jessica_Rose]

LGBTQ Gen Z workers think their employers aren't doing enough on inclusion

https://www.msn.com/en-us/money/companies/lgbtq-gen-z-workers-think-their-employers-aren-t-doing-enough-on-inclusion/ar-BB1jKXGK?ocid=hpmsn&cvid=ed866380b6bd41f581ea7e875bdf0f7a&ei=32

Story by Paige McGlauflin, Emma Burleigh (12 March 2024)

As Gen Z becomes a force to be reckoned with in the working world, there's also a cohort within that group employers need to start paying attention to: young LGBTQ employees.

Around 20% of Gen Z adults identify as LGBTQ, compared to just 3% of Gen X. And young LGBTQ workers are expected to total around 10 million workers in less than 10 years.

But younger LGBTQ workers are not too happy with how their employers handle inclusion issues compared to their counterparts from older generations. Gen Z LGBTQ workers gave their organizations lower marks on things like fostering a sense of belonging, providing mentorship, and providing equitable benefits, according to a new report from professional services firm EY.

That's because that feeling of exclusion can easily turn into attrition. LGBTQ workers who gave their company lower scores were more likely to say they expected to leave within the year. The report estimates that if an average Fortune 500 company with more than 60,000 workers improved their practices and kept just 5% of the LGBTQ workers that they're currently losing, they could save around $4.2 million annually in retention costs.