LGBT discrimination accounts for part of the $64 billion a year loss that companies experience due to discrimination in the workplace (Burns, 2012). This cost trickles down to you, the employee. When companies lose money, you lose money.
But How Is Money Lost By Discrimination?
Business that discriminate based on characteristics that are not job performance related are not retaining the most qualified and creative employees. Successful companies that hire and retain the most qualified and creative individuals produce the highest profits which are then passed on to you.
Affects On Productivity
LGBT employees that are discriminated against are less committed to their employer and less productive due to hostile work environments. Burns (2012) reports that hostile work environments cost companies $1.4 billion annually due to a reduction in gay and lesbian workers’ productivity.
Increased Economic Benefit
This graph illustrates how economists believe in the relationship between diversity and increased economic benefit. Also, allies of the LGBT community are noticing which businesses have inclusive nondiscrimination policies and choosing to support those businesses.
Zimpfer (2015) found that 71% of small business owners in Missouri support inclusive discrimination legislation due to the economic benefit. Also, Steph Perkins of PROMO states that over 1000 Missouri businesses support this same legislation. Many businesses think that this would help the case for business because they would have increased productivity thus being able to pay more to their employees. Workers in a supportive encouraging environment tend to be happy and able to be more productive in this type of work environment.
Here are some additional articles that explain the costly affects of LGBT discrimination.