While the majority (85%) of high performing LGBT+ employees feel comfortable being out at work – indicating that tremendous progress has been made in just a short time – most employers are still not doing all they can to support them and are missing out on the business growth opportunities true LGBT+ inclusion can drive.
New research by PwC and Out Leadership highlights a gap between what high potential LGBT+ employees want from their career and what employers offer. The report – Out to Succeed: Realising the full potential of your LGBT+ talent – is based on an international survey of 231 high-potential LGBT+ employees and 28 corporate leaders from Out Leadership member organisations.
Nearly three-quarters (74%) of the LGBT+ employees surveyed believe that being out has had a positive impact on their career opportunities and advancement, and 61% on their ability to do business and engage with customers.
Yet despite this, a significant proportion (39%) believe their organisation isn’t doing enough to encourage LGBT+ diversity in the workplace. And only 35% believe that their company leverages LGBT+ inclusion for business advantage.
Bob Moritz, Global Chairman, PwC, says:”For too many LGBT+ employees, many organisations still feel closeted. This hinders not only the organisations in recruiting and retention, but, more importantly, this hinders the careers of LGBT+ professionals. All of us need to create inclusive environments where LGBT+ talent can feel safe, free to be their true selves, and fully participate in the workplace. A good leader must represent the greater good and inspire others to do the same. Being an active advocate and ally for LGBT+ equality and inclusion is a clear case in point. Leaders can’t hide or ignore these issues – this is where we must act, where we must be loud in our support for LGBT+ colleagues.”
Career progression and reputation matter
All the LGBT+ employees surveyed said career progression is important to them. Yet, only 29% of the employers surveyed have programmes specifically focused on the retention of LGBT+ talent. And only 12% of LGBT+ employees are aware that such programmes exist within their organisation. In addition, while nearly 60% of employers say they take steps to create a pathway to senior management for LGBT+ people, only 43% of employees believe this is the case. To help LGBT+ talent reach their full potential, organisations need to put the right programmes in place and communicate them widely.
The shortfall in support for LGBT+ talent is further highlighted by how few of the employees have LGBT+ mentors (28%) or LGBT+ sponsors (10%). For people who’ve traditionally been underrepresented in management or who may lack the confidence to push themselves forward, this kind of active support is especially valuable for their career progression.
But a focus on career progression alone isn’t enough to be a magnet for LGBT+ talent. Nearly all (99%) of the LGBT+ employees surveyed cited an organisation’s reputation as a fair and equal employer as important when deciding where to work. Surprisingly, 43% of employers don’t see this as a prominent factor in their ability to attract LGBT+ talent.
Why LGBT+ inclusion makes business sense
The business case for LGBT+ inclusion comes through loud and clear from the survey. A key benefit includes a stronger brand. 83% of the LGBT+ employees surveyed believe that having an openly supportive focus on LGBT+ has improved their organisation’s place in the market by being recognised as an inclusive employer. Almost all (96%) the 28 employers surveyed agree.
Around two-thirds (67%) of employees believe that having a supportive focus on LGBT+ has given their organisation a better understanding of customers’ wants and needs by better matching their diversity and life experiences. Employers agree even more strongly, with 89% believing that a supportive LGBT+ focus has enabled them to gain a better understanding of customer demands.
Todd Sears, Founder and Principal, Out Leadership, says:”‘Out to Succeed’ demonstrates that the investment global business has made in the development of the next generation of LGBT+ talent is already paying off, and that further investment is warranted. Just over 60% of LGBT+ employees surveyed say that being openly LGBT+ has been an asset in their field, representing an enormous sea change from ‘The Power of Out 2.0,’ the study we released with the Center for Talent Innovation just 5 years ago. At that time, we reported that just 9% of LGBT+ women and 17%+ of LGBT+ men thought their orientation was an asset. The game has changed, but many companies are still missing out on significant opportunities to drive business through inclusion.”
By actively focusing on LGBT+ inclusion, organisations can reap the following benefits:
Access to a huge market: The global spending power of LGBT+ consumers estimated to be more than $5 trillion a year. Even bigger is what Out Leadership calls the ‘Ally Marketplace’, those consumers who identify as allies to the LGBT+ community, which could reach 8-10 times the size of the LGBT+ market.
Brand influencer: 78% of LGBT+ people and their friends, family and relatives would switch to brands that are known to be LGBT+ friendly. Here again, allies are an important and influential component.
Equality attracts talent: More than 80% of LGBT+ and non-LGBT+ millennials (people born between 1980 and 1995) say that an employer’s policy on diversity, LGBT+ equality and workforce inclusion is an important factor when deciding whether to work for them.
Boost to share performance: A number of companies have created portfolios to invest in LGBT+ friendly companies, showing that overall such companies outperform the market. The Workplace Equality Index which measures the share performance of corporations that support fairness and equality for LGBT+ employees, outperformed the S&P 500 Index return from in the ten years up to 2016.
Five ways forward
The report sets out five areas organisations should focus on to support LGBT+ equality:
- Set the right tone from the top and engage CEOs
- Create clear pathways for career progression
- Stand up and advocate for equality
- Build and empower ally networks
- Create inclusive communications
To download the report, visit www.pwc.com/talent
Canada has the most comprehensive and elaborate migration system, but some challenges remain
Canada has the largest and most comprehensive and elaborate skilled labour migration system in the OECD, according to a new OECD report.
Recruiting Immigrant Workers: Canada 2019 finds that Canada admits the largest number of skilled labour migrants in the OECD. Additionally, Canada also has the most carefully designed and longest-standing skilled migration system in the OECD. It is widely perceived as a benchmark for other countries, and its success is evidenced by good integration outcomes. Canada also boasts the largest share of highly educated immigrants in the OECD as well as high levels of public acceptance of migration. In addition, it is seen as an appealing country of destination for potential migrants.
According to the OECD, Express Entry – the two-step Expression of Interest system for federal permanent labour migration introduced in 2015 – has greatly improved efficiency and the effectiveness of permanent labour migration management. It allows for ranking migrants for selection from a pool of eligible candidates. A unique feature of the Canadian model, in contrast to other selection procedures, is the degree of refinement in the ranking of candidates eligible for immigration. It considers positive interactions of skills, such as between language proficiency and the ability to transfer prior foreign work experience to the Canadian context.
The OECD report stresses that core to Canada’s success is not only its elaborate selection system, but also the comprehensive infrastructure upon which it is built, which ensures constant testing, monitoring and adaptation of its parameters. This includes a comprehensive data infrastructure, the capacity to analyse such data, and subsequent swift policy reaction to new evidence and emerging challenges. Recent reforms addressed several initial shortcomings in the Express Entry system, such as too many points being attributed for a job offer (which led to a high intake of migrants working in the hospitality sector, for instance), and which were subsequently reduced. The current selection system focuses on human capital factors such as age, language proficiency and education and is largely supply driven – meaning that most labour immigrants are admitted without a job offer – in contrast to the majority of other OECD countries.
To further strengthen the system, Canada should address some remaining inconsistencies. For instance, entry criteria to the pool are not well aligned with final selection criteria and language requirements for several groups of onshore candidates are lower than for those coming from abroad. In addition, a specific programme designed to attract tradespeople allows migration for only a few occupations and not necessarily where there are shortages, which contrasts with its original objectives. Providing for a single entry grid based on the core criteria for ultimate selection would simplify the system and ensure common standards.
The management of permanent labour migration is shared between Canada’s federal and provincial/territorial (PT) governments. The increasingly significant role played by regional governments in selection and integration has resulted in a more balanced geographic distribution of migrants across the country. PT-selected migrants have a lower skills profile than federally selected migrants but boast better initial labour market outcomes and high retention. The OECD also recommends considering a provincial temporary foreign worker pilot programme, to allow PTs to better respond to regional cyclical or seasonal labour needs that are not otherwise met, without the need to resort to permanent migration through provincial nomination.
Most of the provincial nominees – like their federally selected counterparts – settle in metropolitan and agglomeration areas, a development that Canada is currently addressing with an innovative rural community-driven programme. This includes a whole-of-family approach to integration, designed to enhance retention. Indeed, the report notes that Canada has been at the forefront of testing new, holistic approaches to managing labour migration and linking it with settlement services, especially in areas with demographic challenges.
Maintaining Economic Stability in Lao PDR
Economic growth in Lao PDR is projected to rebound to 6.5 percent in 2019, up from 6.3 percent in 2018. Growth is expected to be driven by the construction sector, supported by investments in large infrastructure projects, and a resilient services sector, led by wholesale and retail trade growth. Against the backdrop of challenging domestic and external environments, the Government of Lao PDR has remained committed to fiscal consolidation by tightening public expenditure and improving revenue administration, according to the latest edition of the World Bank’s Lao Economic Monitor, released today.
Fiscal consolidation is expected to result in a decline in the budget deficit to 4.3 percent of GDP in 2019 down from 4.4 percent in 2018, driven by tighter control of the public wage bill and capital spending. This is expected to keep public expenditure stable at around 20 percent of GDP in 2019. The revenue to GDP ratio is projected to improve slightly in 2019 thanks to efforts to strengthen revenue administration and the legal framework. Looking forward, public debt is expected to decline from 57.2 percent of GDP in 2018 to 55.5 percent of GDP in 2021. The outlook until 2021 is subject to increasing downside risks.
“Strengthening revenue collection is important to create fiscal space and reduce the burden of public debt,” said Nicola Pontara, World Bank Country Manager for Lao PDR. “Looking forward, it will be important to improve the business environment to support private sector development, including the growth of small and medium enterprises. These measures can contribute to maintaining a stable macroeconomic environment, promoting job creation and reducing poverty and inequality.”
The report includes a thematic section that summarizes the perceptions of small and medium enterprises (SMEs) on the business environment, based on the data of the World Bank Enterprise Survey. The key constraints reported by SMEs include access to finance, competition with informal firms – such as those that are not registered and do not comply with regulations – and electricity outages. The report maintains that strengthening the performance of SMEs can improve the quality of jobs, raise incomes, and contribute to the greater well-being of the Lao people.
The Lao Economic Monitor is published twice yearly by the World Bank Office in Lao PDR.
Economic woes hold sway over geopolitics
While geopolitical tensions in the Middle East Gulf remain high, with US sanctions recently extended to more Iranian officials and a Chinese oil importer, as well as another tanker seizure, oil prices (Brent) have eased back from the most recent high of $67/bbl. Shipping operations are at normal levels, albeit with higher insurance costs. The messages from various parties that vessels will be protected to the greatest extent possible, and the IEA’s recent statement that it is closely monitoring the oil security position in the Strait of Hormuz will have provided some reassurance.
There have been concerns about the health of the global economy expressed in recent editions of this Report and shown by reduced expectations for oil demand growth. Now, the situation is becoming even more uncertain: the US-China trade dispute remains unresolved and in September new tariffs are due to be imposed. Tension between the two has increased further this week, reflected in heavy falls for stock and commodity markets. Oil prices have been caught up in the retreat, falling to below $57/bbl earlier this week. In this Report, we took into account the International Monetary Fund’s recent downgrading of the economic outlook: they reduced by 0.1 percentage points for both 2019 and 2020 their forecast for global GDP growth to 3.2% and 3.5%, respectively.
Oil demand growth estimates have already been cut back sharply: in 1H19, we saw an increase of only 0.6 mb/d, with China the sole source of significant growth at 0.5 mb/d. Two other major markets, India and the United States, both saw demand rise by only 0.1 mb/d. For the OECD as a whole, demand has fallen for three successive quarters. In this Report, growth estimates for 2019 and 2020 have been revised down by 0.1 mb/d to 1.1 mb/d and 1.3 mb/d, respectively. There have been minor upward revisions to baseline data for 2018 and 2019 but our total number for 2019 demand is unchanged at 100.4 mb/d, incorporating a modest upgrade to our estimate for 1Q19 offset by a decrease for 3Q19. The outlook is fragile with a greater likelihood of a downward revision than an upward one.
In the meantime, the short term market balance has been tightened slightly by the reduction in supply from OPEC countries. Production fell in July by 0.2 mb/d, and it was backed up by additional cuts of 0.1 mb/d by the ten non-OPEC countries included in the OPEC+ agreement. In a clear sign of its determination to support market re-balancing, Saudi Arabia’s production was 0.7 mb/d lower than the level allowed by the output agreement. If the July level of OPEC crude oil production at 29.7 mb/d is maintained through 2019, the implied stock draw in 2H19 is 0.7 mb/d, helped also by a slower rate of non-OPEC production growth. However, this is a temporary phenomenon because our outlook for very strong non-OPEC production growth next year is unaltered at 2.2 mb/d. Under our current assumptions, in 2020, the oil market will be well supplied.
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