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
4 million jobs added to Nepal’s economy in the past decade -Report
Nepal’s economy added nearly four million jobs over the past decade, and average job quality increased significantly, according to the World Bank’s recent Nepal Jobs Diagnostic report. But continued job creation, especially of wage jobs, is needed to absorb underutilized workers into better-quality, stable, and well-paid jobs. The economic disruption caused by the COVID-19 pandemic – while not addressed in this report – highlights the importance of increasing stable and secure employment in the post-pandemic recovery period.
Nepal’s economy has been gradually shifting from largely subsistence agriculture to more modern industry and services, and this structural transition is bringing better work opportunities for the labor force. Despite great strides, not all job seekers are able to access quality jobs, especially women. In the last decade, large numbers of men have entered jobs in construction, manufacturing, commerce and transportation, or have migrated abroad. Even though many of these are informal jobs or temporary wage jobs, they are nevertheless more productive and provide improved livelihoods compared to traditional low-productivity farm work. Women, on the other hand, have not transitioned in significant numbers. The share of wage work in Nepal jumped from 17 percent to 24 percent of total employment between 2008 and 2018, as nearly half of the jobs added since 2008 were wage jobs.
“The shift toward wage employment signals a fundamental change in Nepal’s economic development and is similar to patterns seen around the world. As economies diversify their production activities and increase scale economies, employment becomes more specialized and more productive, and jobs are increasingly based in firms rather than self-employment, and pay more,” stated Dr. Elizabeth Ruppert Bulmer, World Bank Lead Economist and main author of the report. “Urbanization amplifies these effects by concentrating economic activities while increasing the variety of products and services.”
Evidence from a combination of data sources – national labor force surveys from 1998, 2008 and 2018, the 2018 Economic Census, and a 2019 survey of 900 SMEs across 6 districts – points to a number of constraints to achieving better labor market outcomes in Nepal. One key impediment is Nepal’s dramatic topography, which makes access to wage jobs and to product markets costly. Most jobs are informal and concentrate in relatively low productivity sectors, while most firms are micro-sized with one or two employees, and target small local markets rather than exporting or connecting to regional or global value chains. In addition to credit constraints, many SMEs cite tax regulations, high taxes, scarce skills, and bureaucratic inefficiencies as obstacles to growth and therefore job creation.
Gendered social norms have limited female labor mobility and work opportunities, reflected by the fact that most women remain in unpaid work. Three-quarters of new jobs taken up by women between 2008 and 2018 were in non-wage self-employment or unpaid family work, much of which was farm work. Occupational segregation and social norms contribute to the large earnings gap between men and women, as per the report.
In order to improve job outcomes in Nepal, the report recommends policies focusing on fostering SME productivity and growth; improving the business environment and labor market policies; increasing the individual, family, and economy-wide benefits of international migration; and preparing and connecting women and youth to better jobs, including entrepreneurship.
“While the report does not address the shocks from COVID-19 experienced by Nepal’s economy and its people, it underscores the imminent priority for Nepal to save livelihoods of the most vulnerable workers, including those in subsistence agriculture and urban and rural informal day laborers or self-employed workers who lost their income sources,” states Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “The Government of Nepal has already initiated programs including the Youth Employment Transformation Initiative Project to address the immediate labor market challenges, and it is hoped that this analysis will further guide policy interventions to improve job outcomes as part of Nepal’s resilient recovery efforts from the crisis.”
Promoting Wellness Key to Developing Asia’s Post-COVID-19 Recovery
Policies that promote and facilitate health and overall wellness are vital for Asia and the Pacific’s recovery from the coronavirus disease (COVID-19) pandemic, according to the theme chapter of the Asian Development Outlook (ADO) 2020 Update released by the Asian Development Bank (ADB) today.
On top of the obvious health risks, the COVID-19 pandemic has increased inactivity, stress, and anxiety as lockdowns and layoffs heighten isolation, uncertainty, and economic hardships. The theme chapter, Wellness in Worrying Times, examines how wellness can help rebuild the human mind and body, and contribute to rebuilding the economy.
“Wellness involves the pursuit of activities that lead to holistic health, happiness, and well-being,” said ADB Chief Economist Yasuyuki Sawada. “The pandemic has had a significant negative impact on physical and mental health, and governments should incorporate wellness-promoting policies into their recovery plans to promote economic growth that will benefit both individuals and society.”
The report identifies a set of wellness measures across a range of policy domains including a healthy built environment, public infrastructure for physical recreation, healthy diet and nutrition, and a safe and healthy work environment. It explores how measures in these areas can contribute towards the region’s recovery from the pandemic and emphasizes the importance of a lifespan approach to wellness to safeguard long-term mental and physical health.
Governments in the region can support public infrastructure that promote wellness including walkways, bicycle lanes, parks, recreation centers, and free sporting facilities. This will increase the number of people who participate in recreational physical activities on a regular basis—currently at 33.2%—making them healthier. Public infrastructure and programs for wellness are especially important for poorer Asians, who usually lack access to private wellness facilities such as fitness centers.
Governments should also encourage healthy eating by improving consumer information and awareness of nutrition and diet. For instance, some governments in the region are already imposing higher taxes on sugary drinks and tobacco products, combined with regulations on nutritional information disclosure for food and beverage products and public awareness campaigns. This is important given that annual direct medical costs due to obesity are estimated at 0.8% of the region’s gross domestic product (GDP). Pursuing universal health coverage can amplify the benefits of wellness for all Asians.
Lastly, governments in Asia and the Pacific should strive to ensure a safe and healthy physical work environment for workers, especially in a post-COVID-19 scenario. In 2018, an estimated 2.3 million people died from work-related accidents and diseases worldwide, with the region accounting for over two-thirds of the total. The report notes that workers’ happiness can improve by 0.15 units (on a scale of 1 to 10) if per capita workplace wellness spending doubles from the $11 global average to $22—which could lead to increased productivity and output.
Wellness is a big part of the global and regional economy, highlighting its potential role in post-COVID-19 recovery efforts. Wellness-related industries account for about 5% of global GDP or $4.5 trillion in 2018, and about 11% of developing Asia’s GDP in 2017—and this is growing by about 10% annually. Wellness tourism, for instance, employed 3.74 million people in India, 1.78 million in the People’s Republic of China, and 530,000 in Thailand in 2017.
Developing Asia’s Economic Growth to Contract in 2020
Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report released by the Asian Development Bank (ADB) today.
The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s. Growth will rally to 6.8% in 2021, in part because growth will be measured relative to a weak 2020. This will still leave next year’s output below pre-COVID-19 projections, suggesting an “L”-shaped rather than a “V”-shaped recovery. About three-quarters of the region’s economies are expected to post negative growth in 2020.
“Most economies in the Asia and Pacific region can expect a difficult growth path for the rest of 2020,” said ADB Chief Economist Yasuyuki Sawada. “The economic threat posed by the COVID-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures. Consistent and coordinated steps to address the pandemic, with policy priorities focusing on protecting lives and livelihoods of people who are already most vulnerable, and ensuring the safe return to work and restart of business activities, will continue to be crucial to ensure the region’s eventual recovery is inclusive and sustainable.”
A prolonged COVID-19 pandemic remains the biggest downside risk to the region’s growth outlook this year and next year. To mitigate the risk, governments in the region have delivered wide-ranging policy responses, including policy support packages—mainly income support—amounting to $3.6 trillion, equivalent to about 15% of regional GDP.
Other downside risks arise from geopolitical tensions, including an escalation of the trade and technology conflict between the United States and the People’s Republic of China (PRC), as well as financial vulnerabilities that could be exacerbated by a prolonged pandemic.
The PRC is one of the few economies in the region bucking the downturn. It is expected to grow by 1.8% this year and 7.7% in 2021, with successful public health measures providing a platform for growth. In India, where lockdowns have stalled consumer and business spending, GDP contracted by a record 23.9% in the first quarter of its fiscal year (FY) and is forecast to shrink 9% in FY2020 before recovering by 8% in FY2021.
Subregions of developing Asia are expected to post negative growth this year, except East Asia which is forecast to expand by 1.3% and recover strongly to 7.0% in 2021. Some economies heavily reliant on trade and tourism, particularly in the Pacific and South Asia, face double-digit contractions this year. Forecasts suggest that most of developing Asia will recover next year, except for some economies in the Pacific including the Cook Islands, the Federated States of Micronesia, the Marshall Islands, Palau, Samoa, and Tonga.
The inflation forecast for developing Asia is revised downwards to 2.9% this year from 3.2% forecast in April, due to continued low oil prices and weak demand. Inflation for 2021 is expected to ease further to 2.3%.
The update to ADO 2020 features a theme chapter, Wellness in Worrying Times, which discusses the importance of wellness as communities recover from COVID-19’s toll on physical and mental health. The chapter explains that wellness can be an engine of inclusive economic growth if the region leverages its rich wellness traditions, and appropriate policies are promoted by governments.
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