The economic impact of LGBT+ discrimination is significant, affecting both individuals and the economy as a whole. Intolerance against LGBT+ employees can lead to lost productivity, increased healthcare costs, and decreased tax revenue. A report by the Williams Institute estimated that workplace discrimination against LGBT+ employees costs the US economy $9.1 billion to $9.6 billion annually.
Lost Productivity Due to Discrimination
LGBT+ bias can cause stress, anxiety, and depression among employees, leading to decreased motivation and engagement. According to a report by the Center for American Progress, LGBT+ employees who experience discrimination are more likely to miss work, resulting in lost productivity. Additionally, it can lead to high turnover rates, which can be costly for companies. A study by the Human Rights Campaign found that 31% of LGBT+ employees have left a job due to workplace intolerance.
Increased Healthcare Costs
Intolerance against LGBT+ employees can also lead to increased healthcare costs. LGBT+ employees who experience discrimination may be more likely to experience health problems such as depression, anxiety, and substance abuse. These health problems can lead to increased healthcare costs for both the employee and the employer. According to a report by the National Bureau of Economic Research, prejudice against LGBT+ employees can lead to increased healthcare costs of up to $4,000 per person per year.
Decreased Tax Revenue
Bias against LGBT+ employees can also lead to decreased tax revenue for governments. LGBT+ employees who experience discrimination may be more likely to leave their jobs or be unemployed, leading to decreased tax revenue. Additionally, companies may choose to relocate to areas where there are fewer anti-discrimination laws, leading to decreased tax revenue for the government. According to the Williams Institute report, workplace discrimination against LGBT+ employees can lead to decreased tax revenue of up to $1.3 billion annually.
The Williams Institute Report on LGBT+
The Williams Institute report provides valuable insights into the economic impact of LGBT+ discrimination. The report estimated that workplace intolerance against LGBT+ employees costs the US economy $9.1 billion to $9.6 billion annually. Additionally, the report found that anti-discrimination laws can lead to increased productivity and decreased healthcare costs for both the employee and the employer. In states with anti-discrimination laws, LGBT+ employees are more likely to report job satisfaction and less likely to experience discrimination.
Conclusion
The economic impact of LGBT+ discrimination is significant, affecting both individuals and the economy as a whole. By addressing it and implementing anti-discrimination laws, we can create a more inclusive and equitable world. Companies can benefit from increased productivity and decreased healthcare costs, while governments can benefit from increased tax revenue. Let’s work together to create a better future for all.
Looking to create a more inclusive workplace for your LGBT+ employees? Check out our blog post on the best practices for creating an LGBT+ inclusive workplace!
