Advancing LGBTQ Representation in the Boardroom: Insights from Out Leadership's OutQUORUM Report

As the co-chair of Morris, Manning & Martin's LGBTQ business practice group, I am proud to share insights from Out Leadership's OutQUORUM Report, "LGBTQ+ Board Diversity: Progress & Possibility," which sheds light on the current state of LGBTQ representation in the workplace. The report, released this month, presents compelling data and analysis that highlight the progress made, as well as the challenges that remain, in advancing LGBTQ inclusion in businesses and organizations around the world.

One of the key findings of the report is that LGBTQ representation at senior leadership levels remains low, despite increased awareness and advocacy for LGBTQ rights in recent years. Only 0.7% of board seats at Fortune 500 companies are held by openly LGBTQ individuals. However, due in part to the work of Out Leadership, 2023 saw a significant increase in Nasdaq companies that now have LGBTQ inclusive diversity board policies: a 1,556% increase over 2022.

The OutQUORUM Report also highlights the business case for LGBTQ inclusion. It shows that companies with diverse and inclusive workplaces are more likely to attract and retain top talent, enhance innovation and creativity, and improve financial performance. Additionally, the report underscores the importance of allyship and inclusive policies in creating an inclusive workplace culture that supports LGBTQ employees.

I am encouraged by the progress made in LGBTQ representation in the workplace, but also recognize that there is much work to be done. Even though almost a quarter of Fortune 1000 companies now have LGBTQ-inclusive board policies, FLEETCOR Technologies, Inc., stands out as the only Atlanta-based Fortune 1000 company with an explicit board diversity policy inclusive of LGBTQ people.

Here are some key recommendations from the OutQUORUM Report for businesses and organizations to advance LGBTQ representation in the workplace:

1. Set clear and measurable goals: Establish targets for LGBTQ representation at all levels of the organization and hold leadership accountable for progress towards those goals.
2. Promote allyship: Encourage employees at all levels to be allies and advocates for LGBTQ inclusion and provide training and resources to educate employees about LGBTQ issues.
3. Implement inclusive policies: Develop and implement policies that protect LGBTQ employees from discrimination and harassment, provide benefits and support for LGBTQ employees and their families, and ensure that LGBTQ employees can bring their whole selves to work without fear of reprisal.
4. Foster inclusive workplace culture: Create a culture of inclusivity that respects and values diversity, promotes open and inclusive communication, and celebrates LGBTQ employees' contributions and achievements.
5. Engage with LGBTQ organizations: Partner with LGBTQ organizations and advocacy groups to support LGBTQ rights and inclusion initiatives, and participate in LGBTQ events and programs to demonstrate the organization's commitment to LGBTQ inclusion.

In short, the OutQUORUM Report provides valuable insights into the current state of LGBTQ representation in the workplace and underscores the need for continued efforts to advance LGBTQ inclusion. Together, we can create a more inclusive and equitable workplace for all individuals, regardless of their sexual orientation, gender identity, or gender expression.