A new report from the Employee Benefit Research Institute shows that employees part of the LGBTQ+ community experience larger disparities in the workplace than their straight counterparts.
According to the analysis, LGBTQ+ workers make, on average, 90% of what the average worker makes — and this is just where the discrepancies begin.
Around 44% of respondents stated feeling “extremely” or “very satisfied” with their job compared to 61% of workers outside of the community.
Even when considering similar income brackets, just 55% of LGBTQ+ workers making $75,000 or more experienced job satisfaction compared to 71% of non-LGBTQ+ employees.
Benefits were also limited among the LGBTQ+ workforce, with 73% being qualified for health insurance programs compared to 81% of straight workers. Similarly, 71% of non-LGBTQ+ workers were eligible for retirement plans compared to 63% of community members.
The gap in employee benefits, pay and overall experience highlights what has been evident for years: different workers have different needs. However, bias continues to permeate and impact the lives of workers from marginalized communities, hindering their ability to grow within the company.
“Many employers and solutions providers are recognizing that one-size-fits-all benefits programs may not be as effective as more targeted approaches that address employees’ needs at a given point in time,” said Lisa Greenwald, CEO of Greenwald Research.
By taking a more customizable approach, business leaders can ensure that their LGBTQ+ workers’ needs are heard, met and most importantly, supported.