Pride: The $100 billion opportunity
Leading economists estimate that homophobia costs countries $100 billion annually in GDP. The figure, calculated by lead UNAIDS researcher and health economist Erik Lamontagne, underscores the business case for inclusion, finding that countries with the least LGBT+ friendly policies fail to optimize their economic potential. He estimates that these countries stand to lose roughly 1% of their GDP each year, whereas those with friendlier laws enjoy sustained innovation and improved economic output. For the OT community, which thrives off innovation, this represents a massive opportunity.
Lamontagne’s studies showed that in North America and Europe alone, failing to integrate the LGBT+ community into equal employment costs upwards of $50 billion in GDP. If this is the rate at which nations lose from homophobia, how might that translate to where you work? How much is 1% of your company's revenue?
Times are changing
In the operational technology (OT) sector, not only are the physical assets and infrastructure aging, there has been a demographic shift in the talent pool as well. As the baby boomer generation nears retirement, millennials will make up a majority of the workforce (75% of it by 2025). As millennials seek new employment, nearly two out of every three will seek out companies that embrace diversity and inclusion. Additionally, 83% of Generation Z , who will soon enter the workforce in droves, say that diversity and inclusion are top of mind when choosing an employer. This is a stark departure from previous generations, where inclusive policies were few and far between at many companies.
A Deloitte article, entitled, ‘The Radical Transformation of Diversity & Inclusion’ found that a staggering 83% of millennials are more engaged with their work when they believe their organization fosters an inclusive culture, compared to just 60% when they do not. According to the study’s findings, that engagement increased productivity and ultimately improved retention by 19% and collaboration by 57%.
Why it matters
The latest Gallup poll finds that 5.6% of US adults identify as LGBT, with 86.7% identifying as heterosexual, and 7.6% of respondents declining to respond. One in every six members of Generation Z identify as LGBT. Globally, a recent Catalyst study indicated that LGBT populations are as high as 10% in certain countries. This represents a substantial portion of the incoming workforce as well as the existing one, so inclusive policies are more important than ever.
Creating an inclusive environment also means creating a more creative and collaborative one. Aside from having more engaged employees, inclusive companies enjoy massive financial benefits as well. Inclusive companies are 120% more likely to hit sales goals and tend to see 1.4x more revenue.
Being in environments where decisions have very real consequences, essential industries must strive to make their environments comfortable for workers. Inclusive policies and education can contribute to an all-around more productive, more profitable organization.
PI Vision x PRIDE
How can you make an OT product more inclusive? Think about adding some pride flair!
One engineer came up with a fun way to change his PI Vision display, with no coding required. The end result is a fun, eye-catching rainbow skin. Find instructions on PI Square.
Matt Hill (he/him) is a University Recruiter at AVEVA (formerly with OSIsoft) who has been recruiting for almost 6 years now. Aside from recruiting, Matt is also part of the leadership team for PRIDE@AVEVA. He enjoys connecting with potential employees from all different backgrounds and helping them find the next step in their careers. Learn more about diversity and inclusion at AVEVA.
Kim Weaver (she/her) is a Global Diversity Equity & Inclusion Lead at AVEVA (formerly with OSIsoft) who joined the company 7 months ago. In her role, Kim serves on the heritage OSIsoft HR Leadership Team, and is now a member of the Global Diversity Equity Inclusion & Wellness (DEIW) core team of AVEVA. Her work includes developing and leading corporate-wide initiatives that create opportunities for employees of all backgrounds to fully optimize their talents, skills and careers at work, while identifying and removing systemic barriers to inclusion, and integrating DEIW into the fabric of AVEVA.