5 ways accounting firms can better support LGBTQ+ employees
June 10, 2022
By Hannah Pitstick, Journal of Accountancy
Over the past few decades, there has been an evolution in lesbian, gay, bisexual, transgender, and queer (LGBTQ+) support within public accounting firms. In the beginning, that support focused primarily on the basics, like equal access to employee benefits and the ability to be out at work, but today firms recognize that truly supporting LGBTQ+ staff requires a multifaceted approach.
The goal is to create a welcoming workplace where LGBTQ+ employees feel safe and respected as their whole selves, said Chris Crespo, CPA, inclusiveness director at Ernst & Young LLP. Crespo is also a member of the AICPA LGBTQ+ Initiatives Committee, and she was co-chair of the LGBTQ+ Networking Group, which preceded the committee. Accomplishing that goal may require employee resource groups and learning about various identities and intersectionality, which means overlapping disadvantages related to race, gender, and class, within your community.
A welcoming workplace isn't something taken for granted. According to the Human Rights Campaign, 46% of U.S. employees who identify as LGBTQ+ remain closeted at work.
"Sometimes you compartmentalize your life, and it's easy to say I have my gay life, I have my church life, and I have my work life, but we need to give people the space to not compartmentalize," Crespo said.
While the ethical case for supporting LGBTQ+ employees should stand on its own, there's also a clear business case. Analysis from Credit Suisse has found a correlation between LGBTQ-friendly companies and stock performance, and U.S. Chamber of Commerce Foundation research has shown that LGBTQ-inclusive companies are more successful at attracting, retaining, and engaging talent.
"From personal experience, I was much more productive, comfortable, and happy at work when I wasn't trying to hide the fact that I was married to a man," said Nick Moore, CPA, senior manager in the audit methodology and standards group at Grant Thornton LLP and co-chair of the AICPA LGBTQ+ Initiatives Committee.
As part of an effort to improve LGBTQ+ diversity and inclusion across the profession, the AICPA created the LGBTQ+ Initiatives Committee in 2021 out of an existing LGBTQ+ networking group formed in 2018. The committee aims to expand U.S. efforts to globally support LGBTQ+ AICPA and CIMA members, amplify LGBTQ+ voices in the profession, increase the pipeline of LGBTQ+ individuals into staffing and leadership roles, and promote education on how organizations can better support the LGBTQ+ community.