How we can support LGBT+ colleagues  The question we have been considering is what might this mean for LGBT+ colleagues given the challenges they face - some of which are unique, while others are common to many minority groups. Being open with colleagues is an example of a particular concern within the LGBT+ community. Individuals can find revealing their sexual orientation and gender identity or expression difficult or even distressing in a workplace setting. And it is a process they may need to repeat endlessly given these characteristics are not always visible. According to a report by Stonewall6, more than a third of LGBT+ colleagues had hidden or disguised the fact that they were LGBT+ at work in the prior year because they were afraid of discrimination. 3  https://d25d2506sfb94s.cloudfront.net/cumulus_uploads/document/0mefw998rr/YG-Archive-SexualityScaleInternal-240519.pdf https://survation.com/wp-content/uploads/2016/01/Full-Fawcett-Tables-FM-Cover-1-12.pdf https://www.cipd.co.uk/Images/diversity-and-inclusion-at-work_2018-facing-up-to-the-business-case-technical-report_tcm18-47062.pdf 6 https://www.stonewall.org.uk/LGBT+-britain-work-report 4 5  3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  This needs to be addressed head on. We must make sure that colleagues feel they can be open at work without any fear of discrimination or judgement. LGBT+ colleagues are also disproportionately subject to bullying and harassment. The Stonewall report found that almost one in five LGBT+ colleagues have been the target of negative comments or conduct from work colleagues in the last year because they were LGBT+. Also worryingly, the survey found that one in eight lesbian, gay and bi people would not feel confident reporting any homophobic or biphobic bullying to their employer.
And to offer a very practical suggestion as to how each of you might be able to do more in your organisations too. Why diversity and inclusion matters The Bank’s approach is to consider all aspects of diversity as part of a broad strategy to deliver an inclusive working environment for all our colleagues. And I can tell you from speaking with senior leaders throughout the City that diversity and inclusion are no longer seen as HR buzzwords, but as critical ingredients to running a successful organisation. A workforce that lacks diversity will never be as effective as it could be. That should be obvious. If we look the same, think the same, and come from the same backgrounds, then we are bound to make the same mistakes. Strangely enough, I have found an analogy to this issue in my day job as the supervisor of UK banks. If a bank has substantial exposures in one sector or geography, it is running significant risk. On the other hand, a bank with a diversified portfolio is less exposed to something going wrong in any one area, and so will likely find itself better positioned, in most states of the world, to weather bad times. Launched in 2011, “The Network of Networks” (TNON) serves as both a forum for sharing best practice and a support community for the leaders of employee networks.