Staffing & Culture | 06.26.24
Representation Matters: How the Financial Services Industry Can Recruit, Support and Retain LGBTQ+ Employees
by: Logan Hickman, ChFC®, CLU®
Financial services is a noble industry. We help people prepare for some of life’s biggest moments and transitions: marriage, children, a first home, retirement, aging with dignity and the passing of one’s life savings to the next generation, to name a few.
Still, we must ask ourselves, who are we helping and who might we be leaving out? And do we share the background and lived experiences of the population we aim to serve?
A U.S. Census Bureau survey from 2021 that measures household probability in the U.S. found at least 20 million adults could be lesbian, gay, bisexual or transgender — nearly 8% of the total adult population. So how do these findings compare to the makeup of who comprises our industry?
I struggled to find LGBTQ+ representation data in my research for this article. That’s troubling, considering The Human Rights Campaign recently reported three in 10 LGBTQ+ adults say they have experienced discrimination while accessing financial services. As a proud member of the LGBTQ+ community, I can relate to fears of discrimination, which is partially why my husband and I have put off seeking out a financial professional until recently.
Given June is National Pride Month, I’d like to highlight how the financial services industry can show their commitment to serving the LGBTQ+ population, starting with how they can attract, support and retain those who a part of the community. Doing so is not just a matter of corporate social responsibility, but a strategic business imperative that can drive innovation and performance. A diverse workforce brings diversity of lived experiences and perspectives that are crucial for problem-solving and understanding the needs of the changing demographics in our country.
Attracting LGBTQ+ Talent
Financial services firms can attract LGBTQ+ talent by creating an inclusive culture that goes beyond mere tolerance. This includes implementing comprehensive non-discrimination policies, offering equal benefits for all employees and providing training to foster an inclusive environment. Companies that have supportive policies for LGBTQ+ employees see a direct impact on individual employees, which includes less workplace discrimination and improved comfort about being openly LGBTQ+ at work.
A sound baseline firms can use to measure their inclusiveness for the LBGTQ+ community is The Human Rights Campaign’s Corporate Equality Index (CEI). The CEI is a national benchmarking tool on corporate policies, practices and benefits pertinent to lesbian, gay, bisexual, transgender and queer employees. The CEI’s four key pillars include: nondiscrimination policies across business entities, equitable benefits for LGBTQ+ workers and their families, supporting an inclusive culture and corporate social responsibility.
Often, members of the LGBTQ+ community look for firms that score well on the CEI when deciding where or where not to seek employment. In fact, it’s something I considered when deciding to work for Nationwide. I’m proud to share that for the last 20 years, Nationwide has received a perfect score on the CEI. Here’s the full list of the 595 firms that received a perfect score on the latest CEI report.
Companies can also highlight their commitment to diversity, equity and inclusion in their job postings and on their company website — and it should not be hard to find.
Supporting and Retaining LGBTQ+ Employees
As for recruitment of LGBTQ+ employees, efforts must be intentional and proactive. Firms can partner with LGBTQ+ organizations (locally and nationally) to expand the diversity of their talent pipelines and participate in job fairs targeting the community.
For example, Nationwide recently sponsored One Community’s DEI Career Expo, which aimed to connect diverse talent with local businesses in the Phoenix metro area, given we have a Scottsdale campus.
Retention is equally important; financial services firms should establish mentorship programs, career development opportunities and employee resource groups (ERGs) to support LGBTQ+ employees’ growth and engagement within the company so they feel empowered to bring their full selves to work.
I have the privilege of leading Nationwide’s Pride ERG Scottsdale Chapter, which greatly helps with my workplace engagement by connecting me to allies and other members of the community within my organization. For others, the impact of our Pride ERG runs deeper by fostering a more welcoming and accepting environment for them at work than at home. In fact, I’ve met a handful of employees through our Pride ERG who came out to colleagues before family.
Final Thoughts
If we aspire to continue doing the noble work that is financial services, it’s critical our industry represent the people we aim to serve. Financial services firms that prioritize the inclusion of LGBTQ+ employees stand to benefit from a broader range of skills, insights and experiences. By fostering an environment where everyone can thrive, companies not only support their LGBTQ+ employees but also enhance their own competitiveness and relevance in a rapidly evolving industry. Trust me, many LGBTQ+ folks want to work with a financial professional — we just want to be sure the advisor we choose, and their firm, are welcoming. That starts with representation.
Logan Hickman, ChFC®, CLU®, serves as director of advisory annuity distribution for Nationwide. In his role, he leads a team of high performing sales professionals who are responsible for growing advisory annuity sales within the broker-dealer channel. Hickman is also responsible for helping design and implement long-term sales strategies that align with Nationwide's mission of protecting people, businesses and futures with extraordinary care.
Perhaps most importantly, though, Hickman is a fervent champion of diversity, equity and inclusion. Aside from the daily duties of his role, he serves as the President of Nationwide's Pride Employee Resource Group’s Scottsdale Chapter. He also serves on BISA's DE&I Committee and is a 2023 BISA Rising Star.
Hickman and his husband, Ben, live in Scottsdale, AZ with their cream-colored miniature dachshund, Whitney. Outside of work, they enjoy hiking (when it’s not too hot), long weekend trips and exploring the Phoenix food scene with friends.