Pride month garners support from many of the world’s largest employers, although some have recently faced backlash. Target, a US retailer, faced threats from shoppers which led to the removal of certain products from their stores. Similarly, Bud Light faced criticism after involving a transgender actress in one of their promotions.
Coming out as LGBTQ+ at work can be a challenging process for employees, and the support of senior management is crucial. The Financial Times interviewed 10 top business executives who were willing to share their experiences.
Robyn Grew, the chief executive of Man Group, has always been open about her personal life throughout her career. She has never felt the need to hide her identity, openly discussing her wife and family. However, Grew acknowledges that being openly gay has come with its challenges, including facing disapproval from some individuals. Nevertheless, she has been fortunate to receive support from many people throughout her career.
Although the financial services industry has historically lacked diversity, Grew believes that progress is being made. She notes that acceptance and awareness of the LGBTQ+ community have increased, fostering a more inclusive and welcoming environment.
Reece Tomlinson, the founder of Saône Capital, explains that growing up as transgender was a topic that wasn’t commonly discussed. Tomlinson felt the need to fit into societal norms and conform to the “boy’s club” culture at work, which was exhausting. Instead of using the phrase “coming out,” Tomlinson prefers the idea of being “free to be who you are.” She gradually disclosed her transgender identity at work, starting with one person and then gradually sharing with others. It was a liberating yet difficult experience, particularly given her role and responsibilities within her company.
António Simões, the head of Europe at Banco Santander, shares his experiences of coming out at work. He recalls two pivotal moments that led him to be open about his sexuality. The first was when he joined McKinsey, a consulting firm, and discovered its commitment to diversity and inclusion through an organization for LGBTQ+ employees. Simões stayed with McKinsey for ten years and credits the company for helping him embrace his true self. The second moment was when he joined Goldman Sachs and revealed that he had a boyfriend, which ultimately resulted in him becoming an advocate for recruitment and events related to the LGBTQ+ community.
Julia Hoggett, the chief executive of the London Stock Exchange, initially believed that she would never be open about her sexuality at work. However, after a few years, she felt a sense of imbalance in the trust between her and her colleagues due to withholding personal information. Hoggett eventually came out when her managing director visited her in the hospital, leading to a positive outcome as she was promoted for not just her work performance but also her contributions to the company. She recognizes that being gay is not a hindrance to her career but rather an integral part of it.
Susie Scher, the chair of the global financing group at Goldman Sachs, spent the first ten years of her banking career in the closet due to fear of rejection and stagnation. In 2000, she decided to come out after her partner became pregnant. She experienced acceptance from her colleagues but found that client reactions varied. However, that year turned out to be the best of her career, as she no longer had to hide her true self.
Overall, these executives’ stories highlight the importance of creating an inclusive and accepting workplace for LGBTQ+ employees. Their experiences demonstrate that being open about one’s identity can lead to personal and professional growth, as well as success.
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