City in the pink with pride

New research indicates how far the City has moved to overcome its traditional image as an inhospitable environment for gay and lesbian employees according to Joslin Rowe Associates and Origin HR, both part of the Blomfield Group.

London is the unrivalled gay and lesbian capital of Europe and also the continentís leading financial centre. In its preparations for the new Civil Partnerships act, the Treasury estimated in 2004 that 6% of the UK population is lesbian or gay. Londonís population is nearer 10%, thanks to its to its tolerant attitudes and high profile gay subculture. Indeed, this month saw London host Europride, Europe’s premier gay and lesbian cultural festival attracting a crowd of 500,000.

Joslin Rowe surveyed 20,392 candidates for City roles and collated information on sexuality for diversity monitoring purposes over the last two years. Two years ago, 5.9% of respondents anonymously identified themselves as gay or lesbian, but this had risen to 6.3% in the last twelve months as legislative changes and a diversity drive in the financial services industry encouraged more applicants.

These figures indicate that out of the 900,000 people working in banking, finance and insurance2 in London, 55,000 are gay or lesbian, but that this number is growing.
Tara Ricks, Managing Director of recruiter Joslin Rowe Associates said: ëTraditionally the City was perceived as white, heterosexual and male ñ which put off gay and lesbian applicants. Times have changed and diversity is now a major watchword. The City knows it must attract the best talent from all walks of life and from around the world. Many firms now actively target gay undergraduates, for example, something that was not the case five or ten years ago.í

Keith Robinson, Managing Director of human resources consultancy Origin HR said: ëAll the major investment banks now have gay networking groups. Across the industry, organisations such as Out in the City, the Interbank Gay & Lesbian Network and City Pink (which targets women only) provide opportunities for gay and lesbian employees to meet and mix. None of this existed five years ago.

Whatís more, investment banks now come top of Stonewallís Corporate Equality Index as the best place to work for homosexual employees. Indeed, three of the top ten organisations in the country are investment banks.í

The City has some way to go. There is still room for another 35,000 gay or lesbian employees before the industry matches the mix in Londonís general population. Furthermore, the extent to which people are ëoutí in their firms is far smaller than the number who privately acknowledge that they are homosexual. Arguably, City workers are more likely to keep their own counsel than those in other industries like the media with a traditionally more open attitude. This is particularly so for women. In Joslin Roweís research women in the City were far less likely to identify themselves (even anonymously) than men as homosexual.

Keith Robinson added: ëOf course there is no reason why people should disclose their sexuality at work. It is irrelevant to their ability to do the job. The City has made huge strides in recent years, but is still a challenging and competitive place to work. The reluctance of women to come out as lesbians possibly reflects the fact that women already feel they have to fight hard to maintain equality with men.í
2Workforce Jobs by Industry (ONS 2005)