Saturday, July 14, 2012
Corporations Move To Support LGBT Rights
Why are these corporations doing this? I would like to think it is because they believe in fairness, and that might be a part of it. But corporations don't exist to make social change. Their primary purpose is to make money for their owners (investors). And these corporations are finding there is a significant upside to supporting LGBT equality as a company policy -- and not much downside.Consider the following:
* It is estimated that there is about $790 billion in buying power in the LGBT community. That's a lot of money -- and it doesn't even count the money of family and friends, who also appreciate a company that doesn't discriminate.
* A recent survey showed that the LGBT community is very loyal to companies that support their cause -- and 71% of them will spend their money with a friendly brand even though another brand may be offering a lower price. And brand loyalty is a trait that corporations love.
* The population is aging, and Gen X and subsequent generations are starting to assume positions of executive power and spending power -- and these young Americans are far less homophobic than preceding generations. They want a wider acceptance of all kinds of differences in society.
* Supporting equal rights also allows a company to seek out the best employees at all levels, without worrying about superfluous issues like sexual preference.
It may irritate the remaining homophobes, but this country is changing fast -- and the corporations don't want to be left behind. Being branded as anti-LGBT could seriously hurt a company, as their watch their more equality-friendly competitors grab more and more of the market share of products and services.
While the motives of these companies may not be altruistic, that doesn't really matter. They are still contributing to the change that is happening in the United States -- and that is a good thing.