LGBTQ+ workers less satisfied with job, benefits, report finds

Employers looking to tailor their benefits for their LBTQ+ workers need look no further than the Employee Benefits Research Institute’s new report. With data pulled from the 2022 Workplace Wellness Survey, the report suggests that LGBTQ+ workers are less likely to be satisfied with their benefits packages than non-LGBTQ+ employees, and were also less satisfied with their paid leave and job overall. The reason for the difference? It may have something to do with demographics, as LGBTQ+ employees are more likely to be under-35 than non-LGBTQ+ workers and so likely have different needs.

“Life-stage and living situation can influence the value placed on employee benefits overall, and on specific benefits,” says Lisa Greenwald, CEO of Greenwald Research, in a press release. “Many employers and solutions providers are recognizing that one-size fits all benefits programs may not be as effective as more targeted approaches that address employees’ needs at a given point in time. The WWS data suggests that LGBTQ employees may value more benefits that help with shorter and mid-term financial goals, more so than retirement savings.” 

Among the key findings of the report include that LGBTQ+ workers are less likely to be offered access to financial wellness programs, and less likely to be eligible for employee benefit programs than non-LGBTQ+ workers, the press release says. 

There were some measures on which LGBTQ+ workers and non-LGBTQ+ workers didn’t significantly differ. For instance, there weren’t notable differences in health benefits or retirement benefits satisfaction between workers, and on many measures, concerns about debt were the same.

But LGBTQ+ employees ranked their satisfaction with their workplace as lower overall. For instance, they rate their employers as worse at improving financial and emotional wellbeing than non-LGBTQ+ workers do, and ranked their overall work-life balance as less satisfying.

Related: How to make your benefits more inclusive: Turning LGBTQIA+ allyship into action

Moreover, LGBTQ+ workers are more likely to say monthly bills and student loan repayments are major concerns and less likely to prioritize saving for retirement and for their children’s’ college funds. 

Differences like these highlight the generational differences present between LGBTQ+ and non-LGBTQ+ worker pools, with less than a quarter of non-LGBTQ+ workers being under 25 compared to almost half of LGBTQ+ workers, the press release notes.