3 top wellness benefits for LGBTQ+ employees. Encourage pride year-round with these three top wellness benefits to support your LGBTQ+ employees.
According to a 2022 Catalyst study, almost a quarter of LGBTQ+ Americans have experienced some sort of discrimination when applying for jobs. Almost half claim to have experienced forms of unfair treatment due to their sexual orientation or identity.
By recognizing the needs of your LGBTQ+ employees, you can empower your workforce and create a workplace culture that is more inclusive. These three top wellness benefits are key to making a tangible difference.
Accessible healthcare for LGBTQ+ employees.
Access to inclusive healthcare is a fundamental part of overall wellness for LGBTQ+ employees. Some progress has been made, but there are significant healthcare disparities within the LGBTQ+ community.
A 19th News survey found that LGBTQ+ individuals are more likely to be refused medical services, blamed for their health problems and discriminated against than cisgender and heterosexual people.
Many of the necessary medical procedures and pharmaceuticals for LGBTQ+ individuals often have exorbitant costs attached, putting them firmly out of reach for a large percentage of the community.
For example, gender-affirming surgeries can cost up to $100,000 in total according to Mount Sinai. However, even less expensive hormone replacement therapy may still require patients to pay thousands of dollars out of pocket every month.
By offering comprehensive healthcare benefits, you can bridge this gap and demonstrate a commitment to supporting the diverse needs of your workforce.
Mental health support.
Prioritizing mental health support for LGBTQ+ employees is another key element you can use in your benefits strategy. LGBTQ+ individuals often face higher rates of anxiety, depression, and other mental health challenges due to discrimination.
According to a US Census Bureau survey, 61% of LGBTQ+ respondents from ages 18 to 29 reported feeling symptoms of anxiety compared to 35% of non-LGBTQ+ respondents in the same age range. The same survey found similar results for depression, with nearly 50% of LGBTQ+ respondents citing symptoms.
By offering mental health benefits tailored to their needs, you can significantly improve this disparity and the well-being of your employees. These benefits may include coaching, mental health training and support groups for your team.
LGBTQ+ individuals may face unique challenges related to their sexual orientation or gender identity, including being uncomfortable expressing their identity at work. According to a 2023 Indeed survey, the vast majority of 732 full-time, adult U.S. workers who identify as LGBTQ+ have not come out to all of their work colleagues.
Counseling services can also help employees navigate their personal and professional lives with less resistance. Creating a culture that accepts everyone ensures that employees are culturally competent creates a welcoming and safe environment for all. This includes updating policies that promote acceptable language, hiring LGBTQ+ employees into leadership roles and creating resource groups for all employees.
Financial wellness initiatives to address the financial challenges unique to LGBTQ+ employees.
A healthy financial life is a major boon for all employees, but can be incredibly helpful for workers LGBTQ+ community. Economic disparities and challenges getting affordable healthcare can have a profound impact on the financial stability of LGBTQ+ employees.
According to a 2023 LEAF Economic and Financial Survey, 57% of LGBTQ+ people reported a household income of less than $50,000 per year, compared to 36% of adults nationwide. This is also coupled with another staggering statistic — over half of LGBTQ+ people had less than $5,000 in savings, including 20% who had no savings whatsoever.
Offering financial wellness benefits can help alleviate some of these burdens and create a more equitable work environment for your team.
It is crucial to address the unique challenges faced by LGBTQ+ employees in the workplace while creating an environment where all employees can thrive.
Attract and retain top talent with financial wellness solutions from Best Money Moves
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial wellbeing. Our intuitive, easy-to-use program platform is fit for employees of any age and level of financial literacy.
Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.
Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.