As Pride month comes to an end, it is evident that the fintech community needs to look at the role it has in amplifying LGBTQIA+ voices in the industry and making sure companies are embracing all the talent on offer.

Deloitte and Workplace Pride conducted a study which included responses from over 5,000 LGBTQ+ people across 13 different countries and a variety of workplaces. The study found that only 37% of junior employees are comfortable being open with their sexual orientation in the workplace. This figure rises to 54% when the study surveyed senior employees. These results were similar when it came to gender expression, with 46% and 54% respectively.

Finextra spoke with Reece Tomlinson, CEO and founder of Saône Capital, one of the few trans-led companies in the finance world about these findings. Tomlinson said: “I think what it says to me is what people like myself already knew pretty intimately, that they have to hide who they are to get by in the business world. I think that’s a major flaw and a major weakness in our system in terms of hiring and retaining talent, because if people have to mask who they are, they invariably cannot show up fully.”

The report also found that one third of respondents were actively looking to change employers to one that is more LGBTQIA+ inclusive, and that number is even higher for ethnic minority respondents. This is particularly pertinent in the context of an ongoing fintech talent shortage.

Tomlinson commented on her personal experience of this: “I always felt like I had a bit of like fog in my brain, I wasn't present just because I wasn't able to be myself. With coming out one of the biggest things is I become extremely more effective, because I do not have to worry about what I'm doing or saying or just the energy that goes into that.

“From a business perspective, and from a cultural perspective, it's actually a pretty significant thing that we need to actually bring awareness to. I think the more people can be themselves, regardless of being even in the LGBTQIA+ community, but just as a whole, if we can actually promote people owning who they are and allow them to be who they are. I think that will translate into better results.”

Proud Ventures, a UK grassroots collective of LGBTQIA+ investors, VCs and angel investors focused on supporting great LGBTQIA+ founders and mentoring LGBTQIA+ people into VC, saw that only 9% of founders they are supporting are in the fintech sector. While this shows promise for fintech being a space open to LGBTQIA+ entrepreneurs, there are still ways for the industry to go further to embrace this talent.

Tomlinson added: “the problems that the LGBT community faces are not really just limited to bigotry,  homophobia and transphobia. It is also the more subtle ingrained element that a lot of us just don't recognise is even happening.”

Outside of the workplace, many LGBTQIA+ people find it difficult to get funding for their ventures. Proud Ventures found that 34% of their founders didn’t feel comfortable sharing their identity with investors, with a further 25% saying they would only share their identity with a few investors and 5% saying they would only share once capital was on the table.

Tomlinson also discussed this issue and said that when founders “feel confident, they can actually go and start these businesses, they can access funding, they can be accepted in a community of founders, and that the capital that is funding these enterprises, including you as a client who are buying the service, won't necessarily walk away from them because they're part of the LGBT community.”

Looking at what companies can do to help their LGBTQIA+ employees and potential employees, Tomlinson said, “from a basic perspective, it's about having open dialogue. Creating an environment where people feel safe to actually express who they are.

“To do so, the first and foremost thing is creating the ability to have honest and transparent conversations and to make it clear to people that someone's identity or sexual preference or whatever that may be, is not going to limit their success in a given company. If anything, it can be celebrated. I don't actually think you need to do a huge amount of business other than provide an atmosphere where the discussion can happen.”

Tomlinson concluded: “Pride is a wonderful thing that's obviously very needed because there's still a tonne of homophobia and transphobia on this planet. But it shouldn't be just something we talk about in June. It should be something that is addressed all year. These policies don't only just apply to people in the LGBTQIA+ community. They apply to anyone, so they feel confident and comfortable to actually express who they are versus it being something where they feel they need to hide.”