Four in ten Asian executives say being openly LGBT would hinder one’s career, according to new EIU research

• Nearly half of respondents say
  enacting more LGBT-friendly workplace policies and practices presents a
  business opportunity
• Three in five respondents believe
  the business world has a fundamental imperative to drive change around LGBT
  diversity and inclusion
• Executives in China, India
  especially likely to rate recent progress for LGBT inclusion in their firms as
  high

HONG
KONG SAR – Media OutReach –
7 December 2020 – Asia is the new global battleground for lesbian, gay,
bisexual and transgender (LGBT) rights. Our recent study, Pride
and Prejudice: The next chapter of progress, sponsored by Manulife, Barclays and Nomura, captures the
opinions of 359 full-time employees at companies across seven economies–China,
Hong Kong, India, Indonesia, Japan, Singapore and Taiwan–via a survey. It
reveals advances for LGBT inclusion in Asia’s business community, despite a
conservative “groupthink” mentality that remains widespread.

While
companies in the West have played a vocal role in advancing LGBT rights over
the past several years, companies in Asia stand at a crossroads. Whereas just
over 60% of Indian respondents believe there has been substantial or major progress
when it comes to diversity and inclusion for LGBT people in their firms, half
of respondents from Indonesia, Hong Kong, and Japan believe no or little
progress has been made. These contradictions call for a brighter spotlight on
how Asian companies can foster LGBT acceptance, given the concerns around
disclosing one’s sexual orientation/gender identity in the workplace.

Asia’s
two dominant powers, India and China, have positioned themselves as regional
leaders on LGBT acceptance in many questions in our study. As their
geopolitical influence grows, their corporate views are becoming more aligned
with that of their employees, a young, dynamic cohort for whom promoting LGBT
rights is more a priority than for their seniors. As China and India move towards
embracing LGBT diversity and inclusion, they shape a trend to be followed by
the rest of Asia.

The
full report is available for download here.