As the world becomes increasingly aware of the importance of equality and inclusivity, it’s disheartening to see that there are still many challenges faced by the LGBTQ community. With the upcoming second term of President-elect Donald Trump, many LGBTQ individuals are worried about their civil rights and job security. The President-elect has promised to remove some federal LGBTQ protections, and Republicans have spent millions on campaign ads targeting transgender rights.
In light of this, economist Paul Donovan has offered some “realistic” advice to LGBTQ workers. Donovan, the global chief economist for UBS Wealth Management, suggests that those who may face potential job insecurity due to their identity should focus on building up their precautionary savings. This means having more liquid assets, such as cash or easily accessible funds, to act as a buffer in case of unexpected job loss.
Donovan’s advice is not just about individual financial security; he also highlights the economic impact of discrimination. “The whole thing about prejudice [is that] discriminating irrationally against people is economically bad — absolutely no question,” he says. Discrimination limits human capital, preventing people from performing to their full potential at their jobs, and can also limit labor mobility and where individuals feel safe enough to move to, regardless of career opportunities.
It’s heartening to see economists like Donovan speaking out about the importance of inclusivity and equality. As he notes, hiding one’s identity out of fear can “erode your confidence” and “undermine your productivity.” On the other hand, being able to be oneself can lead to better-quality work and a more innovative approach to problem-solving. Donovan himself credits his experience as a gay man with giving him a unique perspective and enabling him to think in a more “world-changing” way.
In these uncertain times, it’s more important than ever to promote acceptance, understanding, and equality. By supporting LGBTQ individuals and advocating for their rights, we can create a more inclusive and prosperous society for all. As Donovan says, “I often argue that I am a better economist because I am gay, because that has forced me to take a different perspective on things.” By embracing diversity and promoting equality, we can unlock the full potential of all individuals and create a brighter future for everyone.