2 min read January 2022 — Equity and inclusion are the top goals of the Tampa Bay LGBT Chamber. Justice Gennari, the Chamber’s president and CEO, told Invest: that the reasons behind supporting a more diverse economy come down to the bottom line because research shows more diverse companies are more profitable.
What is the chamber’s main purpose?
We’re a Chamber of Commerce and our mission isn’t that much different than any other Chamber, which is to advance business interests, economic growth and equality within the workplace and in society for our LGBT and allied businesses, corporations and professional members by providing education, networking and community engagement. The mission is to focus on advancing equality in the workplace and society, and supporting our members’ business interests for economic growth.
We’re here for anything that is pro-equality both inside and out in our region. LGBT businesses need an advocate. We’re going to be a voice for our members and we’re going to make sure that they are all seen and heard.
Where do you see the greatest opportunities and challenges related to the area’s economic development?
It’s a very interesting time in Tampa Bay. The region is flourishing with an influx of out of state dollars investing in real estate and new offices here. Tourism in Tampa Bay is at an all time high, and our economic development is booming, but I also feel that it is not working for everyone. The cost of living is going up exponentially, real estate is pricing many out of the market for both living and commercial use, and overhead costs for businesses are rising. As a result, prices are increasing so what we’re seeing is that every part of the system is being strained and the companies feeling the brunt of this pressure are small businesses which make up a lot of our Chamber.
We all know that small business is the backbone of our community and we know that the coming years are going to be difficult for them as we navigate this new normal. It is an exciting time, but also scary for many who are looking at staffing shortages, increased overhead and a market that is not slowing down. With challenges, comes opportunity so those companies with the strongest support systems are the ones that will swim, embrace these challenges and come out on top.
These, of course, are the most obvious issues, but as we are a Chamber focused on diversity. We know that we also have to keep the pedal to the metal on companies and businesses to also embrace this as a pillar of their hiring and retention strategies. As the region grows, so do our minority populations who typically feel even more of an impact during intense times of change. We are there to provide the support system and network required as our LGBT businesses face these challenges.
Why is a diverse workforce so important?
The research shows that diverse work environments boost profitability. One study predicts that in 2022, 75% of companies with diverse and inclusive decision-makers will exceed their financial targets. The study found that gender diversity and inclusive teams have outperformed less inclusive counterparts by 50%. We have seen those trends year after year but the prediction for 2022 is a lot higher than previous statistics. Just looking at the numbers, we know that LGBT businesses contribute $1.7 trillion to the U.S. economy nationally. That is a staggering number and one that should not be ignored.
Still, we have a lot of challenges to overcome. For example, 40% of LGBT people have been denied loan access in the past year, while 60% of LGBT business owners have a great or above-average score. In Florida, we still see the legislature failing to enact widespread protections for our LGBT businesses as well in the form of the Competitive Workforce Act. There is a long way to go before equity is achieved.
What key events is your organization planning for this year?
We have a wonderful schedule of events planned. In March, we have an annual meeting planned in the form of a luncheon for 250 to 350 like-minded professionals in the Tampa Bay region. At this event, we will talk about what has happened in the past year, and what will happen in the future. At our last luncheon, we hosted 319 people. We showcased a lot of what was happening with the Chamber but also what was happening with our members and in the region.
Everyone is excited for our Annual Pride and Business luncheon, which is when we talk about the successes of the LGBTQ business community and our society, where we’ve been, where we’re going and how we’re going to get there. We will hear from guest speakers who are LGBT leaders in the region.
We’re also excited and thrilled to continue our partnership with the Tampa Bay Business Journal, who we’ve co-hosted the annual Business of Pride Awards with, where we award businesses that are truly diverse and inclusive with a focus on equity, not just for one day, but throughout the entire year.
How is the local market changing with the influx of new residents and businesses to the Tampa Bay region?
This sort of goes along with what we said above. I think it is exciting because the new and the existing blend together and those businesses can learn from each other. It shows that we’re going into a new era in Tampa Bay. Just consider Water Street. How phenomenal is that right now with the new high-rises that are being built, where you can see cranes and active construction? That is transformational. We are attracting large businesses to set up their headquarters here alongside some of our old favorites. It is creating competition, new jobs, and opportunity for the community as a whole. With that growth also comes diversity of thought, leadership and a new culture built on a strong Tampa foundation. I think those things make us the inclusive and welcoming city that we are and allows the new and old to blend well and respect each other’s cultural differences. I think that’s what makes us Tampa Bay.
What are your key areas of focus going forward?
In our strategic plan for the next three to five years, we are positioning ourselves to be the focus of the community as a catalyst for business growth while creating an inclusive workforce. We have a lot of programs both new and old that will push us in that direction.
We’re excited to be able to maximize business development growth within the community and we’re going to be focusing on technology and infrastructure to support innovation. As a chamber, we need to learn and grow and adapt to the ways that markets are growing so that we can continually improve the market of the Tampa Bay region.
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