Inclusive And Sustainable Growth In High-income Countries
3Inclusive and sustainable growthin high-income countriesInequality in high-income economies hasreached levels unprecedented in the postWorld-War-II period. This chapter analyzesthe determinants of growth and inequality inthose high-income countries that belong tothe Organisation for Economic Co-operationand Development (OECD) as well as howimprovements in policies affecting labor utilization and productivity could make growthmore inclusive and sustainable. The mainmessages are: Progrowth policies that foster greater laborutilization could reduce poverty levels inhigh-income OECD countries.1 However,progrowth policies that boost technological progress, which tends to favor highskill workers, should not unduly harmpoorer, low-skill workers. Investments in human capital are necessaryto promote equality of opportunity, particularly through raising preschool enrollment among disadvantaged householdsand ensuring educational attainment atleast through primary school. Any increasein the flexibility of labor markets needs tobe balanced with programs, such as unemployment benefits, that protect workers,but not jobs. The distributional implications of environmental policies to support sustainabilityvary across income groups and can havebeneficial or adverse effects on equityand labor earnings. Policies to encourageagricultural production, for example, canexacerbate off-farm pollution and leadto less efficient use of water, since watercharges for farmers rarely reflect real scarcity or environmental costs. Sustainability requires policies to reducepollution or resource-intensive production and consumption. Fostering laborforce skills that enable businesses to adoptresource-efficient, sustainable processesand technologies is a central pillar of thetransition to low-carbon economies.Trends in growth and incomedistribution in high-incomecountriesSeveral high-income countries have been facing slow growth and high unemploymentsince the crisis, while at the same time witnessing a gradual, long-term deterioration inthe distribution of income. In particular:71
72 I N C L U S I V EAND SUSTAINABLE GROW TH GLOBAL MONITORING REPORT 2014/2015 The global crisis has taken its toll onpotential growth in several countries,essentially because of lower capital intensity in production and persistently highunemployment; the unemployment situation risks becoming structural in nature.Recent OECD estimates put the permanentGDP loss associated with the global crisisat about 3 percentage points on averageacross the OECD (OECD 2013g). Unemployment has reached close to 49 million people in the OECD area as a whole,or about 7.9 percent of the labor force. Theyouth unemployment rate has increasedfrom 12 percent in 2000 to 16.3 percent in2012. In addition, nearly 8 million youthin OECD countries are neither employednor enrolled in education or training. The distribution of income has also deteriorated in the vast majority of high-incomecountries: the Gini coefficient averageof the OECD area increased from 0.29in the mid-1990s to 0.32 in 2010 (figure3.1), and the average income of the richest10 percent of the population is now about9.5 times that of the poorest 10 percent,as opposed to 7 times 25 years ago. InIsrael and the United States the incomegap reaches 14 to 1, whereas in Chile theincome gap is even higher, at 27 to 1. Income inequalities have been exacerbatedby the postcrisis recession. In France,Greece, Ireland, Italy, Slovak Republic,Spain, and Sweden, the crisis even partly orfully reversed the improvements observedbetween the mid-1990s and 2007 (OECD2013a). Perhaps most strikingly, incomeinequality is increasing even in traditionally egalitarian high-income stalwarts likeDenmark, Germany, and Sweden. A growing concentration of income amongthe top-income earners is among thekey drivers of rising inequality in manyhigh-income countries. The top 1 percentaccounted for 47 percent of total incomegrowth over 1976–2007 in the UnitedStates, 37 percent in Canada, and around20 percent in Australia, New Zealand, andthe United Kingdom (OECD 2014e).Beyond shared prosperity, the other of theWorld Bank Group’s twin goals, reducingFIGURE 3.1 Trends in income inequality in high-income OECD countriesGini coefficient of disposable income (mid-1990s to 2009–10)0.70.650.6Income aedUnitinIsraritaliaanGreat zechDeNorwaynmark0.15Late 2000sSource: OECD Income Distribution Database (www.oecd.org/social/inequality.htm), Paris.Note: Income inequality is measured by the Gini coefficient based on equalized household disposable income (after taxes and transfers for total population).Data refer to 1992 for Czech Republic. In this and all other figures, the “OECD” measure on the x-axis refers to the average of all 34 OECD countries for whichdata are available, including when possible, as in this figure, the three OECD members that are upper-middle-income countries (Hungary, Mexico, and Turkey).
I N C L U S I V E A N D S U S T A I N A B L E G R O W T H 73GLOBAL MONITORING REPORT 2014/2015 extreme poverty by 2030, has largely beenachieved in advanced economies. Absolutepoverty has trended down over the past 20years and has been almost eradicated inmany high-income OECD countries.2 However, similar to income inequality, relativepoverty as measured by the median household disposable income has been rising inmany high-income countries (figure 3.2)(OECD 2013a, 2013i). Currently 11 percentof the OECD population lives in relative poverty, with rates significantly higher not onlyin countries such as Israel but also in Japanand the United States. The elderly bereaved,children, and youth are the most affected.Employment considerably reduces the poverty risk but does not solve all problems. Onaverage, 8 percent of the workforce lives inrelative poverty.Main drivers of income inequalitiesIn high-income countries, the single mostimportant driver of rising income inequality has been greater dispersion in wages andsalaries between high- and low-skill workers. Earnings account for about three-fourthsof household income among the workingage population (OECD 2011a). Regulatory reforms in labor and product marketsand institutional changes, which have ledto increased competition and greater flexibility in product and labor markets, haveincreased employment opportunities butalso contributed to greater wage inequality.In addition, unionization has fallen in mosthigh-income OECD countries, and employment protection legislation has been reduced.Tax and benefits systems have also becomeless redistributive in many countries since themid-1990s and no longer have the same corrective impact on pretax inequalities. Finally,changes in working conditions have contributed to rising earnings inequality. In manycountries, there has been an increase in theprevalence of part-time and atypical laborcontracts, as well as a reduction in the coverage of collective-bargaining arrangements.OECD analysis suggests that the impactof globalization on inequality is less pronounced than is often thought. Rather, aFIGURE 3.2 Relative poverty in high-incomeOECD countriesIncome poverty rates (percent of population withincome below 50 percent of the median), mid1980s and 2010 (or most recent)AustraliaAustriaBelgiumCanadaChileCzech elandIrelandIsraelItalyJapanKorea, Rep.LuxembourgNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSloveniaSpainSwedenSwitzerlandUnited KingdomUnited StatesOECD0510152025Share of population with incomebelow half of median (%)Mid-1980s2010Source: OECD Income Distribution Database, www.oecd.org/social/inequality.htm.Note: Mid-1980s numbers were computed within interval 1983–87; enddata are for 2010 except for Chile (2011) and Japan, New Zealand, andSwitzerland (2009). Relative poverty is defined as the share of personswith income below 50 percent of the median for their country.
74 I N C L U S I V EAND SUSTAINABLE GROW TH greater impact has come from technologicalprogress, which has been much more beneficial to higher-skilled workers. The impact oftechnology has increased wage dispersion byallowing those with the relevant skills, suchas information and communications technology (ICT) or financial services professionals,to benefit from significant income gains whilelower-skill individuals have fallen behind. Asa result, the earnings gap between high- andlow-skill workers has grown. In some countries, including the United States, skill-basedtechnical change induced a shift in labordemand toward higher skills. Yet the supplyof such individuals has not kept pace withrising demand, as indicated by the slowinggrowth of tertiary educational attainment(Denk and others 2013).Rising shares of nonwage income fromcapital have also increased household incomeinequality. Capital income inequality hasincreased more than earnings inequality inmost high-income countries. But, at around7 percent, the share of capital income intotal household income still remains modest on average, although richer individualstend to receive a larger share of their incomefrom capital. In Canada, France, Italy, Spain,and the United States, the five high-incomeOECD countries for which data are available, the share of capital income (excluding capital gains) is largest for the top 0.01percent. In Canada about 20 percent of thisgroup’s income comes from capital, whereasin France it is almost 60 percent (OECD2014e). Wealth-to-income ratios have risensharply in OECD countries since the mid20th century. The challenge this trend posesfor policy making is that wealth is transmitted across generations, perpetuating inequalities in both wealth and the incomes derivedfrom it.Inequalities in non-income outcomesInequality is multidimensional and goesbeyond income, affecting opportunities.Rising inequality in income is often accompanied by growing exclusion in the labormarket, lower intergenerational socialGLOBAL MONITORING REPORT 2014/2015mobility, and greater polarization in educational and health outcomes. Access toquality jobs is also unequal and perpetuatesincome discrepancies. Not only are youth,the low-skilled, immigrants, and other disadvantaged groups currently facing relatively higher unemployment rates, but manyof them who are employed are subjected tononstandard work arrangements, such asinvoluntary part-time or temporary jobs andself-employment. These jobs now accountfor about one-third of total employmentacross OECD countries.Rising income inequality is also accompanied by greater polarization in educationaloutcomes, which triggers a vicious circle ofexclusion and inequality. In high-incomeOECD countries, adults ages 25–64 withtertiary education have lower unemployment rates than those with at most uppersecondary education, who in turn have lowerunemployment rates than those with lessthan secondary education. Tertiary-educatedadults are more likely than others to be inthe labor force in the first place and to earnhigher salaries, enjoy good health, and livelonger. Poorer students struggle to competewith their wealthier classmates and go on tolower levels of educational attainment, lowersalaries, and shorter lives.Large income inequalities also affect thehealth status of the different socioeconomicgroups. Data from 14 OECD countries(including Hungary) show, for instance, thaton average people with better education live6 years longer than their poorly educatedpeers (OECD 2013d). In the United States,in 2008, well-educated white males wereexpected to live 14 years longer than theworst-educated African-Americans (OECD2014f). The impact of environmental conditions on health is also largely unequal.Poor, young, and elderly individuals stand atgreater risk from environmental degradationthan the remainder of the population becauseof a combination of higher susceptibility andgreater exposure. People with lower incomesare more likely to live in environmentallydistressed areas and thus be subjected topollution and other environmental hazards.
I N C L U S I V E A N D S U S T A I N A B L E G R O W T H 75GLOBAL MONITORING REPORT 2014/2015 Short-term effects of high concentrationsof air pollution (PM10) appear to be largelyrestricted to people of low socioeconomic status living in dense urban areas (Gwynn andThurston 2001).Capturing the multidimensional aspectof inequalityAddressing the different aspects of inequalities and their impacts on different population groups matters for policy design andimplementation. In this respect, the notion ofmultidimensional living standards is particularly useful, because it combines income andnon-income outcomes in a single measurethat can be computed for different socialgroups (box 3.1).An illustrative exercise has been carriedout for OECD countries before and after thefinancial crisis of 2008–09.3 On the basis ofBOX 3.1the three selected dimensions (income, jobs,and health), it appears that: Over the decade running up to the crisis,multidimensional living standards rosefaster than per capita GDP. This result islargely attributable to robust GDP growththat led to rising household incomes andfalling unemployment, but it also stemsfrom improvements in health conditions,which have been associated with rising longevity (figure 3.3). The cross-country correlation between growth rates of GDP percapita and multidimensional living standards is positive but with large varianceacross countries.4 Growth in multidimensional living standards varies among social groups. Multidimensional living standards of the averagehousehold rose faster than GDP per capitabefore the crisis (1995–2007) (3.9 percent aThe concept of multidimensional living standardsMultidimensional living standards are a particularlyuseful tool for policy analysts, combining incomeand non-income dimensions into a single measurethat can be used to compare outcomes for differentsocial groups over a selected period of time. This toolalso focuses on households as the unit of observation,rather than production, as in the case of GDP.Multidimensional living standards can be computed for different segments of the distribution ofoutcomes, such as the mean, median, or particularpercentiles. By focusing on households with incomesat the median of the distribution, the computationof multidimensional living standards sheds light onthe performance of the “middle class,” which is ofparticular relevance in the high-income countries.By focusing on the 40th percentile, the computation of multidimensional living standards can informthe debate about how policies can contribute toattainment of the World Bank’s objective of sharedprosperity.An exercise carried out for selected high-incomeOECD countries focuses on three dimensions: risk ofunemployment and health status as the non-incomedimensions, and household disposable income asthe income dimension. Accounting for health statusimplicitly picks up some of the detrimental effects ofexposure to pollution, just as accounting for incomepicks up some of the beneficial effects of education.These dimensions create a channel through whichenvironmental outcomes and policies can be takeninto account in the framework.The exercise could be generalized to include additional dimensions (education, environment) or tofocus on a broader set of social groups to better capture the notion of inclusive growth in a larger groupof low- and middle-income countries.The notion of multidimensional living standardsis part and parcel of the OECD analysis of the policydrivers of inclusive growth, which can be defined asa rise in the multidimensional living standards of atarget income group in society (also referred to as a“representative” household).Source: Boarini and others 2014.
76 I N C L U S I V EAND SUSTAINABLE GROW TH GLOBAL MONITORING REPORT 2014/2015FIGURE 3.3 Growth in multidimensional living standards before the crisis, 1995–2007a. Median household incomeb. Income of the bottom 40 percentc. Income of the bottom 10 percentGermanyGermanySwedenAustriaUnited StatesUnited StatesUnited rlandsCanadaNetherlandsPortugalNetherlandsCzech RepublicCzech RepublicItalyFranceFranceFranceNorwayNorwayCzech RepublicUnited KingdomUnited KingdomNorwayItalyFinlandNew ZealandBelgiumItalyUnited KingdomNew ZealandAustraliaAustraliaFinlandNew ZealandFinlandAustraliaBelgium–1 0 1 2 3 4 5 6 7InequalityIncome growth–2 –1 0 1 2 3 4 5 6 7LongevityUnemployment–3 –2 –1 0 1 2 3 4 5 6 7Economic growthLiving standardsSource: OECD calculations based on OECD Annual National Accounts, OECD Income Distribution Database, and OECD Health Data Base.year on average compared with 2.3 percentfollowing the crisis), and in some countries like Denmark, Finland, Sweden, andthe United States, income growth was alsosignificantly different than for those withincomes close to the median or at the lowerdeciles of the distribution. For instance,among these four countries, multidimensional living standards grew by only 2.7percent for the bottom 10 percent and 3.0percent in the bottom 40 percent of households in the income distribution, comparedwith 3.7 percent for the median householdand 4.0 percent for the average household.The results show that growth remains apowerful driver for increased living standards but does not automatically translateinto shared benefits for all segments of thepopulation. Addressing the “inclusivenessof growth” has become a key objective formany high-income countries—all the moreso as a growing body of evidence shows thatover the longer term, inequality hurts economic growth and makes it less sustainable(Berg and Ostry 2011; Ostry, Berg, and Tsangarides 2014). In that regard, recent OECDestimates indicate that, on average, a 1 pointincrease in the Gini Index of income inequality lowers yearly GDP per capita growth byaround 0.2 percentage points. Ostry, Berg,and Tsangarides (2014) demonstrate an association between inequality and growth of asimilar magnitude based on a broader sampleof countries (Cingano forthcoming).The inclusiveness of growthThe role of structural reformsStructural reforms are the primary tool forenhancing the economy’s growth potential.
GLOBAL MONITORING REPORT 2014/2015 Progrowth (supply-side) policies aim primarily at removing obstacles to greater labor utilization, through labor force participation,hours worked, or greater labor productivityor a combination of the three. Although mostcountries have room for improvement in allthese areas, in many countries it is lowerproductivity per hour worked that accountsI N C L U S I V E A N D S U S T A I N A B L E G R O W T H 77for the bulk of the gap in relative living standards (figure 3.4).Pro-growth policies cover a variety ofpolicy domains. On the one hand, policiesin the areas of education and skills, innovation, and product market regulation arecentral to efforts to raise labor productivityand the overall efficiency of the economy.FIGURE 3.4 Large differences in income per capita are mostly accounted for by productivity gapsHigh-income OECD countriesa. GDP per capita compared withupper-half of OECD countriesb. Labor resource utilizationc. Labor productivityLuxembourgdSwitzerlandUnited United KingdomJapanOECDEUfItalySpainKorea, Rep.New ZealandIsraelSloveniaCzech RepublicGreecePortugalSlovak RepublicEstoniaPolandChile–70 –50 –30 –10 10 30 50Percentage differenceLuxembourgdSwitzerlandUnited United KingdomJapanOECDEUfItalySpainKorea, Rep.New ZealandIsraelSloveniaCzech RepublicGreecePortugalSlovak RepublicEstoniaPolandChile70 –70 –50 –30 –10 10 30 50Percentage difference2011200770 –70 –50 –30 –10 10 30 50Percentage difference70Source: OECD National Accounts Statistics (Database); OECD2012, OECD Economic Outlook 92: Statistics and Projections (Database); OECD, Employment Outlook (Database).a. Compared with the simple average of the 17 OECD countries with highest GDP per capita in 2011 and 2007, based on 2011 and 2007 purchasing power parities. The sum of the percentage difference in labor resource utilization and labor productivity do not add up exactly to the GDP per capita difference because the decomposition is multiplicative.b. Labor resource utilization is measured as the total number of hours worked per capita.c. Labor productivity is measured as GDP per hour worked.d. In the case of Luxembourg, the population is augmented by the number of cross-border workers to take into account their contribution to GDP.e. Data refer to GDP for mainland Norway, which excludes petroleum production and shipping. While total GDP overestimates the sustainable income potential, mainland GDPslightly underestimates it because returns on the financial assets held by the petroleum fund abroad are not included.f. Average of European Union countries in the OECD.
78 I N C L U S I V EAND SUSTAINABLE GROW TH On the other hand, reforms to tax and benefit systems, unemployment insurance, andactive labor market policies, as well as pension and health care systems, for example,can do much to remove obstacles to greaterlabor utilization and disincentives to the participation of groups with weak attachment tothe labor force, such as migrants, youth, andwomen. Of course, interventions in differentpolicy domains may complement each other,acting to boost labor productivity at the sametime as encouraging a more effective utilization of labor. Efforts to improve the businessenvironment, by reducing red tape and opening up protected sectors to competition, havethe advantage of unlocking opportunities forinvestment and improving the overall efficiency of the economy.Tradeoffs between progrowth and proinclusiveness policies may exist that need tobe considered. For instance: A reduction in the level of protection ofpermanent jobs helps to reduce labor market duality but can disproportionatelyaffect low-wage earners. Reducing the legal extension of collectivewage agreements to more workers mightlower labor costs and promote employment, which is good for growth, but itmight also contribute to widening wagedispersion, which is undesirable from thepoint of view of inclusiveness. Shifting the tax structure away from directtaxes (labor and corporate income taxes)toward consumption, environment, andproperty taxes provides incentives to workand can encourage employment but mayalso raise equity concerns. Greater competition in product marketscan stimulate innovation and entrepreneurship, but it can also raise inequality to theextent that technological progress favorshigh-skill workers.In a number of areas, there is clear evidence that policies designed to reduceinequality can also boost growth. The clearest example is education. In high-incomeOECD countries, there are signs that theGLOBAL MONITORING REPORT 2014/2015completion of secondary and tertiary education can boost income. Addressing inequalities in both access to, and quality of, education can be expected to help lower inequalityin labor income. Policies that address impediments to labor market participation, forinstance by improving the access to childcare for women, or ensuring a smooth transition from school to work, could lead to moreequal labor market outcomes while boostinglong-run growth.Equally important is the recognition ofthe distributional effects of progrowth structural policies. In other words, by affectingthe utilization and productivity of labor,supply-side policies are likely to influencethe way in which the benefits and rewardsof growth are shared among the differentsocial groups. For example, initiatives aimedprimarily at enhancing the performance ofstudents and facilitating their transition fromschool to work allow them to compete forbetter- paying jobs and, depending on howthese policies affect disadvantaged groups,may have an impact on the distribution oflabor income. Reforms to tax benefit systemscan help to remove obstacles to labor forceparticipation (by reducing the tax burdenon the income of second earners, for example), which is supportive of growth and alsoimprove the earnings prospects of otherwisediscouraged workers.Progrowth structural reforms can alsoaffect the distribution of non-income outcomes, including skills and education,employment, health, or environment. Forinstance, an increase in nonstandard employment, such as involuntary part-time or temporary jobs, can lower job quality, in particularfor low-skill workers. It can also increase jobstrain, adversely impact mental health, andreduce worker capacity to connect to socialand professional networks. These trade offs are also important to address becauseinequality goes far beyond income disparities. Some population groups, particularlythe less educated and low-income individuals, live shorter lives, are less active in political activities, have greater health problemsand more children with lower performance
GLOBAL MONITORING REPORT 2014/2015 at school than more advantaged groups. Disadvantaged population groups are also moreexposed to insecurity, crime, and environmental degradation (OECD 2013e).Strengthening productivity byinvesting in human capitalInvesting in human capital is essential topromote equality of opportunity and sustaineconomic growth. A broad range of actionscan make education policy more growthfriendly and inclusive.First, education is more effective the earlierit starts. The OECD’s Programme for International Student Assessment (PISA) showsthat children who have enrolled in preschooleducation perform better throughout theireducational life and tend to be better integrated socially. Disadvantaged students tendto have less access to preprimary education,but some countries manage to avoid this situation. For example, Estonia, Iceland, Japan,and the Republic of Korea have smaller-than- average enrollment gaps between socioeconomic backgrounds for preprimary schooleducation. More investment to increase preschool enrollment among economically andsocially deprived households should therefore be a priority. The provision of childcare services can provide parents with youngchildren the care support they need to work,while also providing safe environments forpreschoolers to learn and develop.Second, raising educational attainmentup to at least lower-secondary level is likelyto reduce income inequality. OECD analysisshows that reaching at least secondary-leveleducation boosts an individual’s employmentprospects, and moreover, raising the share ofworkers with upper-secondary education isassociated with a decline in earnings inequality (Fournier and Koske 2012). In the OECDapproximately 20 percent of young adultsleave school before finishing upper- secondaryeducation, dramatically increasing their riskof unemployment, poverty, and social exclusion. Several policies can help prevent failure and promote completion of secondaryeducation. For instance, early tracking (atI N C L U S I V E A N D S U S T A I N A B L E G R O W T H 79the lower-secondary level), which discourages students and encourages early dropout,should be avoided. School choice should alsobe managed to avoid socioeconomic segregation, and upper-secondary pathways needto be designed to encourage completion byallowing two-way passage between different curriculum streams and to ensure thatcompleted secondary schooling leads to academic or vocational education and trainingqualification.Third, education policies need to improvelow-performing schools and classrooms byoffering a quality learning experience forthe most disadvantaged. Low-performingschools often lack the capacity or support toimprove. In these schools, policy should focuson strengthening and supporting academicleadership by providing good working conditions, systemic support, full teacher training, and incentives for staff. Disadvantagedschools also need to focus on prioritizing thedevelopment of positive teacher-student andpeer relationships, ensuring that effectiveclassroom learning strategies and diagnostic tools (data information systems) are inplace to identify struggling students and thefactors of learning disruptions. These strategies have been employed in Japan and Korea,where successful teachers and principals areoften reassigned to different schools, fostering more equal distribution of the most capable teachers and school leaders. In Finnishschools specially trained teachers are assignedto support struggling students who are at riskof dropping out, whereas in Canada, equal orgreater educational resources are targeted atdisadvantaged immigrant students to boosttheir performance (Cheung 2012).Although skills are a powerful determinant of employability, many advanced economies face a mismatch between the demands ofemployers and the supply of workers that canmeet those demands (OECD 2013h). Manydifferent considerations affect student choices;labor market prospects and needs competewith personal interests and social stereotypes.Most developed economies face shortages inthe STEM disciplines (science, technology,engineering, and mathematics), and many
80 I N C L U S I V EAND SUSTAINABLE GROW TH countries take initiatives to stimulate youngpeople—especially girls and young women—to study STEM subjects. The OECD Surveyof Adult Skills (PIAAC) also points to theexistence of significant mismatches betweenskills and their use at work, particularly forsome sociodemographic groups. Skills-useindicators show that more proficient workersoften use their skills at work less intensivelythan less proficient workers. Overqualification is particularly common among foreignborn workers and those employed in smallestablishments, in part-time jobs, or on
resource-efficient, sustainable processes and technologies is a central pillar of the transition to low-carbon economies. Trends in growth and income distribution in high-income countries Several high-income countries have been fac-ing slow growth and high unemployment since the crisis, while at the same time wit-
and social challenges, need to become future cities that are smart, resilient, inclusive, and sustainable. By Robert Brears, Our Future Water hand-pointerRight-click on the name of the article that you want to read 2 Future Cities: Smart, Resilient, Inclusive and Sustainable Future Cities: Smart, Resilient, Inclusive and Sustainable 3
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We estimate a unified measure of inclusive growth for emerging markets by integrating their . and protection in market and employment transitions—is an essential ingredient of any successful growth strategy. However, attempts to measure inclusive growth have . This generalized concentration curve is basically a cumulative distribution of .
is good for business. BUSINESS SUCCESS AND GROWTH THROUGH LGBT—INCLUSIVE CULTURE Executive Summary Previous studies have shown the positive impact of LGBT-inclusive practices on a company's bottom line and its ability to attract and retain talent. Companies that adopt LGBT-inclusive practices tend to improve their financial standing, and do
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