A Win for LGBT Workers
This week, we talk about the latest victory for gay and transgender employees in the U.S.
Welcome to our weekly chat about the environmental and social issues that influence the way we work, spend our money and live our lives. We're your hosts, Maitane Sardon and Dieter Holger. Want to get our newsletter every Wednesday? Hit the subscribe button in the upper right corner and please share with your friends!
Hi Dieter, happy Wednesday! Did you hear the Supreme Court ruled Monday that workers can’t be fired for being gay or transgender? While LGBT workers were protected by local laws in some states, there was debate around whether federal civil-rights law applied to discrimination based on gender identity or sexual orientation. This is a major win for LGBT employees.
It’s a landmark case. The decision arose from three cases in which workers said they had been fired because of their sexual orientation or gender identity. One came from New York, where Donald Zarda alleged he was fired as a skydiving instructor in 2010 because he was gay. Another came from Georgia, where Gerald Bostock said his supervisors fired him after learning he had joined a gay softball league. In Detroit, transgender worker Aimee Stephens alleged a funeral home fired her after she said she was transitioning.
Interesting! This reminds me of an interview I did last year with Tate Buhrmester, a transgender employee at Starbucks. He told me that, when looking for a job, many trans people screen out companies where they can’t be themselves or whose medical benefits don’t cover procedures that individuals who identify with a gender that doesn’t align with the sex listed on their birth certificate need in order to transition.
On that note, last week the Trump administration rolled back protections for transgender people put in place during the Obama era under the Affordable Care Act. Obama’s rule banned health-care providers and insurance companies from discriminating on the basis of gender identity. Critics say this could lead to trans people and others in the LGBT community being denied health-care services by doctors and hospitals or coverage by insurance companies. Trump administration officials said the change was needed as the rule created confusion and imposed unjustified costs and regulatory burden. Those who support the change say the Obama administration exceeded its authority by broadening the ACA’s nondiscrimination provisions.
When I spoke with experts about these procedures, many said even those that could be seen as cosmetic—like breast reduction or augmentation surgery and hormonal therapy—can help transgender people overcome gender dysphoria, or the discomfort caused by a conflict between one’s gender identity and assigned sex at birth. Some companies have chosen to explicitly include these procedures as part of their health-care coverage, including Starbucks and Coca-Cola, or offer trans-inclusive insurance coverage as AT&T does.
We’ll definitely keep an eye on how this evolves given the Supreme Court’s ruling. Anything catch your attention on the stock markets lately?
Yes, some European companies that have suffered from restrictions on movement during the coronavirus pandemic are going to be ejected from blue-chip indexes. German airline Deutsche Lufthansa will drop out of Germany’s DAX next week and be replaced by property firm Deutsche Wohnen. EasyJet, another European airline, and cruise operator Carnival are also losing their spots on London’s FTSE 100 stock index, which will add software company Avast and home-repair provider HomeServe among others. This means the funds that track these indexes will have to sell their shares in the companies being dropped and buy shares in those being added.
What am I looking at? The chart above shows the performance year-to-date of three blue-chip indexes, which track the shares of well-established, financially stable multinational firms. The DAX includes the 30 largest and most liquid German companies trading on the Frankfurt Exchange. The FTSE 100 includes the 100 largest public companies that trade on the London Stock Exchange. The S&P 500 measures the performance of 500 large companies listed on stock exchanges in the U.S.
Any other news you’re keeping your eye on, Dieter?
Well, after the protests against police brutality and racial injustice that have taken place worldwide in response to the killing of George Floyd in Minneapolis, big tech companies are reviewing the use of their facial-recognition software by law enforcement agencies. Amazon blocked police use of its technology for one year to allow for U.S. government regulations to be set, while Microsoft said it wouldn’t sell facial-recognition software to police until its use is regulated. IBM exited the business.
Yes, I’ve seen there are concerns about the surveillance technology’s potential for racial bias. Now let’s open it up to our readers: What do you think employers should be doing to support their LGBT employees?
Share your thoughts below or catch us on Twitter. Your words could appear in our next edition! Have a great weekend and remember to wash your hands. 👋
Meet the team:
Elevate the Conversation is produced by the editorial teams of The Wall Street Journal and Dow Jones Newswires. Here's a little bit more about us, along with our contact information. We'd love to hear from you.
Dieter Holger, Reporter: I have a knack for uncovering values-based investing trends and I’m obsessed with spreadsheets and charts. I really enjoy ‘80s music, skateboarding and yoga (but I’m bad at both). dieter.holger@wsj.com@dieterholger
Maitane Sardon, Reporter: I have a passion for amplifying the voices of those at the center of stories. I love running on Barcelona’s beaches and binging on chocolate ice-cream to compensate (it’s all about balance). maitane.sardon@wsj.com@sardomaitane
Catherine Lindsay, Editor: I like breaking down complex ideas and explaining them. On the weekend, you’ll find me wandering the city with my film camera at the ready. catherine.lindsay@wsj.com@CathsLindsay
Tammy Lian, Designer: As a visual producer, I'm always excited by the challenge of creative problem solving. In my spare time, you can usually find me taking care of my ever-growing collection of plants and drinking tea. tammy.lian@wsj.com@violian.tammy