Benefits of diversity in culture and thinking in the energy transition

4 December, 2023

Diversity has always existed, although it has not always been taken into consideration in business circles. Fortunately, this reality is changing as a result of companies which, among other actions, are creating safe and respectful environments in which to express oneself, promoting interaction between different people and highlighting the value of diversity and tolerance, understanding diversity to be a competitive advantage.

Cultural diversity in the business world

Different cultures and ways of thinking come about through multiple factors, such as background, education, family circumstances, gender and hereditary traits. However, diversity in business is not just about hiring diverse people; it is about creating a company culture that celebrates inclusion within a framework of tolerance and respect. This culture becomes the engine that drives the company towards a more sustainable and equitable future, enabling it to adapt to the continuous changes in the environment.

Corporate culture becomes the engine that drives the company towards a more sustainable and equitable future

Merging different voices and visions builds stronger companies that forge a more sustainable future for all, achieving corporate goals and driving economic growth. Moreover, differences in habits, languages and ways of thinking, far from being a difficulty, are mechanisms for providing society as a whole with good service and improving the employee experience with a positive impact on the ability to retain and attract talent.

In a diverse world, it makes sense to create diverse organisations, even more so when we face complex global challenges. Collaboration between people of different cultural backgrounds and ways of thinking is key to bringing a wider variety of perspectives that allow solutions to be found with greater flexibility and effectiveness, overcoming obstacles and unexpected changes.

Cultural diversity fosters innovation

A wide range of experiences and approaches spurs the uptake of novel solutions, such as clean technologies in the energy sector. As a result, diverse teams better equip companies to identify and seize opportunities through a greater understanding of customer needs and give them greater resilience to adapt to changes in the market.

A wide range of experiences and approaches spurs the uptake of novel solutions

According to a study by McKinsey, more culturally diverse organisations are 33% more likely to out-innovate their competitors, i.e. they are better able to generate ideas that they can then transform into useful new products or services.

Impact of cultural diversity on the energy sector

Therefore, diversity in culture and thinking is also redefining the energy landscape. In addition to being a matter of social justice, the integration of diverse perspectives is an essential strategy in the fight against climate change through the energy transition. Diverse teams are more effective in decision-making as they are less subject to cognitive biases, which makes it easier to look for and find better alternatives.

Diversity in culture and thinking is also redefining the energy landscape

The evolution in the ways in which energy is generated, stored, transported and used is a clear example of the value of diversity. Given that it is based on sustainable development and digital transformation, the energy transition requires constantly challenging conventions. Diversity fosters creativity and paves the way to innovative solutions, improving the process of finding alternatives and improvements by 20%. Because by integrating different ways of thinking, companies can tackle complex dilemmas and develop the cutting-edge technologies needed to combat climate change, for example. Furthermore, diversity also makes it possible to detect risks, reducing them by up to 30%.

Diversity in culture and thinking is, therefore, a reflection of social reality; however, it is above all a tool for change and improvement that enriches processes within organisations and strengthens their structures through collaboration. A diverse team is a team that is open to learning, continuous improvement and tackling any challenge – qualities defining companies that wish to remain competitive in the long term.