Phenomena like globalization, economic development and democratization processes have transcendentally changed our society.
As a result, we are able to appreciate and expose ourselves to a range of people who are more diverse in terms of culture, education, religion, socioeconomic status, physical or mental disability, sexual preference and identity, way of thinking and other aspects.
Workplace diversity also reflects these social changes, which we see in Chile and around the world. At Group Cinco, we believe that diversity is more than just a social and ethical responsibility. It brings significant benefits to a company, including innovation, which is increasingly important. The relationship between how a company manages diversity and innovation has been supported in academia and studies by management consulting firms. One BCG study published in 2017, The Mix that Matters(1), shows the statistically significant positive correlation between diversity and innovation at companies. The underlying assumption is that diversity leads to different perspectives and novel solutions. The study identified factors of diversity that have the most significant impact on innovation, the types of companies that benefit most and what companies need to do to increase the impact of diversity on innovation.
Innovation is not the only benefit associated with increased workplace diversity. Multiple US studies show that companies with greater ethnic and gender diversity produce better financial results. Studies also show that more than 50% of employees value diversity as a positive attribute, leading to higher retention and making the employer more attractive to potential hires.
Nevertheless, work culture must become more inclusive if diversity is to produce positive results at a company. Along with treating each other with respect, employees must enjoy equal access to both opportunities to contribute to the company’s success and professional development. Experience has taught Grupo Cinco that the Human Resources Area cannot be exclusively responsible for diversity and inclusion. Like all cultural change, these concepts are rooted in the vision of the board and the Chief Executive Officer. As with any other corporate value, developing an identity as a modern company that pursues diversity and inclusion is a joint effort that requires commitment from general management. As Chile makes progress toward a more modern society, the issue of diversity and inclusion is increasingly apparent in our talent search assignments.