It is unacceptable that there is no racial or gender diversity in corporate boards. A diverse board can assist companies to more accurately reflect the demographics of their communities, make better choices from a variety of perspectives and experiences, and boost their standing. It is essential that businesses and federal policymakers focus efforts to build equitable systems, identify and recruit talent, and reform the selection process to increase diversity within American businesses.
The primary focus of most discussions on diversity of the board is the need to correct a biased representation of the company’s demographics. However, the real objective should be to identify candidates with a wide range of skills, abilities, and experiences. Diverse board members bring fresh perspectives to the table and alter the status that https://board.international/how-to-increase-corporate-board-diversity/ is in place. They also make more innovative decisions which drive long-term value.
Through a combination of variables, such as the age, education, or professional experiences, you can figure out what categories your board is under- or over-represented in and plan your hiring accordingly. If your board is predominantly comprised of people with degrees in engineering, for instance, you may want to add directors with prior experience in the marketing field to facilitate a more comprehensive discussion.
Some companies even make an announcement about their commitment to diversity. This is a great way to hold the management team and board members accountable. You can also run an assessment of diversity through your board portal, which will highlight the areas you need to strengthen your workforce.