The absence of racial as well as gender diversity on corporate boards is inexcusable. A diverse board can assist companies to more accurately reflect the population metrics of their communities, make better decisions with a wide range of perspectives and experiences and boost their reputation. It is crucial that businesses as well as federal policymakers hone their efforts on creating equitable systems, identifying and recruiting talents, and rethinking the selection process to increase diversity within American corporations.
The focus of a lot of board diversity discussions is on the need to correct a skewed representation of the demographics of the company. However, the real objective should be to identify candidates who have a diverse range of abilities, skills and knowledge. Diverse board members bring new perspectives to the table and can alter the status that is in place. They also make more creative decisions which drive long-term value.
By combining a variety of factors, such as age, education level, and professional experience, you can identify the categories that your board is under- or over-represented in and plan your recruitment accordingly. For instance, if you find that your board is disproportionately composed of individuals with degrees in engineering, you may think about adding an executive with an education in marketing to enable an overall discussion.
Some companies go as far as to announce a public commitment to diversity. This is a great method of holding the board and senior management accountable. You can also conduct a diversity assessment through your board portal that will highlight the areas where you should bolster your workforce.
