It is inexcusable that there is no gender or race diversity in corporate boards. A diverse board can assist companies in incorporating the community’s demographics and make better decisions. It can also improve their reputation. It is important that companies and federal policymakers focus efforts on building fair systems, identifying and recruiting talents, and rethinking the selection process to increase diversity within American companies.
Many discussions about diversity on boards revolve around the need to deal with a diverse demographic representation of the company, but the real objective is to find candidates with a variety of abilities, skills and experience. Board members with diverse backgrounds can bring new perspectives to the table, disrupt the status quo, and make more innovative decisions that will create long-term value.
Through a combination of variables such as age, education, and professional experience, you will be able to determine what categories your board is not or over-represented in, and then target hiring accordingly. For instance, if your board is disproportionately composed of individuals with degrees in engineering, you may be interested in adding an executive with an experience in marketing to help facilitate the discussion to be more comprehensive.
Some companies go as that they declare an open commitment to diversity, which is a great method to hold the management and board accountable. You can also make use of your board portals to conduct an audit on diversity that will reveal areas where you’ll need to increase your workforce.
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