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 will also enhance their image. It is important that companies and federal policymakers focus efforts on establishing equitable systems, and in identifying and attracting talents, and rethinking the selection process in order to increase diversity within American corporations.
A lot of discussions on diversity for boards revolve around the need deal with a diverse demographic representation of the company, however the goal should be to identify candidates with a variety of skills, competencies, and experiences. Diverse board members bring fresh perspectives to the table and challenge the status quo. They can also make more innovative decisions that create long-term value.
Utilizing a mix of factors, such as the age, education, or professional experience, you can determine what categories your board is not or over-represented in, and then target the recruitment process accordingly. If your board is predominantly made up of people with degrees in engineering, for example it may be beneficial to add directors with a background in the marketing field to facilitate a more comprehensive discussion.
Some companies go as that they make an official commitment to diversity, which is a great method of holding the board and management accountable. You can also run an assessment of diversity through your board portal that will identify the areas where you should bolster your workforce.