It is unacceptable that there isn’t any gender or racial diversity in corporate boards. A diverse board will assist companies in incorporating the demographics of their communities and make better decisions. It will also enhance their reputation. It is imperative that corporations and federal policymakers redouble their efforts to create equitable systems that identify and recruit talents, and improve the selection process to improve diversity in American businesses.
The main focus of discussions on diversity of the board is the need to correct a skewed representation of the demographics of the company. But the primary objective should be to identify people with a broad array of abilities, skills and knowledge. Board members with diverse backgrounds bring fresh perspectives to the table and change the status quo. They also make more creative decisions which drive long-term value.
Through a combination of variables like education, age, and professional experience, you can identify which areas your board is under- or over-represented in and plan your the recruitment process accordingly. If your board is predominantly made up of people with degrees in engineering, for instance you might want to include a director who has a background in marketing to help facilitate a more thorough discussion.
Some companies make a public commitment on diversity. This is a great way to hold the top managers and the board accountable. You can also conduct an assessment of your diversity on your board portal and highlight areas you need to strengthen your workforce.