It is inexcusable that there isn’t gender or racial 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 image. It is vital that companies as well as federal policymakers hone their efforts on building fair systems, identifying and attracting talent, and reforming the selection process in order to increase diversity in American companies.
The focus of many discussions on diversity of the board is the necessity of correcting a skewed representation of the demographics of the company. However, the real goal should be to find candidates who have a diverse variety of skills, talents and experiences. Board members with diverse backgrounds can bring new perspectives to the table, disrupt the status quo and make more innovative decisions that generate long-term value.
You can select candidates according to a mix of factors like age, education and professional experience. For instance, if the board is composed largely of individuals with degrees in engineering, you may want to consider adding a director with an education in marketing to enable the discussion to be more comprehensive.
Some companies even go as far as making an announcement about their commitment to diversity. This is an excellent way to hold the board and senior managers accountable. You can also utilize your board portal to conduct an audit on diversity that will reveal areas where you must increase the diversity of your workforce.
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