It is inexcusable that there is no gender or racial diversity in corporate boards. A diverse board will help companies better reflect the demographics of their communities and make better decisions. It will also improve their reputation. It is imperative that corporations and federal policymakers work to create fair systems that identify and recruit talents, and improve the selection process to improve diversity in American companies.
The main focus of discussions about diversity on boards is the necessity of correcting a skewed representation of the demographics of a company. But the main goal should be to find people with a broad array of abilities, skills and experience. Board members with diverse backgrounds bring fresh perspectives to the table and can disrupt the status quo. They can also make more innovative decisions which drive long-term value.
Through a combination of variables like education, age, and professional experiences, you can figure out which areas your board is under- or over-represented and target the recruitment process accordingly. If your board is predominantly composed of people who have degrees in engineering, as an example it may be beneficial to add the director with some experience in marketing to facilitate a more comprehensive discussion.
Some companies even make an official commitment to diversity. This is an excellent method of holding the senior management and board members accountable. You can also run an assessment of diversity through your board portal that will identify the areas that you should strengthen your workforce.
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