The absence of racial and gender diversity on corporate boards is inexcusable. A diverse board can help companies better reflect the community’s demographics and make better decisions. It can also improve their image. It is essential that companies and federal policymakers concentrate efforts on creating equitable structures, identifying and recruiting talents, and rethinking the selection process in order to increase diversity within American corporations.
Many board diversity discussions are centered around the need to take care of a disproportional representation of the population of the business, but the primary goal is to identify people with a range of skills, competencies and knowledge. Board members with diverse backgrounds can bring new perspectives to the table, challenge the status quo and make more innovative decisions that will create long-term value.
Using a combination of factors like the age, education, or professional experience, you will be able to determine which categories your board is under- or over-represented in and plan your recruitment accordingly. For instance, if your board is comprised of those with a degree in engineering, you might be considering adding an executive with a background in marketing to enable an overall discussion.
Some companies even go as far as making an open commitment to diversity. This is an excellent way to hold the board and senior managers accountable. You can also conduct an assessment of diversity through your board portal, which will highlight the areas where you should bolster your workforce.
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