Achieving Board Diversity

Board Diversity is an objective that all associations are striving for to be more inclusive, remain relevant and prepare for the future. It takes time and energy to reach the goals of diversification in the boardroom. It requires an openness to look at the way your organization is run and the people who sit in the boardroom to consider how the process could be improved and to make decisions that impact the future of your organization.

Having diverse board members with experience and skills that can support an idea of the future can help the board make better choices which improves the performance of the company and is beneficial to all stakeholders in the business – shareholders, employees and suppliers as well as the communities. Diversity encourages innovative ways of problem solving and thinking, creates opportunities and can add value.

When we bring in a woman into a boardroom for example, this gives us insight into the values and attitudes of women customers. This helps the board make decisions that improve services and products and help strengthen relationships with consumers. This is why having a properly thought-out diversity strategy is essential for the boardroom.

Many academics have suggested that improving the diversity of the board will increase the knowledge base of the board by providing information that might otherwise be unperceived when the board was homogeneous. However the most recent study of the dynamics of boards indicates that diversity of demographics is less important than the kinds of experience as well as the expertise and relationships new directors bring to the table.

Boards can encourage diversity in many ways, including by setting goals in addition to expanding the candidate pool and encouraging inclusion across the company. The key is to develop the right strategy that will match your needs and your company’s culture.

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