Corporate Board Diversity

It is unacceptable that there is no gender or racial diversity in corporate boards. A diverse board can aid companies in reflecting the demographics of their communities and make better decisions. It will also improve their image. It is crucial that businesses and federal policymakers work to create fair systems that identify and recruit talents, and improve the selection process to increase diversity in American corporations.

The primary focus of most discussions about diversity on boards is the necessity of correcting a skewed representation of the demographics of a company. But the main objective should be to identify candidates with a wide range of skills, abilities and knowledge. Board members with diverse backgrounds can bring new ideas to the table, challenge the status quo and take more innovative decisions that drive long-term value.

You can select candidates using a combination of factors like education, age and professional experience. For example, if your board is comprised of those with a degree in engineering, you might want to consider adding an executive with backgrounds in marketing to facilitate an broader discussion.

Some companies go as far as making a public commitment on diversity. This is a great way to hold the management team and board members accountable. You can also run an assessment of your diversity on your board portal that will highlight the areas you need to strengthen your workforce.

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