Corporate Board Diversity
Customers, investors, and the general public are demanding that the board of directors of a company reflect the demographics of the society it serves. A diverse board can boost a board’s effectiveness and creates an image that is more favorable as an employer. However, diversity in a corporation’s boardroom may be different to different boards and organizations.
The most popular definition of diversity includes gender and ethnicity, but the benefits of diversity go beyond these typical traits. Research suggests that boards with a more diverse background are less susceptible to groupthink. The idea is that directors with different backgrounds and perspectives are better at challenging the other’s views in order to generate solid discussions, stress-test alternative ideas and make better-informed decisions than those with similar backgrounds.
It’s difficult to argue against the need for more diversity on corporate boards however it may be difficult for executives as well as board chairs to identify the best candidates. Some advocacy groups offer lists of possible board members, but these candidates are typically not part of the board chairs networks or haven’t been considered for a position in top management.
Boards can begin by auditing their current member profile. Then, they can use their annual evaluations to eliminate members who aren’t productive and discover new talent that reflects the company’s future state. They can also leverage their network to identify trailblazers that aren’t in their all-inclusive director pool.
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