Achieving Board Diversity

Board Diversity is an objective of every association to be more inclusive, stay relevant and plan for future. It takes time and effort to accomplish the goals of diversification on the board. It requires the ability to analyze the way in which your association is run and who sits in the boardroom. It is important to look at how the process can be improved and to make decisions that will affect the future of your organization.

Diverse board members with different skills and experiences that are in line with the direction of the company help the board to make better decisions, which improves the performance of the business and is beneficial to all stakeholders – employees suppliers, customers, and communities. Diversity fosters new ways of problem-solving and thinking, creates alternatives and creates value.

When we invite an individual woman into a boardroom for example, it adds insight into the tastes and cultural preferences of female customers. This perspective helps the board make decisions that enhance products and services, and strengthen relationships with customers. This is why having a well thought out diversity strategy is vital for the boardroom.

Many academics have argued that increasing the demographic makeup will expand the knowledge base of the board by providing information that would otherwise be a mystery when the board was homogeneous. A more recent study on board dynamics suggests that the demographic diversity of the board is less important than what new directors can bring to the board in terms expertise, experience and relationships.

Boards can encourage diversity in many ways, including by setting targets and extending the pool of candidates and encouraging inclusion throughout the organization. The key is to design a strategy that will best meet your needs and be a good fit with your company’s culture.

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