How to create diversity in the boardroom

I don’t think many need convincing on the benefits of having a diverse workforce.

There are lots of studies on the direct impact diverse teams can have on revenue generation and innovation, and how specific strategies and aims are required to ensure you have your organisation heading in the right direction for success.

Although it’s great to see statics from Parker Review showing 89 FTSE 100 companies with ethnic diversity on their boards, when we break this down, it feels like there’s still an opportunity to do more. The overwhelming majority of these Board positions are Non-Executive Directors (given that FTSE companies generally only have 2 Executive Director positions - CEO and CFO).???

I recently had conversations with Derrius Quarles , Co-Founder of BREAUX Capital , and Ann Cairns , Executive Vice Chair at 萬事達卡 and Global Chair of the 30% Club UK , a campaign taking action to increase gender diversity at board and senior management levels, on how companies can promote and encourage diversity within their teams, networks, and leadership positions.???

Making diversity a priority???

“You can’t look at the world through the only lens you’re used to.”??

As Derrius explains, one of the biggest diversity challenges experienced by established organisations originates from leadership teams only acknowledging diversity further down the line, instead of from the get-go.??

It becomes difficult to change cultures when they’re already ingrained within an organisation, not only from internal perspectives but also externally. Prospective diverse talent may look at your non-diverse culture and decide it isn’t the place for them. Instead, they may be more motivated to find an organisation that already celebrates diversity within its culture.??

Often, conversations around diversity, equality, and inclusion tend to be uncomfortable for leaders as they can sometimes require the discussion of topics that are outside of people’s lived experiences. A great way to overcome this is by having conversations with those outside of your lived experiences, gaining alternative perspectives that will benefit your learning.??

The biggest blockers to a diverse board??

Success is often driven by diversity of thought and opinions. Creating a diverse board of directors that encompasses a variety of skills, ages, genders, cultures, and ethnicities can have a sizeable impact on effective decision-making, guidance, and risk management.??

If you build your board by only reaching out to people that you know, then chances are that you haven’t reached out far enough to have the very best people on your board and the cognitive diversity that will drive your company to success.??

Of course, it can be expensive to run big head-hunting programmes but there are alternative ways that are equally as successful. For example, platforms such as New Role are set up for companies to post board positions and attract those from diverse areas of life.??

Fixing the broken rung in the ladder??

There’s a lot of evidence to say there’s a broken rung in the ladder where men accelerate within their careers, and women decelerate. It is often assumed that this is due to factors such as maternity leave or having children, however, there are other influences that are often overlooked.????

As a leader, it’s important to ensure that every individual within your company has an equal opportunity to learn and accelerate their career. When it comes to hiring, there exists a huge pool of diverse talent, and as a leader, it’s your job to assist the development of these future leaders.??

Create transparency within job postings, and have mixed interview panels, even to the point where the people conducting the interview are from different departments, allowing for a variety of thinking toward each candidate you’re interviewing.???

?As always, if anyone would like a conversation around building diverse teams, please reach out direct over LinkedIn Messenger!??