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boardready.io

About BoardReady

BoardReady specializes in catapulting board diversification through data, experience, and network strategies. It is based in Seattle, Washington.

BoardReady Headquarters Location

2200 Alaskan Way Suite 210

Seattle, Washington, 98121,

United States

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Latest BoardReady News

6 Ways To Increase Board Diversity

Nov 21, 2021

getty BoardReady, a Seattle-based non-profit, recently released a new report examining the correlation between board diversity and company revenue. The results were stunning. In short, companies with diverse boards tended to do better during this time of transition. The data, covering the years 2018 to 2020, showed that better company performance correlated roughly with increased levels of gender, age, and racial diversity in the composition of boards of directors. And in another report by McKinsey and Company , companies with more diverse executive teams were also top financial performers. But despite this compelling evidence, companies have made little progress in board diversity over the last several years. According to a recent analysis, under-represented ethnic and racial groups make up 40% of the U.S. population but just 12.5% of board directors. Many organizations blame the issue on a perceived "pipeline problem," implying a lack of qualified candidates. But Deanna Oppenheimer, Founder of BoardReady, disagrees. According to Oppenheimer, “Of the clients that BoardReady has worked with, 100% have added a diverse person to their board. Highlighting that the challenge is not diversity, but a connection to the phenomenal pipeline of diverse leaders that already exists.” Without a doubt, there are highly qualified candidates out there. So, what can companies do to increase board diversity? Let’s begin by examining these strategies. Run a diversity audit An excellent first step is to conduct a diversity audit to identify the composition of your organization. Compare the demographics of your workforce with the demographics of your board. Are they dramatically different? Can you identify gaps? If you do, it may be time to revisit your recruitment practices. Ultimately, the audit provides a view of your progress, as well as opportunities to improve. Secure a commitment to board diversity Securing commitment at the highest levels is essential. Diversity starts with the board and senior management, prioritizing specific efforts and getting the necessary resources. If it doesn’t already exist, develop a board diversity policy. Diversity policies can range from something simple to a lengthier document. As the organization evolves, you can adjust your approach as needed. Most importantly, use it to guide your diversification efforts and provide transparency moving forward. Expand recruitment efforts One assumption is that new directors must be part of the C-Suite. While this can be a valuable approach, broadening the search beyond the executive level would be beneficial. Create a task force to expand recruitment efforts. Cast a wider net by looking at MBA programs, executive leadership programs, local colleges and universities and professional associations. Also, consider using an executive search firm if your budget allows. MORE FOR YOU

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  • Where is BoardReady's headquarters?

    BoardReady's headquarters is located at 2200 Alaskan Way, Seattle.

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