It’s not easy to predict the future.
However, research has proven that the world is changing. Our global markets, demographics, and customer attitudes are all rapidly shifting. Digital technology, new forms of education, immigration, and opportunities are creating more diverse, less homogeneous organisations all over the world – and Boards of Directors need to reflect this in order to thrive and grow.
Recruiting Board members from diverse backgrounds is a tactic that has proven effective for many companies. McKinsey Consulting’s Diversity Matters report from 2016 showed that companies with the greatest ethnic, racial, and gender diversity at management are significantly more likely to outperform their competitors.
However, as evidenced by Parker Review into the Ethnic Diversity of UK Boards in 2016, as well as the low number of citizen directors of colour in the FTSE 100, it’s clear that the UK has yet to truly take this into account. In short, British corporations still don’t reflect the makeup of British society at large.
By identifying diverse leaders early on, supporting and developing their skills to make them ready to serve on your Board, building relations, and giving mentorship when needed, you position not just the candidate – but your organisation – for greater success.