Many stakeholders are addressing the complex problems surrounding corporate board diversity. As with most complex problems, insight and change begin with acknowledging that we must continue to challenge thought processes and do things differently to get different results. In my most recent article published by Directors & Boards, I suggest corporate boards build on their demographic diversity initiatives to achieve optimal diversity by considering three key areas:
· Human capital — the directors’ professional positions, industries, experiences, achievements, skills, and knowledge
· Social capital — the directors’ personal and professional networks of relationships and organizational affiliations
· Cultural capital — the directors’ unique attributes stemming from formative personal, family, community, academic, extracurricular, and work experiences
Increasing boardroom diversity is critical for a variety of moral, business, market, and legal objectives. While women, people of color, and other underrepresented communities have made essential inroads in securing more seats, we still need to mature our understanding and approaches to diversity. Focusing on optimal diversity characterized by demographic, human, social, and cultural capital is the next chapter in getting there.
