The Diversity Imperative For Boards
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ONE THING is for the busy (speak of the devil) Future Director, in which Founder Paul Smith picks just one thing Future Directors oughta know or do or stew on for the next month. We hope you get something (at least one thing) out of it.
As a 47-year-old Anglo-Saxon, heterosexual, (tall) male, I find myself in a bit of a predicament writing about diversity. I'm a champion, an ally, an advocate...however, I've certainly not experienced anything near what others have had to in their leadership journey. I have been a witness.
This is my assessment. The lack of diversity in leadership is an urgent and increasing governance issue.
A recent study conducted by Monash University in Australia delved deep into this very issue. It's just the latest study on the topic. They interviewed remarkable women from diverse backgrounds, and what they unearthed is a wake-up call for every boardroom across the world.
Boardrooms are where decisions are made, strategies and policies devised, and yet diversity remains most elusive. This is not just a moral quandary anymore; it's a strategic blunder, a governance gaffe of epic proportions.
There are four big themes arising from the report, and they're all applicable to the boardroom setting.
1. Intersectionality Matters:
The intersection of gender and race is a critical factor missing in the ongoing efforts to promote diversity in leadership. We can't just focus on gender equity; we must ensure that women (and people of all genders) from diverse racial backgrounds have a seat at the table.
This is not tokenism. Perspectives, experiences, and talents drive better decision-making. A board where ideas and solutions are forged through a diverse lens makes stronger decisions. Period! It's not about being politically correct; it's about being practically right. Today's complex issues require multifaceted solutions, and that demands a governing group that integrates stakeholder complexity.
2. Understanding the Problem and Generating Solutions:
Women with lived experience must have a voice AND have the opportunity and support to lead discussions and decision-making - not just respond to them. This doesn't mean sidelining those of us who have been at the helm for a while, but it does mean recognising that lived experiences shape perspectives.
When we're steering organisations, we need input from those who have faced unique challenges. That's where innovation often springs from – the meeting of diverse minds, each bringing their piece of the puzzle. Governance isn't a one-size-fits-all approach. Thriving organisations must consider all perspectives.
3. Reversing Existing Paradigms:
Think of it this way: if we keep steering the ship in the same direction, we'll keep arriving at the same port. Equity and inclusion of people from diverse racial backgrounds in leadership require more than superficial changes. It's about upending the old paradigms of leadership and embracing new ones. We can't keep doing things the way we always have and expect different results.
It's time to chart a new course, one that values diversity not as a checkbox but as a fundamental asset.
4. Power of Intersectionality:
Other layers beyond gender and race, the study highlighted that factors like sexual identity, gender identity, disability, and migrant or refugee status further shape the experiences of First Nations and CALD women and the changes needed to reverse inequality and inequity.
By drawing on intersecting experiences, people can bring unique insights into contributing factors to complex problems. Seeing a problem from many angles brings a higher likelihood of developing successful solutions.
So, here we are. Still.
System-level change is difficult.
Imagine a boardroom where all voices are respected. No one feeling like they're "making up the numbers". A governance landscape where lived experiences and perspectives are fully embraced and contribute to robust decisions. A future where diversity isn't an afterthought; it's the guiding principle.
Let's not just talk about it; let's be about it.
Embrace diversity in leadership as not just a moral imperative but a strategic one. Boards that are diverse are more resilient, more innovative, and ultimately more successful. Governance isn't a straightforward game. It's a labyrinth of opportunities, risks, and responsibilities. If we only have access to a narrow set of experiences to inform us, it's like navigating that labyrinth with a blindfold on. It's not just challenging; it's nearly impossible.
Actively seek out diverse voices and experiences and incorporate them into our governance structures. This means encouraging people from diverse backgrounds to step up and be part of leadership. It means supporting them as they climb the ranks. It means recognising the value they bring, not just in terms of diversity but in how they enrich decision-making.
Be willing to change how we do things to remove barriers and ensure everyone can contribute to the maximum of their capability. I may be that middle-aged white guy, but I'm also someone who believes that governance should be about progress. And when you're steering organisations toward a brighter future, who do you want to be steering it with you? Voices that represent the tapestry of our society. Bring unique insights to the table. Challenge the status quo. That's who I want to be leading with.
So, PLEASE let's not wait for another study to remind us of the importance of leadership diversity.
Find your own way into the issue. Maybe it's just a feeling that things could be better. Maybe it's one more bad year of results in a downturn market. Or a competitor edging just ahead of you.
It will be our conscious and collective actions, inside and outside the conventions, that will unlock the potential that diverse minds can bring to the boardroom.
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