Diversification key to success

A great way to take your company to the next level is to have a diverse board with an independent director.

Claire Braund, executive director of Women on Boards, told First 5000 that it is important for medium-sized companies to step out of their comfort zone and appoint someone from outside the fold.

“The reason that you have diversity on boards is because most companies thrive and benefit under a regime of diverse views.”

“If you have a homogeneous group in terms of skill set, background or gender, you are unlikely to get fresh innovative thinking that drives the company forward.”

Braund said if the board gets too comfortable with each other, you can lose out in terms of potential.

“Make sure you go out with a list of objectives when recruiting. One way is to get a professional to do a skills metric to assess what the needs of the company are”.

“Most companies go out and find another director like them, because they are worried about what happens if someone independent joins”.

“In reality, you are better to get someone who has a 360 look at your business and the potential company enhancement”.

“It is very interesting that we celebrate diversity in the environment, the arts and in our own lives, but when it comes to companies which are the backbone economic growth, we shut down thinking mechanism”.

Women on Boards has a free vacancy posting service for companies seeking to advertise to high-quality female applicants.