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The Business Case For Board Diversity
How to create diverse board of directors for organization to promote DEI?
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Better opportunities now abound for most people ever since policies for inclusion and diversity were institutionalized and adapted by most companies many years ago. The positives result from these policies include financial benefits for many, better social relations among people, and greater social harmony.
Companies and institutions also benefited enormously from these policies. Aside from expanding the labor pool, they also got to avail and tap talents previously unavailable due to policies of discrimination and exclusion. Increased patronage from marginalized and underprivileged is also one of the benefits of adopting the policies.
Policies about inclusion and diversity include the boardrooms and the upper echelons of corporations. Be as it may, however, progress in this area has been slow, for most companies are reluctant to adopt policies for greater inclusion and diversity, for this means sharing power with the marginalized and previously excluded.
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The business case for board diversity
If the experience of academe and the workplace were any indications, corporations stand to benefit from having board diversity. Issues of equal rights and privileges aside, board diversity offers many opportunities for corporations to maximize for better profit. All of it while performing their corporate social responsibility and civic functions.
Among the benefits companies will reap by having diversity are:
A deeper pool of talent
As proven by experiences in other institutions, talent is widely available across society, and among the most talented people are those who belong to the marginalized, like women, for instance. Promoting diversity and having a more inclusive board allows for the acquisition of talented and skilled people.