Embracing Diversity In Boardroom: Unleashing Power Of Inclusion

Gone are the days when corporate boardrooms were predominantly populated by a homogenous group of individuals sharing similar backgrounds, perspectives and experiences. The imperative for diversity has emerged as a resounding call to foster an environment that reflects the rich tapestry of our global society. 

With each passing day, companies recognise that a diverse boardroom is not only an ethical necessity but also a strategic advantage that fuels innovation, enhances decision-making, and drives sustainable success. 

“Today, when we talk about diversity, the first word which comes to everyone’s mind is gender," said Kamini Shah, Chief Financial Officer at Birlasoft. She further stated, “At Birlasoft, two-thirds of our independent directors are females, as we fondly believe women leaders help push the boundaries at work.” 

Dheeman Kadam, Co-founder, goEgoNetwork added, “Belonging to a startup ecosystem, I feel it is important for us to create role models. And, having female role models would help us engage better with the 20-year-olds as few businesses aren’t able to connect to each age group. Therefore, for leaders like Kadam, diversity encompasses a broad spectrum of dimensions, including but not limited to race, gender, age, ethnicity, cultural background, sexual orientation, and cognitive styles. By embracing these differences, organisations gain access to a wealth of perspectives, ideas, and insights that can revolutionize their approach to problem-solving and unlock untapped potential."

The boardroom, as the apex of corporate leadership, possesses the power of playing a pivotal role in setting the direction, shaping the culture and driving the long-term vision of an organisation. Consequently, having a diverse boardroom is essential for cultivating an inclusive organisational culture and effectively navigating the complexities of a globalised world. 

“Having a unique set and blend of people on board, each and every problem can be dealt with way differently in today’s globalised and digitised world,” said Nishant Garg, MD, Maiden Forgings. Garg finds globalisation and digitalisation as an extreme threat in today’s fast-paced world and the only way organisations can curb these problems is if companies have a diverse set of leaders on board.  

Experts at BW Businessworld's Sustainable World Conclave 2023 noted that by bringing together individuals with unique experiences and perspectives, a diverse boardroom becomes a crucible for creativity, sparking unconventional thinking and challenging conventional wisdom. 

Notably, diverse perspectives facilitate the identification of blind spots, encourage constructive debate, and enable the exploration of alternative approaches. The resulting diversity of thought fuels the generation of breakthrough ideas, propelling organisations ahead of their competitors and ensuring their continued relevance in an ever-changing marketplace. 

"In today’s complex business world, a singular mind isn’t capable of narrowing down to solution orientation, hence having diversity on board helps bring balance in thought process and in the way problems need to be dealt with,” stated Vineet Harlalka, CFO and Company Secretary, Indian Energy Exchange.