Today, public and private boards alike, have overcome processes that have become stale and outdated and have embraced new thinking that is often spawned through diversity and inclusion on boards. Although not always implemented in the right way (yet), the intention is there, and it is the job of the sitting board members to further the implementation of these strategies.
One of the most effective ways to recruit from wider pools would be to alter recruitment methods and expand recruitment efforts, as discussed in the Forbes article 7 Ways To Increase Board Diversity.
“One assumption is that new directors must be part of the C-Suite. While this can be a valuable approach, broadening the search beyond the executive level would be beneficial. Create a task force to expand recruitment efforts.”
The article lists the following methods:
1. Formalize Succession Plans
2. Add a new board seat to increase diversity
3. Encourage Transparency
4. Track and Measure Progress
Governance at private and public boards is different — resulting in different kinds of change occurring in both types of boards. I recently read another article Board Governance Structure: Public vs. Private Boards which shares an interesting insight into public and private boards. The article elaborates on how although governance differs, both types of boards do have several similarities.
“The single most important element of governance for any board is creating an environment of trust and respect. The means to that end often look alike: Both must build high-functioning teams, putting each director through a set process of recruiting, orientation, and evaluation. They further share data security requirements, with increasing liability for infractions extending to each and every board member. Only public boards, however, face public-meeting and public-record laws. Only private boards typically pay directors, and they alone have owners on the board. While they may share some governance requirements, different laws, traditions and protocols lead public and private board governance structures to differ in detail.”
Despite these differences, both types of boards recognize the value of diversity — a big step forward from orthodox board thinking ways.
Diversity on boards has an overwhelming amount of benefits, as most of us know by now. A quick recap:
• Better decision-making — A diverse board, populated with women and individuals from diverse backgrounds allows different perspectives — leading to well-rounded decision-making. This can result in a wider range of solutions, a reduction of bias, and even the group-think phenomenon.
• Better Company Performance — Companies with diverse boards tend to show better financial performance and also tend to be more innovative. This usually results in increased success in the marketplace.
• Inclusivity and Representation — Diverse boards ensure that the experiences and perspectives of underrepresented groups are valued in the decision-making process. This usually leads to being able to serve diverse customers and employees better, along with a more inclusive company culture.
I am part of organizations like Beyond Board and the NACD (National Association of Corporate Directors) — organizations that push for diversity in the boardroom.
Beyond Board is a highly curated and exclusive community of board members and board-eligible executives. It is an assembly of today’s most impactful leaders for peer-to-peer networking, renowned thought leaders, and board opportunities. They recruit “through community” with a mission to bring diversity to boards and executive leadership. Through this organization, I have met amazing women and have joined inspiring conversations with leaders across the country about (re)defining the role of board membership.
The NACD is a member organization for corporate directors who want to expand their knowledge, grow their network, and maximize their potential.
Such organizations play a big role in shattering the orthodox norm of boards. Previously, boards were primarily populated with white men, who elected other members from their own networks — making the entire process extremely insular. Now, as mindsets change and horizons expand, boards are electing qualified members from different backgrounds and pools of candidates. I like to think of these as next-generation boards. Boards that reflect the diversity of their companies, providing for a variety of backgrounds and even more importantly, of perspectives.
Connect with Julie on LinkedIn.
Julie Roehm is the Chief Marketing Officer and Chief Experience Officer at Party City. She is an innovative customer-centric marketer known for strategizing profitable corporate turnarounds with fast revenue growth via capturing stories that resonate with clients. She was named “Marketer of Year” by BrandWeek, Brand Innovators ‘Top 50 Women in Brand Marketing’, the Tri-State Diversity Council’s “Most Powerful and Influential Woman”, an Automotive News “Marketing All-Star” and one of Working Mother’s “Top 25 Women”. She’s on the forefront of new marketing ideas, and being result-oriented, she uses her vast marketing experience in all facets of business strategy and marketing execution to help deliver the message of the brand.
Julie Roehm - Global Transformation and Growth Expert & Independent Advisory Board Member.
Global Transformation and Growth Expert - Julie Roehm
Customer Experience: The Mark of Success - Julie Roehm
I was recently featured in an article by Mass News to discuss my role as Chief Experience Officer and how we worked…
What is the Impact of Inviting Marketing on Corporate Boards? — Julie Roehm
As the Chief Marketing Officer and Chief Experience Officer of Party City, and Board Director, I understand the…
Why Marketers Are a Valuable Addition to the Board — Julie Roehm
The business environment is changing rapidly, and as it evolves, so do the boardroom options. Today, companies are…
The Power of Data Science in Retail — Julie Roehm
AI or Artifical Intelligence is playing an increasingly important role in the retail industry, helping retailers to…
Transition in a Time of Disruption — Julie Roehm
Prior to the pandemic, the term ‘omnichannel’ was scarcely used in the business world. However, with the shutdown of…
Gender Obstacles in Opportunities and Leadership — Julie Roehm
Women encounter several inequities in the business world compared to men. Such unconscious gender bias is still…
5 Ways Marketing Leaders Can Drive More Value in 2022 — Julie Roehm
As we begin 2022, the third year in which the pandemic is transforming our business reality, marketing leaders continue…
Party City Wants to ‘Make Joy Easy’ - Julie Roehm
With mask mandates easing and “normal” inching a bit closer, Party City is looking for more ways to help America start…
Interview with Morning Brew- Party City’s New and Improved Social Media Strategy - Julie Roehm
It was a great time chatting with the folks over at Morning Brew to discuss Party City’s social media strategy. We…
Inspiring Joy on World Party Day — and Every Day - Julie Roehm
It goes without saying, at Party City we love to celebrate, no matter the occasion. Party is in our name and in our…
Love is in the Air This Valentine’s Day- Julie Roehm
2022 is in full swing and with holiday celebrations dampened by the ongoing pandemic and omicron variant, people…
The Boardroom Playbook — in Conversation with Julie Roehm
Serving on a board is considered to be a viable adjunct to any successful career. Board positions are seen as a place…
Marketing as a Tool — in Conversation with Julie Roehm
Peter Drucker, a contributor to the foundation of the modern business corporation, once said “Because its purpose is to…
How do Boards Benefit from Marketers — in Conversation with Julie Roehm
Which practice trains us to understand, and assimilate customer drivers and client behavior? Which practice trains us…
Navigating Traditionally Male-Dominated Institutions - Julie Roehm
A lot of industries are often defined as “male-dominated”. However, there are countless women today who are shattering…
Julie Roehm, Chief Marketing and Experience officer at Party City, was recently featured in a podcast titled Be…
Using Technology to Transform - Julie Roehm
The term 'contactless shopping" has been making waves in the retail industry, and for good reason. COVID-19 is still…
Julie Roehm was a guest at the High Stakes Forum, a series of webinars organized by the C-Suite Network. Julie is the…
Customer experience is at the forefront of every business in today’s world. Today I am in conversation with the expert…
In line with the new normal, I am having a ‘Zoom Coffee’ with Julie Roehm, the Chief Marketing & Experience Officer at…