How Can Women Gain Access to the Boardroom

Women on Corporate Boards

Corporate boards hold immense power, guiding the strategic direction of companies that shape our world. Yet, these influential rooms have often lacked diversity, particularly regarding gender representation. Here’s why having more women on corporate boards is not just fair but an intelligent business decision. And how can women gain access to the boardroom? Most women will agree that women belong in the boardroom.

Stronger Financial Performance

Recent studies show a correlation between boardroom gender diversity and improved financial performance. A McKinsey report found companies with greater gender diversity on boards have a 25% higher chance of delivering above-average profitability.  I listened to a couple of speakers an unnamed university had regarding diversity. Their take on diversity? It slows down the decision-making process. However, a fast decision is not necessarily the right decision. Board diversity brings a broader range of perspectives and experiences to the table. The results are more effective decision-making. See How to accelerate gender diversity on boards | McKinsey

Diversity of Thought When Women Gain Access to the Boardroom

Homogenous boards are prone to groupthink, where challenges to the status quo are discouraged. Women bring different viewpoints and experiences to the table, fostering a culture of questioning and innovation. This can lead to a better understanding of the marketplace, especially considering women’s vast consumer power.

How Can Women Gain Access to the Boardroom

There are many reasons why women are not as dominant on corporate boards as men. During childbearing, women frequently give up opportunities for the benefit of their children. There are more options available to help with home care. However, not all are financially viable for a young family. Education used to be a reason for women to lack the skills needed to participate in boardroom discussions. However, with women becoming a larger component of college participants, this is no longer an excuse for women to be shortchanged on the lack of participation in the boardroom. Networking and knowing how to network is another limiting factor. We plan to educate women on improving networking skills to enable the right connections to obtain board positions. See OC Growth Advisors – Your Partner for Success in Growth to learn more about Marla Noel and how she can help you and your business.

Role Models and Mentorship

When women see themselves reflected in leadership positions, it inspires future generations to pursue board opportunities. Increased female representation creates a talent pipeline and fosters a more inclusive environment within the company.