5 Practical Steps to Improve Board Diversity

In our opinion, women’s entrepreneurship has a special structure of motivations for doing business, which differs from the motivations of men.

Why It Is Important to Improve Board Diversity?

Traditional methods, such as “classical” personnel certification, no longer meet the requirements of today. To succeed in today’s business world, businesses need innovative management tools and practices that focus on setting goals and identifying employee personal responsibilities. Management technology by goals, supported by competent material incentives, helps to motivate staff for new grandiose achievements and creative self-improvement.

The trend of improving board diversity needs to be reversed so that women and men can participate equally in and benefit from a change. This task is especially relevant in countries where it is expected that the transformation processes will contribute to the development of democratic governance based on the principles of integrating women and men into social and political processes.

The proportion of women in board companies is slowly increasing in most countries. However, increasing the role and participation of women in business processes is not only a matter of indicators. Gender issues must become an integral part of the political agenda. Equal participation of women in decision-making processes is not only a human rights issue but also a prerequisite for building a democratic society in which political decisions take into account the needs and concerns of both women and men. Improving gender balance in government will help strengthen governance structures and reduce their vulnerability in crisis situations, including during economic downturns.

5 the Most Effective Steps to Improve Your Board Diversity

A woman is actively involved in various types of life, conditioned by the needs of a market economy, including the system of entrepreneurship. The gender aspect of modern market economic relations is of particular importance due to the fact that women not only continue to be one of the decisive factors of social production in general but also because it is the deployment of women’s entrepreneurship that today creates opportunities for building up the innovative potential of the modern economy.

There are 5 the most effective ways for improving board diversity:

  1. Women have a different hierarchy of ranks in the system of entrepreneurial orientation. The first place in their hierarchy is precisely the desire for social self-realization and the achievement of an independent position.
  2. Secondly, women prefer to choose areas of business in which their inherent characteristics of character and social behavior give a certain advantage.
  3. At the initial stage, during the transition period in many countries, when the privatization of state property was carried out and new market relations were formed, women initially had a weaker starting position. Apparently, it is thanks to this that women, to a greater extent than men, succeed in such industries as trade, consumer services.
  4. Fourthly, one cannot ignore such an important element in the implementation of modern business by women as they need, if possible, a harmonious combination of entrepreneurial activities with the implementation of the prescribed social functions in the family.
  5. Naturally, the put forward conceptual position requires proof by the results of the analysis of empirical data, supported by the materials of at least several representative sociological studies. In this regard, it is advisable to analyze the results of sociological surveys of various groups of women (actually entrepreneurs, women who want to do business, unemployed women, etc.), which are devoted to what is the driving force, the main reason for a woman to start entrepreneurship.