- Use Video Platforms
There are countless ways that a video platform can improve business. Video provides a highly engaging way to communicate with customers and employees, and it’s an excellent way to capture and share knowledge internally. A video platform can also improve efficiency by automating processes and workflows, and by providing a central repository for all of your organization’s video content. In addition, a video platform can help you save money by reducing travel costs and eliminating the need for expensive equipment.
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2. Be proactive about diversity (gender, racial, ethnic)
The percentage of women on S&P 500 boards has risen from 16% to 28% over the past ten years. But the percentage of corporate directors from racial/ethnic minority groups remains extremely low. At the country’s largest companies, only about 5% of directors are black and only 3% are. At the same time, more and more board members recognize that diversity requires focused action. In 2020, 71% of directors believed that board diversity would “just happen naturally.” This figure has since fallen to 32%.
The need for more non-white directors and the need for proactive action came through in board conversations. For example, racial/ethnic diversity (25%) now outpaces industry expertise (20%) and operational expertise (14%) as the main search criteria for new directors. And more than half (52%) of respondents said they favored the idea of linking executive pay to diversity and inclusion goals, which is a jump of 13 points from the previous year. ‘last year.
3. Strengthen board composition through more rigorous assessments
Directors agree that board diversity improves shareholder relations (90%), board performance (85%), strategy and risk oversight (76%) and performance of the company (75%).
To achieve a more diverse board, replacing retired directors and increasing the number of board seats is only part of the story. Proactive refreshing is also essential, not only for underperforming board members, but also for unsuitable ones.
Almost half (47%) of respondents said at least one board member should be replaced. Nearly a fifth (18%) want to replace two or more.
So why are these measures not being taken?
While 88% of directors say their board has an effective director evaluation process, two-thirds of directors (67%) say it’s hard to be candid, and more than half (52%) state that this process is not actually in place and is done
The entire board needs to think about where its composition should be in two, three, or four years, and create a plan to get there.
It is the responsibility of board leadership to set the right tone for board evaluation – to encourage open and honest feedback – and to establish evaluation expectations with all directors. skills in relation to business strategy and the changing business landscape.
4. Take the time to fully understand ESG – and how it relates to strategy
Almost all respondents (94%) said their companies provide ESG information, and 64% agreed that ESG is linked to company strategy. Yet only 28% of respondents said their board had a good understanding of the company’s ESG/sustainability messaging, and only 25% said their board understood ESG risks .
Bridging this gap is critical to gaining stakeholder trust and ensuring long-term business success.
