Leveraging diversity of thought for better board decision-making
The outcomes of many decisions boards make cannot be reliably predicted which means there isn’t always one clear way forward. In scenarios like this, your board can benefit from having diversity of thought.
Your board’s diversity of thought is based on two things: your board group composition – the inherent potential of each group member to think from different perspectives, and the board group culture – the attitudes, practices and group dynamics that influence whether group members feel comfortable openly sharing their beliefs, thoughts and experiences.
How can diversity of thought add value to your board?
Diversity of thought can add value to your board in two ways. Firstly, specific diversity of thought brings subject matter expertise.
When your board members come from different backgrounds, have a variety of experiences, possess varying functional skills and have a wide range of network connections, these members can each bring a particular perspective and type of expertise to the table. When people can contribute specific knowledge in a particular subject matter, this can increase the group’s ability to think in a diverse way.
Secondly, wide-ranging diversity of thought adds value when facing complexity. Wide-ranging diversity of thought can help boards tackle complex problems with creative solutions. When diverse groups of problem solvers come together, they can speculate about future outcomes more reliably because a group average, rather than a single estimate from an individual expert, is likely to be more accurate. With greater cognitive diversity, the wisdom of crowds phenomenon will shine.
How can BoardPro’s “Leveraging Diversity of Thought for Better Board Decision-making” whitepaper help you?
To help your board achieve diversity of thought, BoardPro’s “Leveraging Diversity of Thought for Better Board Decision-making” whitepaper includes all the information, solutions and tips you need.
Written by Diversity of Thought Scorecard leader, Lloyd Mander, this whitepaper will help your board face complexity and make the best decisions as a group. Through this whitepaper, you will gain an in-depth understanding of what diversity of thought is, how it can impact your board, how you can measure wide-ranging diversity of thought with the DOT Scorecard, acquire tips on how to improve and enable your board’s diversity of thought and much more.
Using data from empirical research and from his experience in governance roles, Mander will help you build an inclusive board that prioritises diverse thinking and foster psychological safety to ensure your board members can make authentic and valuable contributions.
Download your copy of BoardPro’s “Leveraging Diversity of Thought for Better Board Decision-making” whitepaper here and improve decision making in your board now.