Paving the path to equality: 5 tips for building diverse boards that drive growth

Women in the workforce are competent, bright and motivated, but one glaring problem is: They aren’t represented equally in board-level positions, particularly when it comes to women of color.

In 2018, only 38.6% of board seats at Fortune 500 companies were held by women and minorities. What’s worse is that women of color held a paltry 4.6% of those positions, even though they represent 18% of the U.S. population.

While those numbers are increasing - women now hold 20.4% of board positions at R3000 companies - there’s still work to be done. It’s important that women of all backgrounds work to hone their skill sets and leverage allies to take their rightful places on boards in every industry.

I’ve served on a wide range and types of boards over the course of my career, including Professional Business Women in California, iSeatz, Vail Resorts and California Polytechnic State University. In the process, I've identified what other women are doing to successfully reach board-level positions.

Here are five things women can do to increase their board-level presence.

Serve as a volunteer advisor

Volunteering on boards is one of the best ways to gain experience and prepare for a paid-level position. During the course of my career, I’ve volunteered on numerous boards, and every time it has proved to be valuable.

Last year I joined a group of esteemed industry advisors at Voyager HQ, which gave me the ability to network and share knowledge with the next wave of emerging travel industry startups. Not only have I been able to invest my time into these types of organizations, but I’m also increasing my own understanding and experience while adding another networking avenue.

While it’s important to volunteer, it’s equally important to remember that our time is limited. Be discerning about which opportunities to take while being mindful of the fact that, at some point, we all must get paid. By going into every volunteer position with solid goals and a roadmap, we can leverage our learnings, skills and networks into paid board roles.

Focus on education

Real-world experience is always critical to becoming a board member - but so is education. Now, thanks to a number of emerging courses, it’s possible to take a course on becoming a board member.

The Silicon Valley Executive Center at Santa Clara University has a Women’s Corporate Board Readiness program. Universities such as Cornell, Yale, Northwestern and UCLA offer classes specifically tailored towards women in leadership positions. The best part about universities isn’t just the coursework. A number of universities have advisory boards for various departments, many of which are looking for qualified people to bring real world business insights to their programs.

I currently act as an advisor for the University of Utah and California State Universities on their hospitality curriculum and various student initiatives, which helps me learn while shaping the educational conversation.

Identify the gaps

Every company is different, which means there will be unique requirements for joining a board. According to Harvard Business Review, boardroom capital is broken down into five areas of intelligence: financial, relational, strategic, role and cultural. Everyone has specific strengths that fall into these categories, and by working towards those women can increase their value and appeal to organizations.

Women can also target specific companies to work for and then build a resume around what they want. Finally, if a paid seat is not available, see if equity is an option. A small startup can be a great place to lend value and expertise and many are always looking for qualified industry professionals.

Build a strong network

While everyone wants to be recognized on merit, they still have to get in front of the right people. Experts estimate that 70 to 85% of jobs are found through networking, making it a critical part of the path to becoming board members.

Be discerning about which opportunities to take while being mindful of the fact that, at some point, we all must get paid

Cady Wolf

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The 2020 Women on Boards, Women Corporate Directors, and National Association of Corporate Directors are all great organizations with a number of resources. However, networking doesn’t always have to be professional. There are plenty of organizations like Toastmasters or Junior League which are great ways to meet people. In addition, groups of other women in leadership can help us learn more about industries and develop our skills.

A great way to network is to start an industry-related group. I founded Women in Travel Tech (WiTT) in 2017 to create a forum for female leaders in the industry to share ideas. The experience has enriched my skills and network in many ways.

Enlist men to stand up for change

To get more diverse women into board-level positions, we must shape the conversations - and that includes shaping those conversations with men. Men who are allies can be incredible assets, so it’s time to enlist them to advocate on our behalf.

According to a recent survey, men believe the best way to further women's careers is to recognize accomplishments in public and private settings, provide more honest feedback, recognize and stand up to gender discrimination and push for HR procedural change. If that’s the case, then it’s time to encourage men to stand up for change while being very clear about our goals to get ourselves - and a diverse group of women - wherever we want to go.

Women of all backgrounds and ethnicities are rising through the ranks of companies because of the skills and intelligence they bring. While there is still a long way to go to achieve true equality, the tides are turning and we have incredible opportunities at hand. By taking some strategic steps, women can help cement their rightful place in the board room.