Diversity Reporting feature within OnBoard platform enables boards to collect, track, and report on their demographic information.
Board diversity became a top priority for organizations and their boards in recent years. But like lots of other diversity efforts, making boards more diverse hasn’t been as easy as saying it’s a goal.
OnBoard’s latest product innovation is designed specifically to make that process easier.
The new Diversity Reporting feature is designed to help boards gather, track, and report on the demographic information of their board members.
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What Diversity Reporting Is and Why Your Board Needs It
The Diversity reporting feature is a purpose-built dashboard with easy-to-read charts, a table, and a board diversity matrix (based on Nasdaq requirements). This makes it simple to view and report on board member demographics, aiding in board composition planning.
Board diversity has attracted the attention of shareholders, regulators, employees, customers, and other stakeholders, resulting in regulations and various initiatives intended to increase the number of under-represented communities that serve on boards.
While board diversity has increased in recent years, the interest in and demand for diversity on boards remains high.
How Does the Diversity Reporting Feature Solve This Problem?
For years, boards have said they want a more diverse board, but they’ve struggled on where to start. The diversity reporting feature gives boards an easy snapshot of how they’re doing right away.
Here are a few of the common roadblocks to improving board diversity efforts, and how the Diversity Reporting feature can help to solve them:
- It can be difficult and sensitive to obtain demographic information. This feature makes it easy for an individual to enter their own data.
- It can be expensive when an organization is using a third-party app to help with diversity reporting. The feature is included in the Premium and Ultimate packages for OnBoard customers. Using this tool will allow customers to save money if they’re currently using a third party. This feature is also specifically tailored for boards and their unique needs.
- Some boards struggle to identify gaps in their current board makeup. This tool helps boards visualize current board member diversity and compare it to their future goals.
- Some boards struggle to understand where to focus diversity efforts for succession planning. The diversity reporting feature makes it easy to share the board’s current demographic makeup and discuss diversity goals with recruitment committee members.
Here’s a summary of some the diversity reporting feature’s other benefits:
- Directors can respond in seconds, anytime, from any device.
- Board demographics will be available in a single, secure repository. The platform reduces the tools needed to track this information.
- Boards can set their organizations up for success by taking a data-driven, thoughtful approach to succession planning.
- It’s easy for users to enter their demographic data.
- The feature minimizes complexity by reducing the number of tools needed to track diversity.
- The purpose-built data visualizations help boards save time and get more value from their data.
- Some organizations and industries have diversity requirements. This feature can help them meet their goals.
- This tool will help boards identify gaps and plan for the future and make more informed decisions for succession planning.
How Does Diversity Reporting Work?
Anyone with access to the Diversity Reporting feature can enter their demographic details in their profile, from any device. These fields include age, gender, racial/ethnic background, LGBTQ+ orientation, veteran status, and disability status.
Demographic details can be included when importing users and exporting CSVs.
You’ll be able to view demographic charts in an intuitive dashboard with a board diversity matrix, a table, and charts that cover overall diversity, gender diversity, racial/ethnic diversity, and age range/average age.
Frequently Asked Questions (FAQ)
What is Diversity Reporting?
Diversity Reporting is a tool within the OnBoard platform that provides capabilities to help customers collect, track, and report on the demographic information of their board members, especially relating to demographic diversity, like gender and race.
Why is Diversity Reporting Important?
Board diversity has attracted the attention of shareholders, regulators, employees, customers, and other stakeholders, resulting in regulations and various initiatives intended to increase the number of members of underrepresented communities serving on boards.
Even though board diversity has increased recently, there is strong interest in and demand for more gender and racial/ethnic diversity on boards.
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About The Author
- Adam Wire is a Content Marketing Manager at OnBoard who joined the company in 2021. A Ball State University graduate, Adam worked in various content marketing roles at Angi, USA Football, and Adult & Child Health following a 12-year career in newspapers. His favorite part of the job is problem-solving and helping teammates achieve their goals. He lives in Indianapolis with his wife and two dogs. He’s an avid sports fan and foodie who also enjoys lawn and yard work and running.
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