Experts task young directors on mentorship, diversity
By Rukayat Moisemhe
Experts have emphasised the need for young directors to adopt diversity, mentorship and inclusion as innovative strategies to drive organisational sustainability in Nigeria.
They spoke at the Institute of Directors (IoD) Young Directors Forum and Appreciation Cocktail with the theme: “Inclusion: A Pathway to Organisational Sustainability,” on Tuesday in Lagos.
Mrs Naomi Nwokolo, the Executive Director, United Nations Global Compact Network, Nigeria, said it was important for young directors to align with and embrace the interplay between diversity and inclusion to achieve the Sustainable Development Goals.
Nwokolo said the network’s recent survey showed participant’s resolve to preserve and protect diversity and inclusion was clear with 92 per cent of companies surveyed revealing ongoing diversity and inclusion initiatives.
She charged leaders to be catalysts of change by embracing inclusive leadership.
Nwokolo said that this would foster trust and empower teams, resulting in higher levels of employee engagement and satisfaction.
The director quoted a study by Catalyst (2020), which found that companies with a higher representation of women in executive positions experienced a 53 per cent higher return on equity.
Nwokolo also said that organisations that implement inclusive practices and policies such as flexibility, mentorship, diversity training, and inclusive recruitment created an environment where all employees could thrive.
“There are numerous positive impacts of inclusive policies within organisations which extend beyond the realms of financial performance, innovation, customer satisfaction, and employee engagement, further emphasising the strategic value of inclusion.
“For companies ready to go from talking the talk to walking the walk, they must set targets for women on boards and senior management and then choose timelines for meeting those goals.
“Businesses must also build capacity to accelerate gender equality as women’s business leadership is linked to better Environmental, Sustainability and Governance performance.
“This includes reduced greenhouse gas emissions, stronger worker relations and reduced incidence of fraud, insider trading, and other unethical practices,” she said.
Also, Dr Ije Jidenma, the President, IoD, emphasised the importance of sustainability, saying it centred on futuristic potential, giving back to society and putting in place governance structures that engendered organisational success.
Jidenma charged directors to continue to sharpen their mindset, knowledge and skills to deliver on organisational goals and objectives.
She stated that the IoD created the young directors forum to serve as a network for talented and upcoming board leaders serving in firms across the economy to make them more versatile and competent through well thought out programs and event.
“We are proud to give back to society and this forum provides the opportunity to ensure young directors are well equipped to face the challenges of the future.
“Research shows that one of five start-ups tend to collapse within the first five years due to inadequate power supply, seed money and other challenges.
“In fairness, I laud Nigerian businesses for being untiring, strong and resilience in this environment.
“They must, however, leverage technology, blockchain, artificial intelligence and the institute’s platform to network and adopt regulatory and good governance practices,” she said.
Similarly, Dr Grant Akata, Chairman, Director Development Committee, IoD, said that the case for innovative strategies included backing up businesses with robust practices hinged on transparent leadership tend to post superior results.
Akata noted that while the current business environment was fraught with risks occasioned by flip-flop policy regime, survival and growth of organisations demanded innovation and prompt adaptation.
The chairman stated that besides robust training offerings, mentoring and coaching were some other areas where the institute could positively impact members competence by and large corporate Nigeria.
He tasked the institute to use the pool member-directors to drive the development of upcoming directors by equipping and building their confidence for their roles.
“The institute must foster amongst young directors a culture of best governance practices, help them focus on their succession plans and encourage them to experiment with and deploy innovative strategies.
“Directors, in particular chief executives, have the responsibility to balance competing priorities and provide insights for organisation sustainability and performance,” he said. (NAN)(www.nannews.ng)
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Edited by Ayodeji Alabi/Chinyere Joel-Nwokeoma
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