The idea of having multiple generations represented in leadership roles, particularly in the boardroom is a concept that's gaining traction, and for good reason. Why does generational diversity matter and can it transform the way companies operate and innovate?

Before we get into the nitty-gritty, let's break down the generations and what they can offer.

Baby Boomers - Born between 1946 and 1964, Baby Boomers bring a wealth of experience and historical knowledge to the table. They have witnessed and navigated various economic cycles and have a deep understanding of traditional business models and long-term strategic planning.

Generation X - Born between 1965 and 1980, Gen Xers are often seen as the bridge between the old and new. They are pragmatic, adaptable, and have grown up alongside the rise of digital technology, making them comfortable with both traditional and modern business practices.

Millennials - Born between 1981 and 1996, Millennials (also known as Gen Y) are known for their tech-savviness, creativity, and a strong emphasis on work-life balance. They bring fresh ideas, a collaborative mindset, and a keen understanding of digital transformation and consumer behavior in the digital age.

Generation Z - Born from 1997 onwards, Gen Z is just beginning to enter the boardroom. They are digital natives, having grown up with technology as an integral part of their lives. They are innovative, socially conscious, and bring new perspectives on emerging trends and the future of work.

Each of these generations brings unique perspectives, skills, and experiences to the table. And when you mix them all together in a boardroom? You have fresh perspectives. The business world is changing at breakneck speed. What worked yesterday might not cut it tomorrow. Having a mix of generations in the boardroom means you've got a blend of traditional wisdom and fresh, innovative thinking.

Imagine a Baby Boomer's decades of industry experience combined with a Millennial's digital native intuition and a Gen Z's pulse on emerging trends. That's a powerful cocktail of insights that can help companies navigate complex challenges and spot new opportunities.

With Millennials' buzz of energetic passion, and Boomers’ experience and wisdom, you have a great combo. When you bring these generations together in a professional setting, something interesting happens - they learn from each other.

A generationally diverse board can help bridge the gap between different age groups within the company and in the market. This understanding can lead to better decision-making, more effective marketing strategies, and improved product development.

Let's talk about the elephant in the room - succession planning. It's a critical issue for many boards, yet it's often overlooked until it's too late. By including younger generations in the boardroom, companies can groom future leaders and ensure a smooth transition when older members retire.

This approach also helps to retain top talent. Younger employees are more likely to stick around if they see a clear path to leadership roles.

When you've got different generations in the room, you've got different approaches to problem-solving. A Baby Boomer might rely on tried-and-true methods, while a Millennial might propose a tech-driven solution. Put them together, and you've got a recipe for innovative, well-rounded solutions to complex business challenges.

However, this might not be without setbacks. Bringing different generations together in the boardroom isn't always smooth sailing. There can be communication gaps, differing work styles, and even some stereotyping. But these challenges aren't insurmountable. Here are a few ways to address these challenges;

Foster open communication. This creates an environment where all voices are heard and respected, regardless of age or experience level.

Implement mentoring programs. Pairing up board members from different generations will help bridge gaps and facilitate knowledge transfer.

Focus on Skills, Not Age. When recruiting new board members, prioritize skills and diverse perspectives over age or years of experience.

Provide Generational Intelligence Training. Help board members understand the characteristics, values, and communication styles of different generations.

Embrace technology for seamless collaboration tools that appeal to tech-savvy younger generations while still accommodating the preferences of older members.

So, is your board generationally diverse? How do you make it happen? Here are some practical steps:

Assess Your Current Board: Take a hard look at your board's composition. Is it representative of different generations?

· Set Diversity Goals: Establish clear objectives for increasing generational diversity on your board

· Broaden Your Recruitment Pool: Look beyond traditional sources when seeking new board members. Consider rising stars in your industry or leaders in adjacent fields.

· Create Advisory Boards: If you're not ready to shake up your main board, consider creating an advisory board with younger members to provide fresh perspectives.

· Implement Term Limits: This can create natural opportunities to bring in new, potentially younger board members.

· Provide Development Opportunities: Offer leadership development programs to prepare younger employees for future board roles.

As we look to the future, generational diversity in the boardroom isn't just a nice-to-have - it's becoming a must-have. Companies that embrace this diversity are better positioned to navigate the complexities of the modern business world, connect with diverse customer bases, and drive innovation.

But remember, it's not about pitting generations against each other or assuming that younger always means better. It's about creating a balanced, dynamic environment where different perspectives can come together to drive business success.

In the end, a generationally diverse boardroom is like a well-orchestrated symphony - each generation playing its unique part, coming together to create something truly remarkable. And in today's fast-paced, ever-changing business world, that's music to any company's ears.

So, is your boardroom ready for a generational shake-up? The future of your business might just depend on it.

Research & Advocacy Department,

Chartered Institute of Directors (CIoD), Nigeria
28, Cameron Road, Ikoyi, Lagos