With the exception of gender, where quotas in some countries have forced minimal progress, leadership diversity at the very top of organizations is still remarkably scarce. This is hardly surprising. According to similarity-attraction theory, people naturally prefer to work with others who resemble them in values, background, and ideas. This tendency makes communication easier, but it also explains why boards often replicate themselves, choosing “safe” profiles that look and think alike.

When we studied Belgian boards in 2018, we found that over 40% had no women at all at the highest level of management. Unfortunately, little progress has been made since. And that is a missed opportunity, strategically, financially, and socially.

The Strategic Power of Diverse Leadership

Research shows that diversity is not a free pass. Differences can create friction: miscommunication, stereotyping, and conflict may slow down decision-making. From this conflict perspective, homogeneity looks efficient.

But from a knowledge perspective, diversity is an undeniable advantage. Varied perspectives and experiences create broader synergies and more innovative solutions. Boards are especially critical here: their strategic decisions directly shape organizational outcomes. Upper Echelons Theory argues that much of an organization’s performance can be traced back to who sits at the top. Boards that lack diversity risk falling behind, while those with a broad range of perspectives are better positioned to innovate, adapt, and succeed. Moreover, representation matters: the more your board or executive team mirrors your stakeholders, the greater your reach and impact.

Time for a Boardroom Reset?

Diversity at the top is no longer optional, it is the key to relevance and resilience. But what if your board is still far from that reality?

Some companies, pushed by public opinion or legislation, have tried quick fixes. That strategy backfires. Take Belgium’s 2011 quota law, which required at least one-third of board members in listed companies and public institutions to be women. In practice, most organizations tried to show effort by replacing just one male board member with a female one. The result? Studies show no positive impact on financial performance, and in half the cases, even a negative one. Does this mean diversity is harmful? No. It means tokenism is. A single representative does not change the power dynamics of a group and often leads to symbolic roles, stereotyping, frustration and conflict.

Research on “critical mass” shows that true impact comes when at least three or more women (or members of another minority group) are present. Only then can they truly influence decision-making and unlock the full benefits of diverse knowledge. And this goes far beyond gender: age, nationality, ethnicity, and background all matter. Younger leaders, for instance, remain underrepresented in boards and top management teams—and therefore in strategic decision-making—yet they can contribute vital fresh perspectives.

Three Steps Toward a Diverse Top

Is it realistic to completely overhaul the board and instantly achieve a critical mass of younger, female, and other minority members? Probably not. But the real question is: how do we prepare for the future? Organizations can take three concrete steps today to move toward a truly diverse board.

1.Awareness
Diversity comes with challenges, but the cost of staying homogeneous is far greater. The first step recognizing the risks of a uniform board for innovation, adaptability, and long-term impact. Research shows that stereotypes about age, race, gender, or religion have no scientific basis in predicting competence, while diversity across these dimensions consistently enhances organizational performance. Awareness means actively challenging similarity-attraction and resisting the comfort of appointing ‘people like us’ to the upper echelons of the firm.

2.Inclusion
Although limited representation of a minority group can have negative consequences if critical mass is not yet achieved, every company has to start somewhere—and change happens step by step. What matters is creating the right environment to make limited diversity meaningful. It is not enough to bring different people into the boardroom; organizations must create structures that ensure everyone has a voice. The key is inclusion: treating every individual as a full board member and encouraging them to share their unique knowledge. This requires structural change: revisiting processes, breaking old habits, and encouraging genuine dialogue across lines of difference.

An inclusive approach is equally crucial once boards become fully diverse. To put it in culinary terms: just because the vegetables are on the table doesn’t mean the soup is ready—you need to do something with the ingredients. To realize the benefits of diverse knowledge, that knowledge must be actively shared. Yet, board members with very different backgrounds will not automatically engage in dialogue, as people are naturally inclined to interact with colleagues who resemble them. Research has shown that personal contact is the most effective way to break down stereotypes and build bridges (Allport, 1954). It is therefore essential to actively foster as much interaction as possible between generations, genders, nationalities, and backgrounds.

3.Time
Finally, diversity requires patience. Just as a soup needs time to simmer, diverse boards need time to develop trust and cohesion. Research shows that diverse teams perform better the longer they work together. Through continued collaboration, board members come to know one another despite differences in beliefs, values, and behaviors. This reduces conflict and strengthens communication, which in turn supports the knowledge sharing that underpins the benefits of a diverse board.

 Conclusion

Diversity in the boardroom is not just “the right thing to do”. It is a strategic imperative. Organizations that fail to diversify at the top risk becoming less innovative, less adaptable, and less competitive. But success requires more than token appointments—it demands awareness, inclusion, and time.

For HR professionals and decision-makers, the message is clear: prepare today for the board of tomorrow. Build awareness of the risks of homogeneity, create inclusive practices, and give diversity the time it needs to bear fruit. In doing so, organizations will not only deliver better performance but also contribute to a more inclusive and sustainable workplace.