Becoming a Board Member: Tips for Executives
Board recruitment is increasingly a hot topic within the industries we serve here at ACCUR Recruiting Services. Why? In the past, board members were normally recruited from within, but corporate boards are increasingly finding that it’s worth getting outside of their own networks for the benefit of diversity of board makeup.
Boards casting a wider net for their members means that it can be advantageous for corporate leaders to educate themselves on the benefits of joining a corporate board.
What Do Boards Do?
Corporate boards are comprised of seasoned professionals and leaders charged with matters of organizational governance. Typically roles of a board of directors include:
- Hiring the CEO
- Selecting officers of the board
- Provide direction for the organization
- Represent the interests of shareholders (in a public company)
- Establish and maintain channels of communication between the board and the CEO
What are Some of the Benefits of Becoming a Board Member
People are busy these days. So why add to a top executive’s to-do list with yet another set of examples? Some of the following perks offer an incentive to join a board of directors:
- Access to the network of the other board members: boards can be a hotbed of networking at the highest echelons of particular industries; many board members see this is as the primary non-monetary compensation of being a part of a board.
- Industry prominence: boards can allow members to exert a different type of influence on industries they have long served.
- Resume-building experience: board membership is a great addition to the resume of corporate leaders.
- Compensation: the compensation for board membership can be quite lucrative.
Who Makes an Attractive Board Member?
Board candidates can come from a variety of fields, but usually they have achieved a high level of prominence, whether as C-suite executives, university or military officials.
Boards will consider your overall accomplishments, network and specialized expertise in areas like marketing, logistics, or sales.
Another area to think about is serving on a nonprofit board, which will look attractive to boards on the for-profit side looking for new members.
Educate Yourself on Desirable Board Positions
Start by developing a list of companies you’d like to serve. See if you can reach out to existing directors to network with. Connect the dots between your resume and theirs, whether it be through university connections, prior positions, or philanthropic roles.
Compensation for Board Positions
Compensation for a for-profit board of directors can range from $40,000 to $500,000 a year and may come packaged with other perks like retainers, stock options and bonuses for performance.
How to Position Yourself For Board Positions
Positioning yourself for a successful directorship is similar to seeking an executive position.
- Identify an area of expertise: boards often recruit members with specialized knowledge in areas like cybersecurity or sustainability.
- Speak at conferences: your contribution at relevant conferences in your area of expertise will go a long way toward raising your profile.
- Reach out to your network: Always be networking and ensuring your contacts are aware of your aspirations.
- Ensure you’re discoverable: Make sure you LinkedIn profile is up to date.
