Recruiting Board Members: How to Set Yourself Up for Success
While we most often do recruiting work for executive positions for companies in consumer packaged goods, luxury, cosmetics, hospitality, and other industries, from time to time we are asked to offer advice on board composition.
It’s a natural fit for our firm because of our deep expertise working with executives from a number of different industries. And it’s an incredibly important area, especially for fast-growth venture-backed companies, and one that’s hard to get right.
So today we are looking at the role of corporate boards, what they do, and how to successfully recruit the best possible board members.
The Role of the Board of Directors
A number of different types of organizations use boards of directors, including publicly traded corporations, venture capital and private equity backed firms, start-ups and nonprofits.
Boards might be best known in the context of publicly traded companies. In a public company, a board of directors looks out of shareholders’ interests, oversees business activities and assesses performance, including hiring and firing top executive roles.
In a venture-back company, the board of directors can be a crucial way of assembling specialized strategic advice from industry veterans with entrepreneurial experiences.
Regardless of the business context, boards are important in steering the ship, establishing strategic priorities, and making key managerial hires.
Board Recruitment Beyond “Who You Know”
How are boards normally assembled? Typically, other board members are recruited from within. However, companies are increasingly finding it makes sense to cast a wider net.
- A diverse board make-up can be a boon for companies seeking to enhance diversity and inclusion (DEI) initiatives
- Strategic board recruitment can assist with targeted initiatives like expansion, IPOs, entering new markets or launching new product lines
- Optimal board balance in terms of experience level, temperament, and negotiating skills can be advantageous to companies of all sizes
Identify What an Optimal Board Balance Looks Like
An optimal board balance is driven by a larger vision for your company over the next one to five years. Areas to consider:
- Is there an area of strategic knowledge that your organization is lighter in such as marketing, sales or growth?
- Are certain type of knowledge or experience over-represented on your current board?
- Are their new areas of business that your company wants to explore?
Where to Look for Help in Recruiting Your Board of Directors
Recruiting for a board doesn’t need to be left to chance or the contacts that already exist within your corporate structure. Just like with executive recruiting, we here at ACCUR Recruiting Services can help craft you an efficient plan to recruit a well balanced board, including the following:
- Crafting a strategic plan for recruiting board members
- Tapping into our network of thousands of qualified executives in multiple industries
- Create a short-list of candidates, along with strengths and weaknesses for the position
Ready to recruit a more balanced board? Contact us now.