Posted by - The Vanguard Network \
December 20, 2019
What does it take to serve on a board today, and what are executive search consultants looking for in potential board members and director candidates?
Video by BlueSteps, featuring expertise from Joe Griesedieck, Vice Chairman at Korn Ferry, and Lloyd Campbell, a veteran consultant with Spencer Stuart.
Columbia Business School recently hosted a panel event, organized by the Association of Executive Search Consultants, which featured Joe Griesedieck of Korn Ferry and Lloyd Campbell of Spencer Stuart.
Watch the full video here.
Here are a few of the stand-out recommendations from the panel event:
Wait till you’re ready. Before you can join a board, you have to have something that you can contribute, and you must be ready to handle the spotlight and accountability. Joining a board is not something you want to do for economic reasons.
Prepare for changes in boards work. Boards today have changed significantly when compared to 5-10 years ago. Changes include the different issues surrounding CEO and management succession, and the added risk that companies face—financial, economic and environmental—that did not exist years ago. In addition, the war for talent has become a major concern for boards.
Get ready for technology and social. Boards now have to know how companies can use tech and social to reduce costs and built revenue. Many boards and senior management teams are having difficulties doing this due to lack of experience in the technology field or function. There is an ever-increasing demand for new tech-savvy board members.
Highlight what sets you apart. Not just diversity of gender or ethnicity, but also your experience and geographic diversity. Boards are now being much more deliberate about the type of people they’re searching for on boards. How do you fit into the “board puzzle?”
Be aware of the key competencies and skills you will need. Board members need integrity above all, as well as courage (they need to be willing to step forward and voice their opinions or persuade the CEO), industry experience, specific functional knowledge (to be a part of the strategic puzzle of the board) and people management skills.
Take these steps today:
1. Get to know the industry you’re interested in.
2. Let senior management know that you’re interested in being on a board and request exposure to the company’s current board.
3. Network! Ask your current CEO for a recommendation to search consultants they know. Half of board appointments come through search firms and the other half are through the network of the board members.
4. Start with a small private company or not-for-profit board to get your initial experience.
Originally published on bluesteps.com
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