Serving on a board of directors is one of the best ways to advance in your profession.
Board positions look nice on your resume
According to Harvard Business Review research, serving on a board boosts the likelihood of an executive being promoted as a first-time CEO to an S&P 1500 firm by 44%, and even if they are not promoted, their yearly remuneration is enhanced by an average of 13%.
You won't be shocked to learn that, with such significant long-term benefits, board members can be competitive. You can, however, grow your profile, get recognised, and land a career with concentrated intention; with a conscious approach, you can construct a professional identity that supports you beyond the boardroom.
What is the formula for a successful board member?
According to Spenser Stuart's report "Becoming a Non-Executive Director," many boards seek a broad set of specific capacities from potential non-executive directors, including people who are: Commercially aware and financially literate with a good appreciation of risk Internationally minded and, potentially, multi-lingual (depending on the business) Interested in the business, committed, and well prepared Fair-minded, with absolute integrity and insight, and, most importantly, courage and common sense Articulate and convincing, as well as a skilled listener and communicator And, perhaps most importantly, minimal ego while high self-confidence
How do you compare to the preceding list? Be truthful with yourself about your natural abilities and limits.
You should also pursue professional growth by identifying possibilities to accelerate your strengths through leadership and then focusing on your deficiencies for upskilling.
Seek mentoring and professional development opportunities to help you build the qualities of an ideal non-executive director.
Share your goals with a mentor and request new job tasks that will both emphasise and stretch you.
Begin developing your personal brand
Creating a literal and conceptual relationship between yourself and what you want to be recognised for is required when developing a personal brand. A sustainable personal brand is one that is imbued with true meaning and with which you will be enthusiastic about interacting over time.
Undoubtedly, you want to be remembered as someone who possesses the fundamental attributes of a board member.
After you've completed your quality evaluation, consider how you may make your aligned skills obvious in both direct and indirect ways:
Build and submit a CV tailored to your hunt for a board position, emphasising your experience to correspond with the broad spectrum of individual capacities sought by businesses.
Add articles and remarks that connect your profile to the principles you're interested in.
Make linkages between yourself and the core traits of board members by using the power of storytelling through a video channel on LinkedIn.
Conduct and share relevant interviews with industry leaders that represent these attributes. Utilize this opportunity to ask questions that connect you to the skills and values you want to be renowned for.
Always be genuine and open about your growth attempts, displaying honesty and integrity.
This last aspect cannot be emphasised enough. Take care to respect your point of view so that your service might be profitable, meaningful, and long-lasting.
Make your vision a reality
A commitment to authenticity has professional implications and will help you secure a career in governance.
Companies are striving to diversify the opinions represented given that research shows a link between a variety of viewpoints and long-term company success.
According to one Russell Reynolds Associates study of Fortune 250 businesses, having a diverse range of skills and opinions on the board assists organisations to better "identify possibilities, predict obstacles, and analyse risks, consequences, and implications of potential actions."
Before considering your public presentation, you will want to look inward once more to establish your vision and brand. Consider what fascinates and motivates you. What kind of legacy do you want to leave, and where do you want to leave it?
In the article "Would you like to join a company board? According to the Harvard Law School Forum on Corporate Governance, "here's how," you should do the following, each of which can help you build and then activate your long-term vision:
Create a niche for yourself. Companies are increasingly appointing board members with expertise in emerging fields such as artificial intelligence, machine learning, and cybersecurity. Experts with experience in digital transformation or consumer insight are also being sought.
Participate in organisations. If you are passionate about a cause, consider joining the board of a relevant nonprofit organisation where you can get the skills and expertise required by a for-profit board. Do a web search for associations relevant to any specialisations or issues with which you want to be associated. Do you lack any? Begin by generating those films and uploading your research to make your learning apparent online. As you grow as a person, so will your brand.
Look for the best opportunity. Rather than jumping at the first opportunity that comes your way, identify what type of service you want to provide and look for it. Your time, knowledge, emotion, and inventiveness are all required for board service. According to the Harvard Law School Forum on Corporate Governance, you should assess "if there is any possibility with an organisation that you're interested in and one where you'll be able to grow and make a substantial contribution, given the strengths you would bring to the role."
Joining a board is an excellent approach to honing your leadership abilities
Governing can be both professionally and personally fulfilling. Despite the more visible rewards, such as promotions and professional advancement, less tangible profits emerge, namely when you take the time to establish a personal profile based on your continuing skill development as well as your honest perspective, interests, and convictions. According to Forbes, a governance role can help you in the following ways:
Learn from others to improve your leadership skills.
Creates and expands your network
It teaches you about the operations of various firms.
That makes a significant difference on your resume.
It's one of the best methods to advance in your job.
When you work to build your personal brand via self-reflection and professional development, you will learn that the difference you make as a board member begins and continues within.
Our Directors’ Institute- World council of Directors can help you accelerate your board journey by training you on your roles and responsibilities to be carried out in an efficient manner helping you to make a significant contribution to the board and raise corporate governance standards within the organization.
Our ESG Expert certification will help you to amplify your understanding of corporate governance in a detailed manner paving a way for you to become a globally recognized ESG leader.