Changing for the better

Traditionally board roles are always decided on the basis of who knows who and who is best to nod their heads to the owners. Finding qualified candidates to fill board positions has been riddled with limitations.

A high reliance on networks, especially limited to finding passive candidates, has been problematic for better governance. Traditional search often relies on the existing networks, which can be homogenous and exclude qualified candidates from diverse backgrounds and experiences. Many high-performing executives are not actively seeking board positions, making it difficult to identify such folks, even if the owners want professionals. Prioritising candidates who fit a pre-defined mould or have existing relationships with the company leads to a lack of objectivity in the selection process.

Traditional board searches can be very time-consuming, often taking months to complete. This leads to delays in important decision-making and the resultant board’s ineffectiveness. Most often the selection is based on ‘check-the-box’ qualifications. Overemphasising a candidate’s past experience in similar industries, potentially overlooks individuals with transferable skills and fresh perspectives.

The decade of the 2020s is perhaps a third over, but we’ve already seen at least ten years-worth of change in business, society, politics, work and all the other elements of our worlds and our lives. The processes, best practices (and worst practices) for gaining a board seat have shifted a lot over the past five years. Here are some examples.

Board diversity has accelerated from being important to being a must, especially for larger, international companies. Quotas for gender and ethnic diversity on boards have solidified in much of Europe and Asia. Legal challenges have set back formal quotas in the US, but informal bolstering of boards with more women, ethnic diversity, and younger members has surged. This opens opportunities for fresh demographics, and also speeds up the pace of learning and career development one will need to become board-ready. Older, white males already had plenty of boardroom exposure by the time they made it, but if you’re a younger Ms. Exec, you’ll need to seek out this seasoning earlier. Volunteer for company board support roles, and seek non-profit board gigs.

The extended Covid lockdowns, and continuing remote work have hit many of the networking opportunities board wannabes enjoyed a decade ago. Covid changed things in more ways than imagined. We may be back in person now, but good networking takes time – not months but years. Nothing beats connections, and if you didn’t keep your networks alive, and make meaningful connections, that harms your chances of finding a board seat. Make a conscious effort to revitalise your personal networking with a board angle in mind, and don’t just hop on a Zoom call if you can meet for a cup of coffee.

The rule that a great majority of board seats are filled via social networking is still true, but the percentage going through search firms continues to rise. The number of boutique head-hunters specialising in board work, and specialty board practices at the big search firms, is also growing. Much of this is driven by diversity demands, which means that female or minority board wannabes should assure their head-hunter contacts are aware of their board interest and skill (and that you add the specialty board head-hunters to your network).

We wrote about the value of LinkedIn and other social media in these columns a while back, but today, your digital footprint – especially on LinkedIn – has become your de facto calling card. A few years ago, no one except celebs or CEOs would hire a digital branding consultant. Now, anyone with a rising career (or who wants it to rise) is smart to tap some professional advice on assessing and improving his or her online footprint. This can help fine-tune and boost the elements that buff your strong board candidate image. It’s not necessarily the number of ‘likes’ you have, but showing your successes and personal impact. The potential of your online trail to harm your board seeking efforts has amplified over the past few years. If a search of your name brings up an industry chat site where former employees bitched about you a few years back, assume any board vetter is going to find it too.

Here is an additional LinkedIn tip for board wannabes – Never put that you are looking for a board role in your bio. It takes a board role to get a board role, and if you’re telling me you’re open, you’re saying that you don’t know the rules. 

M. Muneer is MD, CustomerLab and co-founder, Medici Institute, a non-profit organisation. Ralph Ward is a global authority on boards; both of them drive board alignment for corporations. Contact: Muneer@mediciinstitute.org