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Join a board of directors with these skills
If you have ambitions to join a board of directors, you must demonstrate sought-after abilities and skills to land a seat at the table.
Today, CEOs want directors with specific ‘hard’ skills and certain soft skills.
So, what are they skills you need to join a board, and do you have them?
If you follow the news media you may be convinced that the planet, its people and its economies are in a state of crisis.
Organisations around the globe are facing ever-more challenging environments, and the role of the board and its members is evolving all the time.
Increasingly, boards and CEOs are looking for strategic non-executive directors that are hands-on and innovative.
So, how do you become an in-demand board member, and what strategic skills do you need to develop?
Board members must shape innovation and growth
Today’s forward-looking companies and CEOs want directors who can implement effective risk management strategies while shaping innovation and growth.
Research, led by Prof Patricia Klarner, director of the Institute for Organisation Design at the Vienna University of Economics and Business, shows that ‘enlightened’ CEOs want more board support.
As well as supporting and driving innovation, CEOs want their boards to manage and mitigate risks.
“Modern CEOs want members of their boards to understand current issues including regulatory regimes, ESG, the realities of the cost of living crisis, and cybersecurity threats,” says David W Duffy, CEO of the Corporate Governance Institute. “However, they also want board members to contribute to strategic growth.”
The new reality for board members
- We are coming to the end of the days of the ‘all-rounder’ non-executive director.
- CEOs are interested in finding board members with specific industry skills and experience.
- Boards look for directors who can effectively contribute to a company’s strategy.
- Businesses want directors to have the knowledge and skills necessary to fulfil their roles effectively.
- CEOs want directors who are trained in and knowledgeable about governance and best practices.
What board member skills are currently in high demand?
Currently, boards are seeking the following skills:
- Restructuring, change management, and transformation
- IT infrastructure, AI, and cyber security skills
- Governance knowledge
- Risk management
- Environmental, social and governance expertise (ESG)
- Legal and compliance
- HR and company culture skills
What general boardroom skills are in high demand?
Strategic decision-making skills
Directors make critical decisions that affect a company’s current state and future. Making strategic decisions requires evaluating your organisation’s goals and assessing potential risks associated with each decision. Effective, well-informed decisions can lead to growth and success. When a specific process isn’t achieving the desired results, a company director needs to respond swiftly and make informed decisions.
Analytical skills
The ability to glean insight from relevant information, intelligence or data will help you with strategic decisions to grow. Directors also need to be able to interpret and recognise the most pertinent information to achieve goals. Analysing data can help produce creative solutions to any challenges facing the board and the CEO.
Adaptability
To respond effectively to workplace and industry changes, directors must be adaptable. As well as planning, directors should anticipate challenges that may require a change in direction. The ability to adjust quickly to these changes is essential.
Inspirational leadership
To display inspirational leadership, one must clearly state goals, outline strategies to achieve those goals, and allocate resources to deliver results. Visionary leadership skills help a director unite their board under common goals, which will boost boardroom engagement and productivity and produce better results.
Creativity
A creative mindset often drives an organisation’s success. A creative company director constantly seeks to improve and streamline processes and find innovative solutions to challenges. Business models can also be reshaped with creative thinking to generate positive changes and growth.
Empathy
The ability to demonstrate empathy, especially in a leadership position, is crucial in improving communication, building boardroom relationships, and maintaining director satisfaction. By showing compassion for others’ experiences, perspectives and feelings, colleagues will feel taken care of and valued. Through empathy, you can foster a collaborative environment and boost productivity.
Management skills
To assign tasks and set achievable goals, directors at a company should know the strengths of the organisation. An essential part of good management is to provide the people in your business with the training and resources to reach their objectives and prioritise tasks to ensure optimal performance.
Written and verbal communication skills
Directors are in regular contact with other company leaders and board members. A solid ability to communicate both orally and in writing is necessary when discussing strategies and risks. In addition to building rapport with the CEO and the board, communicating clearly ensures everyone understands your value as a director.
Specific skills required to join a board of directors
Through experience, board director training, networking, and education, a director can develop the skills they need to succeed.
There are industry-specific courses available for developing your skill set as a board member.
One way to learn how to improve your skills is to be open to feedback and constructive criticism.
Think about how you can apply the feedback you get from colleagues.
How to network and get noticed by CEOs and boards
Executive networking at its best. Take part in groups, post updates, respond to others’ posts, connect with people you know and make new connections. Use LinkedIn to find first degree contacts (CEOs and board members) at your target organisations.
Search Twitter for your target contacts. Follow and retweet them. Also, look for your target organisations. Follow them and retweet them. Comment positively on their Twitter accounts. Having a Twitter presence demonstrates that you are up-to-date and interested in specific subjects. Make sure you have a detailed profile description on Twitter. Who you are, your area of expertise and a professional-looking headshot.
Online media
If members of your target audience write articles online, post positive comments. Your aim is to reinforce your brand, knowledge and value.
Associations and groups
Make friends with other experts and thought leaders. Become a member of the Corporate Governance Institute and then become a mentor to a new member or a less experienced person. Publish articles related to your areas of expertise on their websites and newsletters.
In-person networking events
Do not overlook trade shows, conferences, networking events and other opportunities to meet and make connections in person.
Volunteer your time and expertise
Engage in community events, fundraising efforts, and other community activities where you have expertise.
Delve back into your own network
Circle back to your established trusted network. Let people know you want to contribute to a board. You just never know who may lead you to a critical decision-maker.
Learn about Corporate Governance and become a member of the CGI
By taking a Diploma in Corporate Governance with the CGI, you will access the very best corporate governance expert advice and practical knowledge. You will also grow with a valuable network of leading professionals from 35 countries and give yourself a competitive edge in the boardroom. Download the course brochure below for more details.