No matter what industry you are in, being on a board of directors is considered a sign of expertise, legitimacy, professionalism, and success. Getting your first board seat can boost your career and be the gateway to future opportunities. Among other things, becoming a director will expand your network, sharpen your skills, and allow you to contribute your expertise to the mission and growth of the organization. However, securing your first seat on a corporate board can be difficult. In simple terms: When it comes to board seats, the supply is higher than the demand. There are many more candidates than open board seats at any time. It is also much easier to secure an executive role than to get a seat on the board of directors.
If you aspire to join a board, there are a few steps you can take as a first-time director to increase your chances. Starting sooner rather than later in executing a well-thought-out plan and strategy will get you on the way. In this blog post, we will share three key ingredients you need on your pathway to the boardroom.
Never stop learning
Taking the first board seat offered to you may not always be the right strategy. An important question to ask yourself is what you can bring to the top table: What skills and expertise do you have? And do these match the needs of the board of the company/companies you are interested in joining as a board member? Your chances of getting a board position are not a ranking based on past successes but on how good the fit is between a candidate’s strengths and the board’s gaps.
When corporations consider new board members, they will always look at what value a candidate will add in terms of expertise, background, skills, and experience, taking into account the current board composition. Most board members built industrial and functional expertise throughout their careers prior to joining a board. Corporations seek out candidates with the experience that matches their needs but also the right personal attributes and the novel perspective the new director could bring to the table. Unique skills can move the needle in standing out as a board candidate. However, they won’t be sufficient if you don’t possess proficiency in the key domains and responsibilities boards are dealing with. Board directors never stop learning.
Networking
Having the right skills and expertise is far from enough. While doing your own research may be a way to identify an open board position, the most effective way to get inside the boardroom is through relationships. Networking will help you become aware of board opportunities as well as let other people know where your expertise, interests, and background lie. Building genuine and long-term connections with the right people vastly improves your chances of success. What you know is always valuable, but who you know - and who knows you - is what really opens doors. While there are many ways to go about it, building a network doesn’t happen overnight. Regularly seeking out events with great networking opportunities is the basis for any big career step, including securing a board seat.
Mentoring
The third pillar to get you on track for a board seat is to surround yourself with experienced directors. When done right, networking can put aspiring directors in the right environment and allow them to build strong connections and identify opportunities. To maximize your chances, finding existing board members who can give you advice and mentor you is a secret weapon on your journey.
If you are looking to kickstart your journey to the boardroom, look no further. Our comprehensive curriculum and first-class events are focused on coaching today’s executives into tomorrow’s board members. Education, networking, and mentoring are integral parts of the Corporate Boards USA program.
At Corporate Boards USA, our mission is to prepare executives to be highly qualified board candidates. We offer our members educational courses and events, networking opportunities, boardroom news, workshops, and mentorship programs. If you’re serious about getting on the path to the boardroom, apply for membership. We Make You Board Ready.