5 ways to secure your next NXD/Independent Board role
Caroline Hayward, CEO, ChairX
Finding and securing Non- Executive Board Roles are equally as challenging as Executive ones, with the added complication that you will likely require up to 5 roles and each will retire (you or them) after 3 or 6 years.
When you take the plural route and go portfolio, applying for roles will be a constant and ongoing activity.
Secondly the landscape for NEDs and Chairs has changed dramatically with Boards and Businesses being challenged on many fronts not least diversity; fast technological evolution; heightened risks and opportunities; CSG; Compliance; etc . Increased focus on your personal style, Emotional Intelligence and approach as well as many other aspects, are all placing Boards and businesses into the spotlight.
It’s no longer a comfortable route from your Executive career into retirement and requires knowledge, insight, effort and commitment.
Always qualify well that the role is suitable for you (and them) and do not take these roles on lightly. The demands on Boards and businesses are great and the Directors- whether Executive or Non, are liable.
Assuming you have researched your Independent Board career, have defined the type of portfolio roles you are aiming for and are still fully committed to the portfolio route, here are some insights from the discussions at ChairX
1. Where are the roles and opportunities?
Research the best and most likely providers/ routes to market for sourcing the roles you want and focus on nurturing those relationships. Options include Nurole; Women on Boards, Linked In as well as many other sites that claim lists of active roles.
2. Build and capitalise on your network.
In a recent survey on ChairX k over 58% of respondents said that they sourced their role via specific recommendation from their personal network. Other sources of roles were PE/VC or Corporate Finance firms- especially if you take them a deal – and to a lesser extent Search Firms. Your network is your net worth as they say.
3 Nail your proposition and CV- on one page.
What are your key strengths? As much as generalists may be good for Boards- it probably won’t get you the role in the first place. Neds are Broad ranging from Digital and Cyber to exit, compliance and fund-raising expertise. Define succinctly what you have achieved and your top 3 key assets to Boards.
4. Are you adding value?
Research the company and figure out how you can add real value to the Board of the company you are applying to and highlight this in your covering letter. Why should they appoint you to their Board?
If you can’t think of anything fundamental it may not be worth applying. You are defined by what you turn away.
5. The interviews-ask the right questions.
Actively listening and asking the right questions are more important than trying to sell yourself to the Board or hiring Director. A good board will have prepared a list of specific requirements for the role- whether verbal or written- and you need to find them out before you can address them. You can’t launch in by talking about yourself which also shows lack of emotional intelligence.
Caroline Hayward is CEO/Founder of http://www.chairx.network
The Collaborative Business Network for Board Directors.
ChairX: Discussing the Business of Boards
