Evolving Board of Director Recruitment Strategies
Boards of directors should be comprised of top performers with a knack for success.
Well, that’s not just a statement that falls under the category of “incredibly obvious things to say.”
Instead, it’s something board members ought to remind themselves of when it comes to filling vacancies on the board.
Sometimes boards are caught off guard by a director’s departure and are suddenly left scrambling to find a replacement. Or, a board is less established and needs a new director, pronto.
Without recruitment strategies being top of mind, it’s more probable to end up with someone who isn’t the ideal fit. Sure, they’re probably qualified and a solid choice, but maybe not the homerun candidate the board desired.
Whereas placing further focus on recruitments means boards are filtering through all the “good” and “great candidates” all the way down to outright game-changers.
Let’s discuss further how it’s possible to enhance this process and why it’s so crucial to the board.
Implementing a Succession Program
One of the most strategically sound ways to recruit and remain prepared for board vacancies is through a succession program.
Meaning, the board must put together a committee that earmarks top-performing employees within the organization. Steadily, these outstanding individuals will be shown the ropes of what it takes to be a board member, in something of a mentorship situation.
Then, by the time someone is ready to step down from their position, the vacancy will be filled seamlessly. The successor will already understand the ins and outs of the board, the company, its cultures, and its operational nuances.
While internal recruitment strategies might work for more established organizations, it’s not necessarily the best fit for startups and other companies finding their footing.
In many cases, these kinds of younger corporations need upstanding candidates now. Time is of the essence, and the company hasn’t been around long enough to groom an internal board member. Conversely, an established business might be seeking more diverse directors and must look externally for options.
Finding the most talented, ideal external new board member means a lot of the power is in the hands of the candidates.
To further elaborate, boards should desire captivating enough candidates that these individuals must be sold on the opportunity. Those are the kinds of people with the reputation and track record for being governance game-changers.
Utilizing Technology for Recruitment
Recruitment, like everything in the world these days, is being overtaken by technology.
All one must do is look as far as LinkedIn. It’s completely altered the networking process.
Now, when someone provides their contact, it has their LinkedIn profile, making it easy to review their entire background with a click of a few buttons. That’s one layer of the vetting process wholly streamlined.
Though LinkedIn and other recruitment platforms aren’t the only technologies making recruitment more efficient.
There’s also board portal software, where all the information on candidates can be stored in one place, securely, and for all members to see in real-time. This way, the board of directors can remain in sync on recruitment processes and procedures without any hiccups or second guesses.