Inevitably, you’re going to have an open board seat. Whether a term ends, a member retires or resigns, business goes on and you will want to fill the opening sooner rather than later. Working with a board search firm is going to provide you with a larger qualified set of candidates from which to select.
Filling board positions are no longer as simple as reaching out to your proverbial ‘good ol’ boys network’. Corporate governance has evolved over the past couple decades and with it an increased scrutiny on board operations and decisions. Board positions today require accountability, commitment, and transparency.
The increased focus on boards has changed the both who you should consider and what they bring to the table. Filling an open board seat is an excellent time to assess the current makeup and skills of your current board. Institutional investors, venture capital firms, shareholders, and even the media expect performance in today’s rapidly changing business environment.
For example, does your board have cloud native representation? This particular example addresses a valid question, have you considered a millennial aged executive? For most organizations, the answer is no. Boards have historically been relatively homogeneous. It’s no secret that women and minorities have always been underrepresented on boards.
Board openings provide you with an opportunity to take a step towards diversification so your decision making better reflects today’s business issues. If this sounds daunting, it’s not. Working with a search firm to fill your next Board of Director opening can simplify the entire process.
Firms like Sheer Velocity will work with you to define the criteria for the open seat. They will discuss the current composition of the board with you, uncover your specific needs, provide insights learned from previous searches, and apply best practices to the process.
Once you’re aligned, the firm will handle all of the work associated with the search, identification, and recruitment of the most qualified candidates. They will vet the candidates for required skills and aptitude. These can include strategic vision, policy orientation over decision making, a collaborative and curious deliberation style, or advocacy for the best solution and not just their personal opinion.
You will be presented with the top qualified candidates, regardless of age, gender, or ethnicity, to determine the best culture fit for the board. The firm will then handle the offer as well as any onboarding support needed to get the new member up to speed quickly.
At Sheer Velocity, we have decades of experience filling open board positions. Through our work with The Board Institute our process offers an accredited, independent solution for board education and board evaluation. To learn more and discuss how we can help you simplify your board search, send us a note.