“If you don’t know what you’re looking for, you are unlikely to find it, and—if you find it—you are unlikely to recognize it.” – Ray Pointer
In the search for executive talent, companies often implement processes for recruitment before fully understanding them. Overlooking the most qualified, best-matched candidates for crucial leadership and advisory roles is an ill-made investment that can result in money lost, lack of proper leadership, and missed opportunity.
A company’s board of directors requires the highest level of expertise and best-matched strengths to ensure goals, vision and trajectory align. In the quest to create the perfect dynamic on executive committees and advisory boards, finding the best talent is essential.
UNDERSTANDING THE EXECUTIVE ROLES IN YOUR COMPANY
Duties of Your Board of Directors
The primary function of the elected or appointed board of directors is to represent the views of your shareholders and oversee the operation of the company from the CEO down to executive leader levels.
Specifically, duties of the board of directors can include such vital functions as
- Establishing and carrying out the purpose and mission of the company
- Upholding the organization of the company
- Supervising and approving the recruitment of company officers
- Managing the company’s financial resources
- Setting the level of executive compensation
- Approving stock splits and stock dividend policies and payouts
- Recruiting new board members
Suggested steps in forming a board of directors for a startup company are governed by state corporation laws. Generally, those steps include:
1. Registering the company’s articles of incorporation
2. Creating bylaws
3. Establishing an agreement on the duties and responsibilities of each board member
4. Selecting the board members
Qualifications of Board Members
The necessary qualifications of board members vary, and some guidelines are more specific than others. In the state of Delaware, where 64% of Fortune 500 companies are incorporated, Delaware law says only that corporate boards of directors “have a duty of care and a duty of loyalty” when serving their corporations.
Beyond that, there is no one-size-fits-all mix of experience and qualifications for all boards, but there is a consensus on qualities to seek in board members.
- Independent thinking
- A dedication to learning continuously
- An aversion to complacency—not resting on one’s laurels
About Advisory Boards
An advisory board’s members act as a sounding board mechanism for company shareholders, directors, or owners. These boards help your organization solve problems and add a needed depth of confidence to decision-makers who do the company’s business and take the risks.
RECRUITING TALENT TO ENRICH EXECUTIVE AND ADVISORY ROLES
Success Strategies for Top-Talent Recruitment
Understanding the role of your open executive position allows you to best seek talent to fill it. In a global marketplace, top talent is available to fill positions on a broader scope, expanding possibilities and enriching the talent pool for any particular position. Modern recruiting efforts are less confined by geography, and capitalizing on a more diverse candidate list brings depth to the process but can make decisions overwhelming.
“Finding the balance between capitalizing on a deeper pool of talent and maintaining forward motion in the recruitment process can be overwhelming in the new hiring landscape,” says a representative of Boardsi —a top recruiting company using innovation and personal connection to bring executives and companies seeking top talent together. “Vetting and evaluating talent to ensure the best fit has new rules and a bigger component—visualizing that talent’s place in your board or advisory committee dynamic.”
To assist with recruiting efforts, company’s like Boardsi are providing new tech-savvy ways to build a proper board of directors and find the prime talent and skills to match an organization’s needs. Finding your best candidates requires a broad understanding of the benefits for the organization and the candidate as well as hammering out the more specific details to ensure the recruitment choice is the best fit for all.
Making the Most of Meeting New Talent
With a path forward for qualified and experienced executives to find paid positions, your organization should consider the importance of matching skills and establishing human connection before making a final decision. Understand your needs and engage professionals in helping you target talent to meet those needs. Building an organization with top executive talent that has established rich professional relations creates synergy and a goals-focused dynamic within your committee.
Before making a final decision, it’s important that you’ve implemented a multi-step discovery process to ensure you are meeting with the best possible talent. With a pool of candidates before you, the following steps can help in ensuring you build your best board:
- Introductory phone calls to ensure that, on paper and at a surface level, the candidate is an ideal fit.
- Further conversation and exploration to ensure all history, credentialling information and experience has been explored while measuring the work style, personality, communication methods and other inter-personal styles that will ultimately inform the board dynamic.
- A deep-dive into qualifications and credentials before moving forward with a decision.
Timeliness must balance with intention when working to secure the best talent for your executive functions. With attention to the task and the best recruiting resources, you’ll find the search for top talent becomes more than a candidate search.