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10 Best Practices for Board Recruitment: Selection Criteria
Organizational success requires a constant influx of human intelligence and talent focused on diversity in age, culture, experience, strengths, and educational accomplishments as part of a well-balanced board.
Collingwood executive search company compiled a list of interesting facts regarding recruitment. Out of 5.4 million available jobs, 80% were never advertised. Only 21% of the average number of people who apply for a job is ever offered an interview. Employers look for four main strengths in a candidate before making them a job offer:
1. Multitasking - 36%
2. Initiative - 31%
3. Creative Thinking - 21%
4. Something else - 12%
Employees who work in small to medium firms reach optimum productivity in 24 weeks. Large firms that have more than 250 employees take 28 weeks to reach their potential. Another article detailed below speaks to the recruitment of board members specifically.
The most comprehensive list of leadership traits found in the article Marc Kramer wrote for The Business Journal. This recent article, "10 criteria for selecting board members" provided an essential foundation for recruiting new board members.
1. Creative and Innovative problem solvers can offer alternative solutions to problems that hold companies back from success.
2. Challengers are devil's advocates that can point out issues that could be taken advantage of by the competition.
3. Strategic thinkers work in the present and have a holistic view of the entire playing field.
4. Diversity: Harvard Law School Board Diversity Survey in 2017 found over 90% of leaders overwhelmingly perceive benefits in diversity as the ability to manage disruption and improve overall business performance. Existing boards consider, "differences gained through employment paths, industry experiences, educational, artistic, and cultural endeavors, international living, and government, military, and another service will more likely achieve a true mix of perspectives
and capabilities." Gender and race are merely at-birth traits that do not speak to the innovation and financial results that define success.
5. Board members who come from the frontline of sales have proven to enhance growth for companies.
6. Direct marketing or advertising backgrounds can help develop a brand or reputation. Include candidates with social media and Artificial Intelligence (AI) experience in their repertoire.
7. Industry experience is vital in identifying why your business is different from the competition.
8. Capital-raising experience teaches candidates how deals are structured and aids with introductions.
9. Finance experience will enable discussion of leveraging assets and debt. Negotiators of credit can manage cash flow to best scale the company.
10. Developing talent to identify opportunities will actualize the companies success. Cultivating leaders that can develop talent can make or break a company.
Reach out to diverse communities to find potential board member leaders. They are as close as your lawyer or other professional service providers. A client who is faithful and has connections to others can be a good source of leaders. Trade association executives and directors have always been a good source of candidates for your board. Financial success depends on the diversity represented by a firm's board members. Take your career to the next level by contacting us.