Are Boards the Next Step for you?

So you think Boards are the next step for you?

Every career journey is a unique adventure, and for many seasoned leaders, the next exciting chapter often involves joining a Board of Directors. This prestigious role offers a chance to make a significant impact, but it’s essential to approach it with a clear understanding and thoughtful consideration.

Our Career Coaches encourage aspiring board members to delve deeply into what being on a Board truly entails. This includes understanding the responsibilities, time commitments, and resources required, as well as reflecting on how this role aligns with their personal motivations and suitability.

Taking the time to explore these aspects ensures that stepping into a Board position is a well-informed and fulfilling decision. To support you on this journey, we asked our career coaching team to compile some high-level insights to help you navigate the path to finding the right Board to join.

Who falls into this category?

Typically, our career coaches see a more immediate desire to join a Board from people who have held or are progressing into executive positions in their career. Other times, our coaches speak to people who are more junior in their career who have longer-term ambitions to be on a Board, or who are mid-career looking for opportunities to contribute to a greater cause or to challenge themselves in different ways.

Some people want to be involved at the highest level of decision-making and in setting the strategic direction for a company, some want to take on a new level of accountability, some see Boards as an exciting new prospect, and others may have financial motivators for wanting to join.

Who should join a Board?

When considering whether you should apply to join a Board, it is worth considering the level of skill, experiences, and qualifications that Boards need and want. Typically, Boards look for strong experience and knowledge of the industry, higher level business acumen, a technical expertise (potentially within the industry), or a legal, finance, and human resources perspective.

Many Boards also look for formal qualifications in both business and a qualification along the lines of the Australian Institute of Company Directors (AICD) course, which teaches people how Boards operate and their responsibilities as Board members. While it is possible to get on some boards without qualifications, it can be a harder journey.

How to decide if joining a Board is right for you?

When our Career Coaches work with individuals who are interested in joining Boards, they like to begin by exploring the individuals’ motivations for joining and the type of Board they want to be on. If they have no idea what type of Board they’d like to work with, this can be an indicator that they need to do more research about how Boards operate and what is involved, different industries and the relevant Boards, and who might be interested in their experience, knowledge and skills.  If their motivations are purely financial, then this is probably not sufficient reason to join a Board.

Our Coaches recommend that people speak with others who are currently or have previously been on Boards, to understand their experiences (what it looks like, the level of involvement and commitment, responsibilities, legal liabilities, and the types of decisions they make, the positives and the negatives). We also encourage them to look at their network – do they have a good enough network at the right level to help them make the connections to have a chance at a Board appointment?

Coaches also explore questions with leaders in respect to what they want to get out of being on a Board and whether or not they are prepared to accept the significant responsibility and liability for decisions at that level. Some people are not aware of these responsibilities and have not given this much consideration before joining.

Finally, if an individual has an opportunity to be on a Board it is very important for them to do their research and due diligence about the specific Board and the organisation, to avoid ending up in a potentially detrimental or negative situation.

Applying for a Board position

There is a common misconception around the ease with which you can be appointed to a Board – in fact, it is often more difficult and takes much longer than many people realise. As such, those wanting to get onto Boards for the first time will likely have to play the long game.

There are also misconceptions around the mechanism for being appointed. In our experience, most Board appointments are made based on networks, with very few being advertised (the exceptions being government entities and subsidiaries). That said, there are some executive search groups who specialise in Board appointments and there is a section on the AICD website where some open positions are advertised.

Our coaches recommend that people work on building their network at a Board level to help them gain access to opportunities. They also recommend that anyone wanting to apply for Board positions develop a Board profile for themselves. These profiles are quite different to the type of resumé you would submit for a regular job application, so working with an experienced Career Coach who can provide appropriate templates can be useful for getting started in this regard.

When people are starting out on their journey towards Boards, our coaches recommend that they steer towards a Board that they have a genuine interest in and about which they are passionate.

Other tips

Many people find that the best place to start getting experience on Boards is in the not-for-profit sector. While these roles are often not remunerated (unlike Board positions in the ‘for profit’ sector), they are often filled with passionate people and can provide a good first experience and introduction to Board functioning and responsibilities. They are also a first step in creating a broader network at a Board level and can lead to opportunities on other boards in other sectors in the future.

Finally, our coaches like to remind people that sitting on a Board is a big commitment – you need to be prepared to put in the (often not insignificant) pre- and post-work as well as showing up to regular Board meetings in order to be a valued contributing member and to do the best by both the Board and yourself.

Embarking on the journey to join a Board of Directors is a thrilling and transformative step in your career. It’s an opportunity to leverage your expertise, shape strategic decisions, and make a lasting impact. By thoroughly understanding the responsibilities and aligning your motivations, you can ensure this move is both fulfilling and impactful. Embrace this challenge with confidence and passion, knowing that your unique skills and experiences are invaluable assets to any Board.