Just What Are Corporate Boards Looking For In Their Candidate Search Now?
When a corporate board has an opening, they will always look for a variety of different skill sets for their board, and that will never change. However, in more recent years, we’ve seen these requirements shift as the demand for diversity in gender, race, and age continues to increase.
We know that boards crave confident leaders who are willing to ask challenging questions and disrupt the status quo—qualities that women naturally bring to the table. Let’s take a deeper look into some key attributes that we see corporate boards prioritizing in their candidate searches:
Varied Skill Sets
Boards will always need a QFE but In years past, that was a skillset sought after for more than one seat along with the title CEO, but in the current market boards are seeking a more diverse, and nimble skill-set for board members.
For example, your experience in a different industry or market segment can absolutely lend itself to board service and give you a competitive edge because of your ability to think differently and question operations from an outsider’s perspective. If you are immersed in the same subject matter day in and day out, it is often difficult to see things from other angles.
Generalist Abilities
As a board member, you must be an excellent generalist due to the wide-ranging requirements of the role. Developing the skills to understand auditing strategy, compensation, risk management, and more is essential. The era of having board members each specialized in a single area but not proficient in others is over.
Crisis Management and Leadership
The pandemic underscored the importance of having leaders who can manage crises effectively. Boards are looking for individuals who have demonstrated strong crisis management skills, resilience, and the ability to lead through uncertainty.
It’s important for women who are in search of a corporate board seat to be responsive to these changes and fortify not only their industry areas of expertise, but how their skills can be leveraged in other industries, all while illustrating the essential soft skills like communications, decision-making, empowerment, culture improvement, and teamwork that make them such effective leaders.
If you’re interested in continuing the conversation, Reach out to me directly!
Sheila Ronning, CEO & Founder, Women in the Boardroom.
