5 steps to getting a paid board role
Author: Paul Smith,
Founder, Future Directors Institute
In this article, I’m going to be talking you through the steps that you need to follow to find the perfect paid director position for you.
In brief: Getting noticed by the right people as a board director candidate needs a focused action plan. Your board value is invaluable - learn how to articulate it, tailor it to the board role you’re searching for and enhance your profile and assets.
Approx. reading time: 4 mins
Before we get started, let’s have a quick look at why paid board roles can be so hard to come across.
The first reason is simply that there are fewer paid board roles than there are unpaid. This is because many companies looking to fill director positions are non-profit or startups that don’t have the revenue to pay their non-executives.
Those companies that are willing to remunerate often choose from a small pool of well-known directors, so it can be something of a closed shop.
Those in charge of filling paid board positions tend to be more conservative with their choices, favouring experienced directors who’ve previously served on one or more boards. This can be a tricky obstacle to get around, particularly for younger directors.
However, the status-quo is changing, and many boards now realise that “traditional experience” isn’t everything, and that sometimes it helps to have a bit of young blood to add some much-needed dynamism.
So, let’s get into the five steps that will help you find a paid board position.
#1 – Unlock your value
Value is a term that’s going to crop up a lot in this article, and it’s a term you need to become accustomed to. Most importantly of all, you need to be aware of what your value is.
Now, I’m aware that value can be a bit of an abstract term, so let me briefly explain what I mean by it. Value is the specific skills, qualities and mindset that you can bring to a board to improve it. This could be practical stuff like legal, finance, marketing or strategy knowledge, or strong personality traits such as leadership, curiosity and tenacity.
Remember, you need to know what your values are as this is how you’re going to sell yourself and get that paid director position.
When it comes to executing your values, there are three things you need to do.
The first is figuring out what qualities you bring to the table. Check out my thoughts on the leadership characteristics of conscious and effective board directors.
The second is about how to communicate those valuable qualities. Make sure that your CV, LinkedIn profile and any other public information about you will highlight why you’re the perfect person to join a board (more on this later!).
Once you’ve identified your values and have them out there in the world, it’s time to action the third and final point of executing your values: Focusing your communication in the right place.
#2 – Discover the value of being on a board
It’s your responsibility to seek out the boards that will most benefit from your skills and qualities.
Of course, every board is different and has unique requirements - some boards are crying out for creative thinkers, while others will be in need of rational guidance to help steer the ship.
In order to do this, you need to have a wide range of knowledge across a number of industries. Remember that boards and paid director positions exist across all sectors and types of companies.
Go out and find where the gaps are in the market that you can fill, and set about making sure you’re communicating your values to the right people.
#3 – Enhance your board CV and online assets
Once you know your values, how to communicate them and where to focus that communication, you need to start tailoring your personal brand so that it catches the attention of the boards you want to join.
First and foremost, this means updating your CV and LinkedIn profile so that they differ from your employment track record and are board-appropriate. This is particularly important for LinkedIn as the vast majority of board recruitment firms use the platform to look for potential directors.
Make sure that you’ve got a professional profile picture
Ensure your summary is succinct and to the point, and that your description is loaded with keywords that potential recruiters might be searching for when looking for a new director with your particular skills and qualities.
You can even go a step further and start publishing your own articles on a blog or social media that highlight your credentials. Share information on Twitter, Facebook and LinkedIn that you think reflect your values.
These are becoming important tools across all types of employment, including paid board positions, so you want to make sure that you have a strong digital presence.
#4 – Maximise the value of your network
This tip is all about taking the time to reach out to those people who might be able to offer advice on or connections to the types of boards you want to be getting paid to work on.
Seek out and build relationships with mentors, sponsors and influencers who work in the industry you’re hoping to land a role within. These could be people who have or have had similar roles to the one you want. It’s ultimately about pinpointing all those people who you believe can help you along your journey.
But do bear in mind that you’re looking to build relationships rather than seeking hand-outs. Just remember the importance of value and offering propositions that are mutually beneficial to all the parties involved.
#5 – Action plan
If you’re serious about finding paid work as a director, then creating a realistic action plan is absolutely the first step you need to take.
It’s all very well and good talking about it, but nothing’s going to happen until you set out a step-by-step methodology for what you want to achieve, and in what timeframe. This largely boils down to expectations management. For anyone trying to get a paid board role, it’s important to set very realistic expectations of what you can achieve and the time frame you can achieve it in.
Accomplishing these objectives depends on how focused you are, what skills you already have and how competitive the market you’re entering into is… and importantly how well you articulate your values.
As you’ve probably gathered, much of this comes down to your value and what you can offer to a board. However, it’s important that you maximise upon this value and execute it in the right way, following a methodology and action plan.
This methodology is also exactly the same if you are trying to get an unpaid board role. Who knew!?
The path to finding paid board work can be difficult and anything but certain. It’s an extremely competitive position to land, and typically at Future Directors we advise people to put the issue or paid or unpaid to one side and focus on where you believe you would be most valuable and able to make an impact. We don’t believe your first role needs to be unpaid either.
If your target is paid board roles then you certainly shouldn’t be put off, and hopefully by following the five steps in this article you’ll significantly boost your chances.
Related Articles:
How to secure a board role when most aren’t even advertised
Is governance training a must have for Directors?
5 tips for getting noticed by a board
There are plenty of other benefits non-executives can expect to gain that will help them in their careers (I recently outlined four unexpected benefits in another article that you can check out here).
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