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We recently hosted a panel at Deloitte’s MADE (Making Accounting Diverse and Equitable) initiative to discuss ways to improve board readiness with a diverse group of 20 executives. In our session, we explored the unique nuances involved in interviewing for a director position and how it differs from the C-suite interview process.
Discussing what the process looks like is especially important in the context of promoting diverse representation at the board level. Corporate boards are slowly closing the underrepresentation gap, but more progress is needed. According to our Global Board Diversity Tracker, non-white directors will make up 13.3 percent of him across all Russell 3000 companies in 2022, up from 9.4 percent in 2020. Women’s participation on boards is increasing, but it’s not enough.
The chair of the board should deliberately create a fair hiring process. Aspiring board members are also prepared for the big bets involved in the interview process, as not all candidates have the connections or previous experience associated with board members.
1. How is a board interview different from a C-suite interview?
There are some key differences between a board interview and an executive interview. Most importantly, while executive interviews may focus on what the company can do for you and your career, executive interviews are more important to you than the company, the board, and overall strategy. about what can be done. If you can’t distinguish between your own career aspirations and the impact you have on the board and the company, it indicates that you may not be ready for your first board position. Expect a series of questions rather than a formal interview.
- Less formal, but still requires professionalism
- Relational and transactional
- Emphasis on conversation but not relaxation
- Emphasis on cultural fit over professional admiration
2. What should I expect during this process?
Board interviews can vary greatly in format and setting. It is unusual for the first round to be held in a corporate office. You may be interviewed in person, via Zoom, or over a coffee or a meal. Multiple people may be interviewed at the same time in the first round. This may include members of the nominating committee, CEO or chair. Panel interviews can present unique challenges when interviewers disagree on what to ask and in what order.
3. How should I prepare?
Preparing for a board interview also requires a different approach. The interviewer needs to know that you’re ready and that you’re here to talk big-picture about the company and the board, not the minutiae.
what the company does, how it is doing, where it plans to go, and what its reputation is on the streets, in the marketplace, among consumers and other key stakeholders You’ll want to walk into the room with confidence knowing what you’re doing. Spend time researching strategy, growth trajectory, and reputation, and be prepared to discuss those topics in a high-level, strategic way, as you need to get a complete picture of the company.
And finally, it’s important to let the CEO and CFO know that you’re interested in serving on the board. There is a significant level of time and complexity associated with services that may vary. Boards of publicly traded companies typically have to spend the most time. International companies may require business travel. This means that management will have to release you to put you on the board with little to no control over the day you sit on the board. As such, obtaining management approval will have a significant impact on your ability to effectively serve and grow as a member of the Board.
4. Who should I refer to?
When choosing a board mentor, it’s important to choose someone who can guide your career and speak to your leadership skills, execution, and softer skills such as communication and teamwork.
These referees are connected individuals who help you meet decision makers in the boardroom. They’re just your way into the boardroom, so you need to involve them every step of the way so they’re not surprised when you ask them to be your witness. If you haven’t discussed your board aspirations with your mentor, former manager, or boss, you need to do more to prepare.
5. How can I increase my potential and improve access to opportunities for executives?
To increase your chances of accessing Board opportunities, network outside your immediate community, such as trade associations, alumni networks, friends and colleagues. For example, you can expand your network of contacts by working with a search company such as Egon Zehnder.
Since non-profit decision makers often have connections with for-profit organizations, being involved in communities, especially non-profit organizations, can also be helpful and can increase valuable connections and contacts with potentially useful people. increase. to your process.
Continuing education is just as important as the implementation effort and should be invested in after securing your first executive position. Educational resources such as NACDs and leading business schools are worth the investment.
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