Board Member Search

Maximize the Effectiveness of Your Board of Directors Search Process

Never has the Board of Directors search process been more critical. Changes in today’s corporate world require diligence in recruiting board members with solid and diverse backgrounds to provide sound corporate governance, oversee company strategy and drive long-term profitability.

The following steps offer key points for developing a strong and functional Board of Directors through a targeted board member search process:

Board of Directors Search: Find a Search Partner

Enlisting the help of an experienced, industry-specific executive search firm can help guide your company through all aspects of the board member search process by offering:

• Experience in board of directors recruiting.
• Insight in the needs and objectives of a board of directors.
• Outlined objectives and goals for the board member search process.
• Access to and recruitment of qualified board of directors candidates.

Board of Directors Search: Skills & Experience

A board of directors search process should include a thorough evaluation of the board of directors’ present and future needs. This helps identify specific talents to pursue during the board of director search process. Succession planning is also critical. Identify which director terms will be ending so you can replace those skills and build on the experience your board of directors requires.

Board of Directors Search: Key Decision Makers

Today’s boards are required to offer greater input and oversight for corporate governance, quality control and financial and strategic planning. It is critical to identify key decision-makers in the board member search process. While a company’s CEO should be included in the process, board member recruiting generally falls under the role of the board of directors’ nominating committee.

Board of Directors Search: Consider a Broad Option Set to Drive Focus

The core qualities of a qualified board member continue to be wisdom, experience and perspective. Opening your board of director search to include broader leadership experience can add valuable insight to your board and enhance its functionality. Consider expanding your board member search scope to include the following candidates:

• Current CEOs with the appropriate experience
• Retired CEOs
• Executives with recent liquidity success
• Sales-oriented executives and board members
• Chief Financial Officers
• Non-Healthcare Oriented Executives but relevant experience, ex: Small Box, Speciality Retail

Board of Directors Search: Experience vs. New Blood

Board member search candidates should, first and foremost, be interested in your company and its continued well-being.

• Candidates with former board of director experience may have a shorter learning curve and understand many critical issues that can affect corporate governance.
• Less experienced directors can add fresh insight and energy to a board. However, it is helpful to have a senior board member willing to serve as a mentor to first-time directors.

Board of Directors Search: Understanding Adversity

Finding qualified board members with experience working through adversity and correcting mistakes – theirs or others’ – can be invaluable to a company.

Board of Directors Search: Diversity Adds Dimension

Greater attention to diversity in gender, ethnicity and skill sets can create more effective boards that offer insight and experience from various perspectives.

Board of Directors Search: Time and Energy to Share

Work demands and other board commitments can compromise a director’s effectiveness. If a board of director candidate serves on multiple boards, consider whether they will have the time to devote to your company. Look for candidates who:

• Can devote time to your company – and not just for scheduled meetings.
• Are available for ad-hoc and/or face-to-face meetings when issues and challenges arise.
• Can help assess operations and leadership status through onsite visits.

Board of Directors Search: Keep It Manageable

The size of a board depends on the size and complexity of a company.

• Small to midsize companies generally have 5 to 7 board members.
• Large companies generally have a minimum of 9 to 11 board members.

When it comes to the board of directors search process, every company is at a different stage of development with different needs and issues. An experienced executive search firm can help your company navigate the board member search process and build a strategic and hardworking corporate resource.

Contact Us

Visit our Contact Us page to reach any member of the FOCUS Search Partners Team.

We look forward to discussing with you how our proven executive recruitment process will precisely and thoroughly identify, recruit and retain proven Healthcare industry leadership for your business.