As experts in the NED recruitment and branding space, we write CVs and LinkedIn profiles, in addition to providing NED career coaching support for our clients. We have put together this piece to enhance your knowledge and your chances of launching and expanding your non-executive director / NED career – whether you are an aspiring or established NED.
Part One describes non-executive director functions and NED responsibilities.
Part Two provides guidance on assessing your professional skills, qualifications and personal qualities, and outlines what you can do to get completely board ready.
Today’s business environment is more favourable than ever before for individuals exploring non-executive director (NED) roles. Companies are actively looking for NEDs with top-tier experience in a range of technology / digital sectors who can identify future trends, highlight competitive advantages and boost profits. NEDs need to be acutely aware of the complex cultural, technical and people challenges that face organisations today and provide the agility, wisdom and insight to help overcome them.
PART TWO:
How can a NED position benefit you?
One of the main reasons you may be considering a NED position is because you want to make genuine improvements in the way a company does its business, drawing on your experience and wisdom to drive positive changes and steer effective governance. Your independent approach enables you to offer innovative ideas and solutions, develop the corporate vision and strategy and help ensure future success.
Contributing to a growing, evolving business can be hugely rewarding and offers an ideal way to diversify your career, support a cause or charity that is close to your heart and seek a new challenge.
Assessing your potential.
Securing a NED position will demand a lot of your time and energy, especially if you have never held a board position before. First, you need to work out exactly what kind of company you want to join. Is it in an industry or sector which you know well or are particularly attracted to, such as healthcare or technology? Is your decision based on past career achievements or because you want a change?
Next, you will need to take a long, careful look at the strengths, experience and other factors that will distinguish you from other applicants and enable you to make a uniquely valuable contribution to the work of a board. Time spent in self-appraisal is never wasted and will indicate clearly how you can target your NED proposal most effectively.
Think about the topics listed below and then write down brief notes under each heading. This information will form an excellent basis for your NED applications.
- What type of organisation do you want to join?
Specify the organisations you find most appealing and the sectors / industries in which they operate. Are you looking for a large, market-listed company, a startup business, a charity or a local government organisation? If you don’t have detailed knowledge of your target sector, your value will lie mainly in offering high level business advice that will support the company’s objectives and help it move forward. On the other hand, with industry-specific expertise and experience plus the professional networks built up during your career, you can offer substantial added value to your target company.
Make sure that you are not breaching UK corporate governance code by having a ‘material business relationship’ with the company prior to joining the board.
- What are the company’s main goals?
Is your target organisation primarily concerned with expanding its operations and achieving commercial success? Or does it want to transform the way it works, perhaps by launching a new product or service? Alternatively, it may be operating in the not-for-profit sector. Do your homework and satisfy yourself that you are happy with its aims and objectives. Make sure that you conduct appropriate due diligence into your target company and understand the risks involved.
- How will this NED role fit into your career plans?
As you build up a portfolio of NED roles, think about the impact these will have on your career. Do they accurately reflect your main passions, such as charity work or social development? Make sure that your portfolio demonstrates a clear trajectory and consistent, worthwhile objectives and does not consist of an assortment of opportunistic appointments. What would you like your career portfolio to look like in today, tomorrow or in five- or ten-year’s time? Where might there be barriers to this and what steps should you be taking now to achieve that goal?
- What are the main areas of expertise that you can bring to a board?
Your skillset will reflect your career achievements, both those acquired through education and training, and those developed in other ways – perhaps by standing in for an absent colleague or by being catapulted into handing a business crisis. What are your most significant skills – perhaps transformational change, digitisation or financial acumen? How do these translate to a NED role?
- What are your unique selling points – e.g. what can you do better than anyone else?
These may include personal talents, such as communication and advisory expertise, business skills such as financial analysis, strategic planning or risk assessment, and sector-specific knowledge across current ‘hot’ topics such as AI and data science.
Strengthening your skills
- Research board recruitment methods and those of target organisations.
City CV has built up extensive knowledge of NED recruitment methods. Most use a combination of specialist recruiters, executive search firms, advertisements and networking.
Your City CV coach can help you search and identify reputable executive search firms that specialise in board placements, let them know you are interested in a NED role and consolidate your approach by providing compelling supporting evidence of your expertise and qualifications.
- Construct high value networks.
Discovering board opportunities often depends on who you know. Seek out professionals who can offer meaningful support and mentors who understand the implications of serving on a board. Enlarge your network by taking part in industry conferences, events and City CV workshops, and work on building productive relationships that lead to potential board openings.
Joining an industry association linked to your profession will give you multiple opportunities, such as conferences and seminars, to meet and connect with people who share your interests and ambitions. National board director associations also offer a wealth of useful resources and expertise and can provide you with valuable links with established directors and experts in your industry.
Read Part 1. What Does a Non-executive Director Do?