The Value of Formal Director Development
Last week I wrote about the enormous value – and competitive advantage – from undertaking ongoing, informal director education. There is, however, a key factor of your developmental requirements that informal education can have difficulty in meeting.
It’s what scares me the most about being a director.
The ‘unknown unknowns’.
Those things that you don’t know that you don’t know. These significant blind spots can cause significant detriment to you, the board, and/or the business. They’re worth unearthing, understanding, and managing.
Uncovering these unknown unknowns is difficult on your own.
Enter, formal education.
Having experts to tell you everything you need to know and do is worth investing in. There are many different avenues to accessing formal director-relevant expertise and education.
There are a handful of considerations you should make when selecting which education avenue to take. Namely, the stage of your director career, your time budget, your financial budget, how comprehensive you want the course to be, and what other education (informal and formal) you are currently receiving.
As for formal education options, in the interest of your professional growth and development I will share a few with you.
Our comprehensive introduction to being a director on a board. Ideal for people who are getting board-ready, newly on a board, or looking for some formal director education after being on a board for many years. The blend of online and group learning via video conferencing calls enables you to accelerate your learning and understanding of what it takes to be on a board. Cost: $875 More information.
Diploma of Business (Governance)
The Diploma of Business (Governance) is delivered by the Institute of Community Directors Australia and is Australia’s only diploma-level governance qualification. This qualification is recognised nationally and will provide you with the knowledge and skills you need to sit on or work with boards at the highest level. Cost: $4,495 (as at 3 January 2020) More information.
Company Directors Course
This course is delivering by the Australian Institute of Company Directors and is tailored to experienced directors wishing to take their performance to the next level, as well as executives and managers who need to understand governance issues in depth. Cost: from $6,869.00 (non-members, online) to $11,000+ (non-members, in-person) as at 3 January 2020. Price varies based on location.) More information.
I can emphatically say that there is a time and a place for formal director education. It is worth investing in, whether through a grant, via your employer, or self-funded. There are many options and I would go so far to say that it is your responsibility as a company director to make this investment.