Why should I join a board? Part Two: Benefits
Earlier this week I shared a post looking at your intentions behind your desire to become a company director. This post examines all of the benefits that can be gained personally and professionally by joining a board.
Employers in the legal and accounting professions have long realised the benefits to their staff and organisation by having their mid- and senior-level employees sitting on boards. The trend is starting to catch on as more and more organisations encourage and support their workers to undergo real-world professional and personal development that gives them the following benefits:
Increased corporate governance skills
Understanding and appreciating what good corporate governance is, why it’s important for an organisation’s success, and how to implement best practice methodologies is important for ensuring personal and organisational compliance and sound operations. Good corporate governance ensures that shareholders, customers, and other important stakeholders, are confident with the business, its leaders, and its management.
Improved strategic and business acumen
Becoming competent in ‘the business of doing business’ helps you to understand and appreciate the interdependence of all aspects of business operations. Understanding the link between all of the organisations’ parts makes way for more informed decision-making in their role, and broader consideration of the impact and requirements of strategic decisions being implemented from above.
Better understanding of board and business processes and operations
The board environment is full of unusual and highly formulated processes and procedures, all tied in with a good dose of interpersonal politics. If your role involves reporting to a board, understanding this how to interact and navigate this environment, as well as understanding the difference between strategic and operational matters, ensures that you perform successfully and are delivering the type of information the board needs.
Confidence is increased through acquiring new knowledge. You will find yourself contributing and leading discussions with conviction and self-assurance.
Further developed leadership and interpersonal skills
Life as a company director involves being a leader within an organisation and with its stakeholders. With this comes the need for you to be able to form and leverage important relationships with a wide range of individuals, all with their own agenda. Refining and honing your interpersonal and leadership skills over time helps you to successfully manoeuvre yourself, your team, and the organisation through its operating environment.
Improved decision making
All of the above benefits ultimately lead you to be able to make better-informed strategic and operational decisions that you have confidence and faith in. This improved decision making ability will serve you in all situations and organisations that you work within.
An expanded network
Sitting on a board and working in another organisation gives you access to meet and connect with other directors, staff, and stakeholders. This helps broaden your personal and professional network – coming in handy when you need to.
Sitting on a board gives you such a broad range of skills and experience. I personally find it very rewarding and love learning and developing my board talents that I can transfer and translate to my “day job”. I hope you do too.
What other benefits are you seeking from a board position?