Securing a board role is a nuanced journey, often misunderstood by those entering the boardroom for the first time. In reality, 90% of board opportunities are unadvertised, taking place behind the scenes through networks and personal relationships rather than job boards or formal postings.
How Board Appointments Work
While the ASX-listed sector garners much attention, it represents a small slice of the board market, with only about 80 roles surfacing annually. The vast majority of board roles exist in private companies, not-for-profits, and government organisations, offering thousands of opportunities for aspiring directors.
Board appointments typically unfold in three ways:
- Internal Networks: Boards often fill vacancies by tapping into their existing networks, committees, or advisory boards.
- Recommendations: Board members or professional advisors (e.g., accountants and lawyers) refer suitable candidates.
- Search Firms: While executive search firms play a role, their focus is often on C-suite placements, with board searches comprising a smaller part of their portfolio.
The Key to Success: Networking
To crack into the unadvertised board market, your strategy must centre on networking. This includes:
- Mapping key relationships with current board members and influencers in target organisations.
- Connecting with selection committee members, chairs, and partners in professional firms.
- Cultivating relationships over time to become a trusted name when vacancies arise.
Practical Advice for Aspiring Board Directors
- Research Thoroughly: Identify three organisations you’d love to serve on. Understand their structure, who’s on the board, and how they recruit.
- Leverage LinkedIn: Map connections within your network to board members or decision-makers.
- Engage Strategically: Before applying for a role, reach out to your network or mutual contacts for insights into the organisation and its challenges.
- Adopt Patience: Networking is a long game. Dedicate time to building relationships rather than rushing to apply for advertised roles.
Avoid Rookie Errors
Many candidates make the mistake of applying blindly without researching the board members or cultivating connections. This amateur approach drastically lowers the chance of being shortlisted. Professionalism, preparation, and relationship-building are essential to succeed in the board market.
Exercise: Map Your Target Board Opportunities
- Research three organisations you’d like to join.
- Identify key board members and stakeholders.
- Outline how you can connect with them through your existing network or mutual contacts.
Take Action Today
Explore unadvertised board opportunities and build your strategy. Schedule a consultation to refine your board search: www.calendly.com/kyliehammond. Share your top networking strategies in the comments.
Understanding the board appointment process is the first step to unlocking hidden opportunities. Play the professional game, focus on your networking, and position yourself for success in the unadvertised board market.