Many advisory boards and committees perform yeoman’s work and accomplish important business. Board service at small and medium enterprises is often for very little compensation, typically requires a major time commitment and could yield a significant amount of work. Therefore, it is not surprising that many professionals might be hesitant to sign on. However, board chairpersons might be able to reverse this trend by employing the following techniques:
Providing Some Form Of Compensation
Granted, board service will never typically be heavily compensated work. That said, asking intelligent, experienced and, above all, quite busy professionals to give maximum effort for no reward is somewhat unfair. More viable candidates could be attracted to serve in such positions if some form of compensation is given. Remittance does not have to be elaborate but could include transportation reimbursements, complimentary meals at board gatherings, travel to relevant trade shows, etc. Results based stock options or cash rewards can also offer significant motivations. But very often soft benefits can create significant motivations for board members.
A Worthy Invitation Letter
Accomplished, hard-working and time-strapped professionals likely receive numerous invitations to share their talents. Therefore, board chairpersons must demonstrate to potential candidates why they should invest their time and efforts in this opportunity. Such information should be detailed in a well-authored invitation letter. This correspondence should contain key points such as the board’s mission, an overview of the parent company, the specific roles of the board members and the estimated time commitment such individuals will be required to make.This inquiry should be concluded with a sentence or two describing why the candidate in question was chosen and the reasons their contributions would be invaluable. In other words, the administrator should stress that the individual was contacted because the company considers them amongst the best and their candidacies are second to none.
Highlight The Intrinsic Benefits
Certain prospective candidates might be intrigued by the intrinsic benefits serving on a board provides. Contact to an interesting group of people, business´ or technological challenges, recognition and an improved CV are intrinsic benefits. They should be a combination of personal and professional goals such as resume building, assisting the company in accomplishing its mission, network building, personal satisfaction in helping a team reach specific aims, creating advancements in a particular industry and the ability to generate new ideas. Learning about a well-functioning “High Impact Board” will represent a significant learning for board members and increase your chances of motivating great professionals to join your board. Companies like Advisory Board Architects can help your company achieve this.
Formulate A Written Agreement
All board invitations should be consecrated with a written agreement to be signed by the chairperson and member. This contract should formally disclose what the member’s expectations and responsibilities are but additionally detail the specific type and amount of compensation the company or institution in question will be required to levy.