Andréa Carter is the SEVP and CHRO for Global Payments Inc., a leading worldwide provider of payment technology and software solutions.
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Securing a board seat is often considered the pinnacle of a person’s career and the ultimate recognition of their experience and accomplishments. Coveted board roles open the door to a range of valuable opportunities such as increased professional credibility, an expanded network, new skill sets that result in greater leadership opportunities, and expanded visibility. In fact, a study by Harvard Business Review found that serving on a board boosts an executive’s annual pay by 13% and increases their likelihood of being promoted as a first-time CEO to an S&P 1500 firm by 44%.
After nearly 20 years in various human resource roles, the last three years as the chief human resources officer of Global Payments, I am convinced that advocating for executives as they explore potential board positions is a win-win for their employer and, of course, the executive. Not only does investing in high-value talent help retain leaders who are regularly courted by recruiters for senior roles outside the company, but successfully helping them secure a board seat expands their employer’s overall network, helping to create the right environment for serendipitous business opportunities and partnerships.
However, as with any top business position, the process of securing a board seat is challenging and the road map for success can be murky. To help ease the process, there are three areas HR executives are uniquely prepared to facilitate: matchmaking, referrals and the interview process.
Find The Perfect Match
HR leaders are uniquely equipped to evaluate a person’s skill set and match them with the needs and knowledge gaps within companies. This expertise is normally used in service to help fill open positions at a business, but it easily translates to the process of counseling executives on the steps necessary to become a competitive board candidate.
An HR organization has a full view of executives in their company and can play matchmaker by understanding their passions and career aspirations and aligning them to open board seats. In tandem, executives should consider what industries interest them and what they want to learn more about. The work of a board member can be tedious unless they are interested in the subject matter.
I recently advised an executive to serve in an advisory capacity for a nonprofit as a stepping stone to an eventual corporate board seat. By understanding the person’s aspirations, I was able to provide guidance around the initial steps they need to take that will equip them with both the experience and exposure necessary to eventually land a coveted board seat.
Culture is another important factor to consider. Executives should be familiar with the values of the companies. Otherwise, they will either waste their time pursuing the role or, if they are successful, find themselves misaligned with the rest of the board and the organization as a whole, which is a recipe for failure.
Assist With Referrals
An extension of matchmaking is the all-important referral. More than ever, companies want to meet board candidates through word of mouth, not a cattle call. Who you know is often make or break.
This is another area where HR comes into play. With a deep knowledge of a colleague’s background, HR leaders can operate as middlemen, providing thoughtful introductions where the company has relationships.
The converse of this process works, too. HR leaders can help companies in their broader network that are looking to fill a board seat connect with executives who would be a smart fit. Top HR executives are sometimes contacted by recruiters and others involved in the board selection process, and this gives them a line of sight into open board positions, which companies are currently recruiting and what those specific requirements entail.
Set Expectations
Once a match is determined and referrals are made, setting expectations is an important part of a successful bid. What should candidates expect during the interview process?
After helping several individuals pursue board seats, I have found the intensity of the interview process often comes as a surprise. For example, a preliminary dinner is a pivotal step in the interview process. While it may appear to be a simple meet and greet, it is a critical moment for the candidate to demonstrate how their personality, skills and background will complement the rest of the board. Do not underestimate the importance of the chemistry check; board members want to like each other.
Those thinking about joining a board also often have misconceptions about the time commitment that is required. In addition to quarterly in-person gatherings, ad-hoc meetings for specific committees can happen throughout the year and require a significant time investment (if there’s a crisis, expect even more work).
HR leaders can help talk executives through these nuances so they can move forward with their eyes wide open and avoid surprises.
Backed with a significant understanding of the talent landscape, HR leaders are the optimal guides for executives in their journey to a board seat. Though never an easy process, the nuances involved in landing these positions play to the strengths of top HR leaders, who serve their own companies well by acting as counselors and connectors for executives and companies alike.
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