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The Pathway to the Boardroom is Not a Linear Journey
Michelle Gardiner • June 18, 2021
This week Derwent was delighted to welcome over 90 guests to our first ‘Pathway to the Boardroom’ breakfast since November 2019. Our guests commented:
‘The journeys the two Directors went through, their learnings and thoughts were fantastic. Both presenters gave the audience a deep insight into the planning you need to do in transitioning into Board life.’
`Great energy in the room, partly driven by the opportunity to network face to face again after such a long period of time.’
With the Covid crisis stifling risk appetite, it is refreshing to see a shift towards growth and innovation across the mandates we have been working on. As we heard from our speakers, Sue Klose and Peter Everingham, Covid has meant that boards have had to shift their mindset.
- Boards are now more comfortable with a faster decision-making process than they have in the past. Digital transformations that had been part of the 2-to-5-year strategic plan pushed to the forefront and executed in a matter of weeks/months.
- Significant focus on data strategy and cyber security.
- Key themes in relation to navigating through these times include agility, cross collaboration, and the ability to drive customer centric innovation.
- Sharper focus on customer engagement and simplification in the business was also strongly aligned with digital agenda.
- Importance of leadership, capability and the right structures. There are new challenges in building a collaborative and positive culture, hiring and onboarding staff.
- The wellbeing and mental health of staff is now a very important part of the boardroom discussion.
Our speakers’ insights were informative and authentic when discussing how their journeys to the boardroom had not necessarily followed a straight line. Some of the highlights from the discussion included:
- Know WHY you are doing this, reflect on your key drivers.
- Set realistic expectations and realise it is going to take time, this is a highly competitive space.
- Understand your END goal, it is important to know what to say NO to.
- Understand what your own Individual expertise are (‘Value Add’ to a board) i.e., customer focus / digital etc.
- You cannot be everything for everybody!
- Important to build out your network. Find NEDs that look like you, that have more experience, and can recommend you into opportunities.
- Be open to a range of opportunities, look outside just the ASX200.
Always take the ‘CALL’, the journey to the boardroom is not linear you never know where your next role may come from.
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Derwent are delighted to have hosted over 100 attendees at our Pathway to the Boardroom event in Sydney this week, with guest speakers Inese Kingsmill and Robyn Stubbs . This ongoing series is designed to provide tips and perspectives to aspiring board members as they explore opportunities beyond their executive careers. Inese and Robyn shared their insights on how to plan for a board career; how to effectively develop and position your personal brand and expertise; and tips for identifying and assessing different board opportunities. Highlights of the discussion included: Gaining exposure to boards during an executive career provides professional development and foundational board experience to point to. Establish your Unique Selling Proposition (USP) – t here are unique skills, expertise and attributes that are personal to you, including adjacent experience applicable in other settings (such as regulated settings, customer, transformation, technology). You may be ‘pigeon holed’ throughout your executive career, so it’s important to further develop functional and industry experience in a variety of settings which can help to open up greater board opportunities. Finding board opportunities – there are a myriad of different channels including networking, board search recruiters, consulting engagements, industry associations, LinkedIn, personal connections. Develop a target list and do some initial research, but don’t boil the ocean. Due diligence is key to finding the right board, including research into growth opportunities, competitors, financial positioning, and skills gaps on interesting boards. Future fit boards and diversity including age, functional expertise and different styles around the boardroom table are increasingly valued. Keep an open mind to different opportunities in private, listed and NFP settings, focusing on where there is space for you to learn and contribute your skills. Not for Profits, Industry Associations and other Community Boards are helpful starting points, developing experience working directly with Board Members. This exposure can help to better understand board dynamics, governance responsibilities, the rhythm of board meetings, and how to effectively work ‘on the business’, not ‘in the business’. Continuous learning – with rapidly evolving macro environments, continuous learning, particularly in relation to emerging technology, will be crucial to staying ahead of the skills that boards will require in the future.
Derwent is pleased to announce that Graeme Young has joined the firm as a Partner in the Financial Services Practice. Graeme brings over 15 years’ experience in executive search and recruitment, with a focus on the Insurance market. He leverages his vast experience in global Insurance, with deep technical knowledge and networks to deliver impactful leadership and C-suite appointments. Graeme was most recently a Director at Eliot Partnership, a leading global firm in Insurance Executive Search, where he led the Australian business. Prior to his Executive Search career, Graeme spent over 20 years working across global Insurance and Reinsurance markets, commencing in London and moving to Sydney in 1998. Derwent is proud to be one of Australia’s largest Executive and Board Search firms. Our leading team of 90+ drives our growth, success and scale in delivering to the clients who entrust us to advise on critical hiring needs.
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