5 Challenges Faced by Board Directors
Board Directors are at the helm of any business. They provide the direction and oversight that CEOs require in order to run their businesses effectively for the stakeholders. It’s a real privilege and for those who truly desire to make a difference, it can be one of the most rewarding experiences in their professional lives. It pushes your leadership capabilities and requires you to go beyond your comfort zone and allows you to form very close friendships with fellow board members. It also exposes weaknesses that you didn’t know you had and helps you deal with these weaknesses.
While the perks of sitting on a board are numerous however, there are a few significant challenges that almost all boards have to navigate at some time. This article will explore five of the most common issues Boards have to face, and the ways they can tackle these issues.
1. New Non-Exec Directors
For directors who are not executive members joining on a board for the first time, it’s vital to prepare properly. Historically, onboarding new board members was completed by handing them a huge stack of reading materials that included everything they needed to be aware of the company and the board.
It is important to engage with them individually, however it is important to do so because companies are changing rapidly and the majority of non-executive directors have diverse background. This can be done with calls, video chat, personalised LinkedIn message, or even more effective, face to face. This will allow them to know how they can add value from their first board meeting and to build relationships with other directors.
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