Seeking
a prominent role in the world of non-executive directorships can be a
challenge. It's not necessarily about your professional standing or calibre,
but rather more nuanced factors that can hinder your path to NED-dom.
Perhaps
you're not yet at that pivotal juncture in your career, or maybe there are
other unseen elements at play. Fortunately, many of these obstacles can be
addressed, enhancing your prospects. Let's delve into the intricacies of the
role and why you might be finding NED roles to be rather elusive.
What does a non-executive director do?
A
non-executive director provides an unbiased, external perspective to a company's
board, influencing its strategic trajectory without
being involved in its daily operations. NEDs are instrumental to the effectiveness
of a board, and in supervising company
performance, ensuring accountability and offering invaluable insights based on
their expertise.
NED
roles, while demanding, come with substantial benefits, including networking,
leadership opportunities and a unique vantage point on corporate strategy.
What's the difference between a director and
non-executive director?
While
both director and NED roles are pivotal to a company's board,
their functions and scopes differ.
Directors
are typically entrenched in the daily operations of the company, taking on
managerial tasks and responsibilities.
In
contrast, non-executive directors offer strategic counsel without being
embroiled in the day-to-day. Their external viewpoint, free from company
politics and granular level detail, should provide a balanced perspective on
pivotal decisions.
5 reasons you're not getting non-executive director
roles
1. You haven’t got the right
experience for a NED role
Non-executive
directorships demand a specific
set of experiences. Challenges a NED might face in
the current business climate include risk assessment, strategic realignment and
stakeholder management. Companies seek evidence that a NED candidate is not
just familiar with these challenges, but has also successfully navigated
them.
Gaining
this experience might require seeking mentors, volunteering or undergoing
specific training.
2. You haven’t shown you’ve got the right qualities
Beyond
experience, qualities
like integrity, critical thinking and resilience are paramount. To increase
your chances, ensure your application and interactions explicitly and tangibly
demonstrate these qualities.
3. Competition is high in the
current economic climate
Economic
fluctuations have a profound impact on job availability and candidate
saturation in the market. In periods of economic downturn or uncertainty,
businesses might hold off on hiring for non-executive directorships, awaiting
more stable times.
Meanwhile,
the number of candidates seeking these roles can surge, as many seasoned
professionals look towards non-executive roles as a means to diversify their
portfolios during challenging times. This creates a hyper-competitive
environment in which even the most qualified individuals can find it tough to
stand out.
It's
crucial during such times to not only rely on your credentials, but also to
maintain a proactive approach - staying updated with industry trends, attending
relevant seminars and engaging in continuous professional development, for
example.
4. You’re applying to the wrong
companies
A
common mistake NED candidates make is casting their net too wide without a
strategic focus. It's easily done and is a top reason why candidates choose to work with executive recruiters. They know the company on a deep level and they know what a successful candidate looks like for said company.
While
it's tempting to apply to as many companies as possible, it's imperative to
understand that not every company is the right fit. Each organisation has its
unique culture, goals and challenges. A background in fintech, for instance,
might not be as relevant for a company rooted in the healthcare sector, even if
the core competencies of a non-executive director remain consistent across
industries.
Additionally,
each company's board might have specific gaps they're looking to fill, be it in
terms of expertise, diversity or experience. It's essential to research
prospective companies thoroughly, aligning your personal and professional
values with the company's ethos, and tailoring your approach to address the
specific needs of each board.
This
not only increases your chances of success but ensures that when you do land a
role, it's one where you can truly add value and thrive.
5. You aren’t networking with the
right people
In
the realm of non-executive directorships, your network is invaluable. Many
roles are secured through personal connections and may not be publicly
advertised.
Recognise
the value of executive
search firms in bridging these gaps.
Experienced executive search firms can support you as a potential NED candidate
in your search for the right role by introducing you to key stakeholders within
relevant industries.
Let Hanover help you find a non-executive
directorship
At
Hanover, we pride ourselves on our expertise in securing
non-executive directorships for aspirants. With
unparalleled industry insights, an expansive network and a bespoke approach, we
can help you navigate your NED journey.
Discover more
about our non-executive directorship services.
