Of all the advice I offer to aspiring Non-Executive Directors (NEDs), how to de-risk your appointment is perhaps the most valuable advice I can share. Conducting thorough online research is one way to gain the insights required to de-risk your appointment and give you a significant edge over the other candidates. From my decades of experience, I can assure you that fewer than 5% of candidates will conduct the level of research necessary to result in a NED appointment.
Why do online research?
At every stage of the board recruitment and appointment process, from the initial sifting to the final decision, getting to the next stage comes down to being able to separate yourself from your competitors. If, like the other candidates, you are only prepared to do the minimal, if any, online research, you will not acquire the knowledge and insights that you need to leverage to stand out. Your NED cover letter will likely be very similar to the rest of the pile, and if you are lucky enough to be invited for an interview, you will not have the insights and connections to be memorable. Equally, you will be able to provide comfort to the Chair and other decision-makers that you are a good fit and you have a genuine level of commitment to the board and what they do.
Relying on your reputation, social standing, or professional profile will not result in a NED appointment. Distinguishing yourself from the competition and mitigating appointment risk by leveraging detailed findings and key insights gained from thorough research can make all the difference.
What level of online research is required for a NED appointment?
Many of you reading this will think, “Yes, that makes sense, but the research I do is just fine”. However, this will realistically only be the case for a few of you. It continually astounds me that at least 95% of the candidates do nowhere near the level of detailed online research I would recommend before submitting their application. Those who do outshine the other candidates. They have gathered information, contacts, knowledge, and insights that others quite clearly lack. Moreover, given the wealth of publicly available digital resources, there should be no excuse.
So if you have been applying for NED positions and receiving “‘Thank you for your application. We regret to inform you…” response, you need to re-evaluate the level and type of research you have been undertaking. Consider what specific details could have enabled you to tailor your NED application to present yourself as the ideal candidate. Reflect on what insights would have allowed you to respond to interview questions effectively, demonstrating precisely how you can assist the board in reaching its objectives.
A basic commitment to online research includes browsing the organisation’s websites and social media platforms, as well as taking some time to conduct online searches and read news articles. But you must do more. Almost every applicant will ensure they have some general knowledge about what the organisation does, where it conducts business, and within what industries. Whilst this level of company research is not useless, it will not differentiate you from any other candidate. It is a benchmark, a place to start, not a place to end.
The level of online research that leads to a board appointment is extensive, time-consuming, and at times tedious. There lies the reason why, despite recognising the benefits, many struggle to find the motivation to complete the task. And another reason why you should do it.
At the very least, extensive online research will result in you submitting a more informed, customised, and impressive application. This, in turn, will increase your chances of being appointed. I can honestly say that every stand-out board application I have ever graded has done so by leveraging the results of comprehensive online research.
How to go about it and get results?
From your computer, there is a wealth of information you can explore to gain a deeper understanding of both the organisation and its business environment, and the specific board role you’re interested in.
STEP 1 – Research the organisation
- First, look at the organisation’s website. Pay particular attention to the
- About Us, History, the Latest News, and Events pages.
- Download product and or sales information and, most importantly, any formal documents and company reports.
- Look at their company pages on LinkedIn, Facebook, and Twitter.
- Read customer reviews and comments on social media and review platforms such as Google and Trustpilot.
- Analyse the organisation’s and the board’s performance, plus past, current & future issues.
- Search for recent and past news articles relevant to the organisation.
- Use Google News to get results from all media outlets.
- Subscribe to receive newsletters and social media feeds.
STEP 2 – Research the competition, the market, and the industries
- Draft a competitor analysis to identify competitors and understand their unique approaches.
- Research relevant industry bodies to gain more information about the industry and current issues faced.
- Are there any macro issues or events affecting the organisation or the industry?
- Are there any regulatory considerations for the organisation and industry?
STEP 3 – Research the board
- Research current and past members, including background and experience.
- Identify typical board member activities, responsibilities, and the skills required.
- Identify possible skills gaps within the current Board.
- Look at board member tenure and turnover.
- Know why there is currently a vacancy.
In Summary
Few aspiring non-executive directors are prepared to engage in the level of research I recommended above, particularly when they see no guarantee of a positive outcome. If you are currently applying for board roles but are not being shortlisted, then consider completing extensive online research before your next board application. If you then make a shortlist, a NED appointment is just one more step away.
Once you get to an interview, Chairs and other decision-makers will recognise the extra effort and value the commitment you have shown. You will also have a wealth of knowledge and insights to draw on during the interview that, hopefully, the other candidates will not have.
During the training sessions included in the Executive Membership Package, I will teach you how to perform extensive online research that can result in a board appointment, plus how to prepare for a board interview.
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About the Author
David Schwarz is CEO & Founder of Board Appointments – The UK’s leading board advertising and non-executive career support firm. He has over a decade of experience in putting people on boards as an international headhunter and a non-executive recruiter and has interviewed over one thousand non-executives and placed hundreds into some of the most significant public, private and NFP roles in the world.