Becoming A Young Corporate Director: Bridge the Gap and Launch Your Career

Are you ambitious and looking to make a name for yourself in the corporate world? If so, let me ask you this: have you considered becoming a corporate director?

Level Up Your Career

Serving on a corporate board of directors can be a lucrative side gig.

??The average Board Member's salary in the United States is?$73,401.

??The most lucrative seats go to directors at S&P 500 companies. According to Reuters, the average compensation in 2018 at those firms was?$304,856.

??According to Veritas,?annual?compensation for board members can easily reach?$300,000 to $500,000.

But how do you get started on this path?

1. Define Your Value

To begin your journey towards a successful career in the boardroom, you must identify your unique value add or value proposition and determine which skills and talents you can bring to the table to benefit the organization. Cybersecurity, financial analysis, and technology expertise are just a few examples of what you can offer. Then, to thrive in the boardroom, showcase your value proposition and receive training in board governance.

I understand you might be questioning if it is worth the effort. Let me tell you; there are plenty of reasons! First, having young professionals on board brings fresh perspectives and new ideas. You can help bridge the gap between the board and younger generations, ensuring the organization stays relevant and meets all stakeholders' needs. Finally, as a young professional, you have a strong understanding of technology and digital marketing, which can be invaluable in today's digital age.?

A recent Deloitte Global Boardroom Program survey found a significant disconnect between what management desires and what is happening in the boardroom regarding technology matters.?

Although over 80% of directors are confident in their ability to understand, review, and challenge technology strategy, less than half of executives and board members believe their board is providing enough oversight of technology matters. This gap may be due to several challenges, including overreliance on management for decision-making, deficits in technology fluency on the board, unclear governance structure around technology concerns, management information on technology matters not being well-defined, and the links between technology and strategy being unclear.

Concerns about the tech leadership team.?The level of confidence in technology leaders is mixed. Only 36% of directors and C-suite executives express full confidence in their tech leaders; 49% of board directors and 43% of CXOs say they are just somewhat confident. And roughly one in 10 directors and one in eight executives say they do not have confidence in their tech leaders."

Younger board members can play a critical role in bringing technology expertise to the boardroom to bridge this gap. For example, they can ask questions to assess whether longer-term strategic priorities drive technology investments and deployment, whether technology discussions are happening in committees, and if there is enough technology experience on the board.?

And let's not forget about the money! The average Board Member's salary in the United States is $73,401. The most lucrative seats go to directors at S&P 500 companies, with an average compensation of $304,856. That's not chump change, my friend! Veritas says annual compensation for board members can easily reach $300,000 to $500,000.

2. Board Governance Training

Serving on a board can provide numerous personal benefits for you, too. It allows you to gain valuable experience in leadership and governance, network with other professionals, and build your personal brand.

Being a director is prestigious and can increase your status while getting rewarded.?Serving on the board of a successful company is also a great learning opportunity. You will also build connections with heavy hitters within the business community.

However, the bar for "board readiness" has never been higher. Directors must understand corporate governance, demonstrate technical know-how, and generate sustainable long-term performance.?With BDI's Board Fundamentals course, you will be ready to serve on any board of directors.

In conclusion, young professionals have never had a better time participating in the boardroom. But remember, to make an impact; you need to bring a value add and get trained in board governance. Take BDI's Board Fundamentals course and walk into any boardroom with a strong foundation on what a board is, why it exists, who the players are, and how directors can make or break the organization. So, what are you waiting for? Level up your career today and become a leader in your community!

Thanks for reading, and see you on the next one.