So You Want to be on a Board

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Sitting on a board can be a great way to elevate your profile and your business, and there's never been a better time ....

Have you ever considered the benefits of joining the board of a not-for-profit or other organisation?

Beyond making a positive impact on society, serving on a board can significantly enhance your personal profile and contribute to the growth of your business.

According to a report published in 2020 by Women on Boards, more than half of the organisations measured had already reached the goal of 40% female representation on boards; while The Australian Workplace Gender Equality Agency states that women currently make up 33% of board members across all industries.

There is still some way to go – so there has never been a better time for women to seek out board positions!

Business leader and chairman of the 30% Club, Nicola Wakefield Evans, has forged a successful career in a traditionally male domain. The former lawyer and company director told the Australian Financial Review it was her experience sailing that gave her the skills to successfully navigate boardrooms, saying: “You learn to stand up for your rights and to be comfortable taking charge, taking risks and making calculated decisions.”

While not all of us have the confidence – nor sailing expertise! – of Nicola, she is proof that women can accomplish anything. And there are plenty of training programs, manuals and other resources available to support board members in providing good governance.

What are the benefits of serving on a board?

1. Expand your network. The opportunity to connect with a diverse network of influential individuals, which can lead to valuable business opportunities.
2. Enhance leadership skills. By participating in strategic discussions, making critical decisions, and overseeing organisational governance, you’ll gain invaluable leadership and decision-making experience.
3. Boost visibility and credibility. Being associated with a board elevates your professional profile. It demonstrates your commitment to social responsibility and community involvement, showcasing your values to potential clients, partners, and investors.
4. Broaden perspectives and innovation. You’re exposed to a diverse range of perspectives and challenges, fostering creativity, innovation, and ideas in your own business.
5. Increase brand recognition and customer loyalty. By showcasing your commitment to social causes, you can attract socially conscious customers, differentiate your brand, and foster long-term customer loyalty.
6. Personal and professional fulfilment. Serving on a board allows you to make a tangible difference in the lives of others, increasing your wellbeing, personal growth, and job satisfaction.

How do I secure a board position?

1. Identify your passion and expertise. Select an organisation that aligns with your values and interests, and where your unique skills (such as finance or marketing) can contribute to the board’s needs.
2. Network strategically. Attend industry events, leverage your existing network, and seek introductions to board members or organisations seeking diverse perspectives.
3. Enhance your board readiness. Consider participating in board training programs and seek mentorship from experienced board members. Develop a strong understanding of board governance, responsibilities, and best practices to position yourself as a qualified candidate.
4. Volunteer and engage. Gain hands-on experience by volunteering for not-for-profit roles, serving on advisory boards, or joining committees. This demonstrates your commitment, increasing your chances of being recommended for board positions.

What’s involved?

Your duties will depend on your specific role, but may include:

• Participating in regular board meetings and committees
• Setting strategic direction and goals of the organisation
• Ensuring compliance with legal and regulatory requirements
• Monitoring financial performance and approving budgets
• Overseeing risk management practices
• Reviewing major policies and decisions
• Engaging with stakeholders, including donors, employees, and the community
• Providing guidance and support to the organisation’s management team

While there is a significant amount of work involved with serving on a board, it can be an incredibly rewarding opportunity for women to leverage, both professionally and personally – and at the same time, you’ll be helping to promote gender diversity!