How long should it take to hire a Board Member

March 22nd 2017 | Posted by phil scott

How long should it take to hire a Board Member

If You Snooze You Lose – Timing is Critical When Looking For New Board Members
Recruiting an Executive Director or new Board member is an investment of time and money. But can you afford not to? The Board provides the company with direction and advice. It is their responsibility to ensure that the company fulfils its mission and often sets the company’s overall policy objectives. The longer your organisation is without this critical leadership, the more damage a Board vacancy can cause your business.

Business issues that demand a strong and engaged Board

Companies may need to fill an existing Board vacancy quickly when certain business conditions arise that demand immediate attention:

  • Uncertainty surrounding the direction and security of the business, its vision, mission or values.
  • Concerns around setting strategy and structure.
  • Failure to finance growth.
  • A lack of diverse expertise among existing leadership.
  • Going public or engaging in mergers or acquisitions.

Under these circumstances, hiring the right Board member needs to become a business priority. Executive Recruitment firms will know how to find suitable candidates, vet them and close a deal, fast.

You can’t afford to wait

Slow recruiting has negative impacts on your business that can affect not only the quality of candidates, but your employer brand.

Losing the competition

Speed of hire is most important when you are competing against other companies for currently employed and highly sought-after talent. If you don’t hire quickly, the competition will take this talent off the market. Fast decisions may also mean you don’t have to enter a bidding war with other companies.

Losing productivity

With a vacancy on your Board you will lose significant revenue and productivity. Each day without a Board member has a significant monetary impact on productivity, innovation, and revenue generation. A slow hiring processes can also significantly raise indirect hiring costs as existing employees spend time on the low-value aspects of recruiting.

Losing Credibility

Many candidates view their recruitment interactions with a company as an indication of what it’s like to work there. If you are deemed to have slow processes, expect it to have a negative impact on future recruiting.

You want to make sure you have the right Board to help you achieve your goals and grow the business. A quick cost/speed analysis will likely show a business can absorb the fees associated with using an Executive Recruitment firm in order to quickly secure a high-calibre Executive Director or Board member for your business