FROM THE ADMIRED LEADERSHIP EXPERIENCE LIBRARY
The research team at Admired Leadership® has spent more than three decades investigating how best to develop leaders and their talents and skills. Here’s what we have learned:
Leader development depends on three distinct ingredients: leadership experiences, the practice of a catalog of best practice behaviors, and an insightful assessment of leadership strengths and weaknesses. Of those three elements, experience is by-and-far the most impactful. The influence of how real experiences shape a leader’s development cannot be overstated. Leaders themselves most commonly point to job or role rotation (where leaders take a different role or position for a period of up to 3 years) as having the largest influence on their personal development.
At Admired Leadership, we have identified a library of experiences that organizations and leaders should examine to accelerate development. Each month, we highlight one experience from our Experience Library for leaders to consider incorporating into their development plans.
This month, we are going to highlight the experience of Serving on a Board of Directors to expedite leadership development.
THIS MONTH:
Serving on a Board of Directors
Public and private organizations and companies commonly have a Board of Directors who serve an oversight role for the Management team that runs the enterprise. While the Director roles in publicly traded Corporations are highly coveted and difficult to attain, this is not true when it comes to community, non-profit and private school boards. Smaller and less publicized organizations often look for Directors with specific expertise and experience. Board positions are not as difficult to obtain.
Understanding the role of governance from the inside is a critical experience all leaders would benefit from. Serving on a Board of Directors offers leaders a host of insights and skills important to their personal development.
The potential leadership lessons include:
- By engaging in the Strategic Planning process on a Board, leaders learn to broaden their perspectives and how to match strategy with long-term organizational goals.
- Wrestling with the legal, regulatory, and fiduciary responsibilities of a Board teaches leaders how governance and oversight works at the enterprise level.
- Discussing issues with leaders who possess a sundry set of experiences and expertise fosters an appreciation for diverse viewpoints and ideas.
- Boards are asked to evaluate risks to the organization which teaches Directors how to become more adept at identifying and managing many different types of risk.
- Reviewing the financial health of the organization enhances a leader’s financial literacy.
- Boards often deal with organizational changes which are both complex and difficult to execute and illustrate for Directors the challenge of managing transitions and offer insights and strategies for overcoming resistance.
- Because Boards are accountable to various stakeholders and must balance their interests, Directors learn to appreciate competing goals and how to manage them.
- Navigating disagreements between high status and seasoned Directors provides experience in conflict resolution and negotiation skills.
- Interactions with other Board members can lead to valuable connections and collaborations for professional development.
Serving on a Board during your career is a significant building block for your leadership development. Consider exploring serving on a Board that needs someone with your interests, passions, and expertise. This is one experience in our Library we especially recommend for mid and later-career leaders.