News
Pathway to the Boardroom 2022
November 18, 2022
Derwent is delighted to have hosted three in person ‘Pathway to the Boardroom’ forums in Sydney, Melbourne and Perth. Over 200 attendees welcomed the opportunity to network with other aspiring Non Executive Directors and hear candid first hand insights from our guest speakers, these included Nicki Anderson, Stephen Health, Sandra Dodds, Bruce Rosengarten, Sharon Warburton and Jim Walker.
Key takeaways included:
- Transition to a Board career is a journey.
- Early on in a Board career it can be worthwhile taking on the Board roles that are seen as ‘risky’ by others, as this can give you a strong profile and launch a Board career.
- If possible, transition to a Board career slowly as this allows retention of an executive income. Consider taking on some consultancy or advisory work alongside your board roles.
- It is possible to have an Executive career alongside a Non Executive Director role, however you will need the support of the Chair of your day job. An advantage of doing it this way is it provides a different perspective and gives you the opportunity to work alongside a different Chair.
- It is important to define and clearly articulate your value proposition and brand.
- Networking and the use of Linkedin is crucial – show people that you are available for a Board role.
- Consider the time commitment carefully. It is not always a part time or predictable role.
- Ongoing learning and professional development is very important. Directors need to be constantly curious and scan both the domestic and international community.
- Due Diligence is imperative:
- Cultural fit is very important alongside respect for the Chair as leader of the culture. Low ego and authenticity are important traits
- Meet with the other Directors (read the body language) and identify if there is anyone in your network that has worked for the company
- Financial due diligence should include a check on the cashflow situation and a conversation with the Auditors
- Does the culture match the systems and processes, look out for consistent behaviours, read the media and be open to getting external help, e.g., what is behind the financials
- Be mindful that there is no perfect company, all businesses have challenges, which adds interest
- Understand the Chair, who they are, their style and values
- Onboarding: Have one-on-one meetings with the executive. Get out and visit the business. Learn the history and ask why certain decision were made. Go back to the Chair and CEO if you need more in your induction plan.
- Private and Family led Boards are very different to listed Boards, with a heightened focus on solving problems to keep the business moving (as it is their business at stake), less access to big data and the need to have patience over some issues as it takes time for the Founders to feel comfortable in making significant changes. When on a Board, you have far less power than when you are an Executive. This translates to understanding the importance of asking open rather than direct questions.
- Diversity on Boards should be viewed with a broad lens, it is imperative to have the right skills and capabilities but often these can be acquired through genuine diverse representation, as long as the focus remains on delivering the right outcome for stakeholders. Gender is just one piece of diversity, there are many other aspects to diversity of experience and perspective.
- ESG conversations at the Board level are about bringing together all the ESG corporate wide pockets of activity.
Share this article
Recent Articles
We are delighted to announce the launch of our Interim Solutions business, led by John O’Leary. Demand for interim talent is evolving rapidly given changing market conditions and the way employers are structuring the capability and flexibility of their workforces. Interim talent delivers immediate impact, bringing capacity and capability to deliver outcomes across a range of initiatives and settings. This offering provides flexibility and scalability during peak talent needs, with an available bench of specialist capability and expertise.
In our 28th year of connecting high impact talent with Australia’s leading organisations, Derwent is proud to be one of Australia’s largest Executive and Board Search firms. Our leading team of 90+ drives our growth, success and scale in delivering to the clients who entrust us to advise on critical hiring needs. As a challenger brand, we seek out the new and different. We continue to welcome new consultants, and are pleased to announce the following appointments. Jack Evison – Managing Partner, Consumer & Retail, Melbourne Bel Hissey – Partner, Consumer & Retail, Sydney Simon Faircloth – Partner, Industrial, Melbourne Luke Marshall – Partner, Consumer & Retail, Melbourne John O’Leary – Partner, Interim Solutions, Sydney
Derwent recently rounded out its National executive forum series “Digital Growth – It’s a People Thing” in Perth with guest speakers Jenny Bryant and Colin Nexhip , following the success of the series in Melbourne and Sydney earlier this year. Organisations that succeed in driving growth and transformation are the ones that get the people strategies right. There are critical people elements to consider when leading growth and a more sustainable digital future – these include developing the right operating model, organisational structure, aligning the right capability to the structure, and establishing optimal ways of working. Facilitated by Lindsay Every , Derwent’s Group Managing Partner and Digital Practice Lead, Jenny and Colin shared their perspectives and insights on the strategic imperatives for digital growth and transformation, and the role that talent plays in driving this change. Key takeaways from the discussion included: The technology landscape is characterised by constant change, with no periods of stability. This ongoing evolution demands that organisations remain adaptable and proactive in their technology strategies. Across industries, digital transformation has emerged as a recurring top priority. Companies recognise that leveraging digital technologies is essential for maintaining competitive advantage and driving innovation. Organisations are increasingly looking to technology as a catalyst to turbocharge their transformation efforts. This means not only adopting new tools, but also rethinking processes and strategies to maximise the benefits of digital advancements. It is crucial to view technology in the context of the workforce and organisational culture. Successful digital initiatives require alignment between the tools and the people who use them, fostering an environment that supports innovation and collaboration. Companies are focused on utilising technology to improve productivity levels across their operations. This includes streamlining processes, enhancing communication, and fostering collaboration among teams. Balancing technology investments Organisations face a turbulent landscape when balancing short-term and long-term investments in technology. The need to respond quickly to market demands can conflict with the need for sustainable, long-term planning. Companies are learning how to bridge the gap between “digital natives” – employees who have grown up with technology – and those who may find it more challenging. This integration is crucial for fostering a cohesive work environment that maximises the strengths of all employees. Security versus speed One of the key challenges for companies is establishing robust security, governance, and risk management frameworks without hindering the speed of technological advancement. Striking this balance is essential to protect sensitive data while promoting innovation. The urgency to bring new technologies to market poses significant challenges for organisations. Companies must develop strategies to expedite deployment while ensuring that the solutions are effective and secure. Agility can be a game changer. Adopting agile working practices has proven to be transformative for many organisations, allowing them to embed new thinking and innovative approaches throughout the company. This agility fosters responsiveness to change and enhances problem-solving capabilities. Talent and value exchange The technology function is facing challenges in attracting and retaining top talent, given the competitive nature of the market. Companies must develop compelling value propositions to draw skilled professionals who can drive digital initiatives forward. Companies need to strike the balance of “give versus get” to create a mutually beneficial environment where both the company and individual employees feel they are gaining value. This could involve offering professional development opportunities, flexible work arrangements, and a supportive culture that promotes growth and innovation. Sustainability concerns: As technology continues to advance, the sustainability of energy resources required to support these innovations becomes increasingly important. Companies must consider the environmental impact of their digital strategies and seek ways to minimise energy consumption while meeting growing demands.
