Non-Executive Directorships – how it can help grow your pipeline of future leaders

Non-Executive Directorships – how it can help grow your pipeline of future leaders

Having diversity on your Executive teams is better for business.

A recent study found that FTSE350 companies with more than 25% female Executives had a profit margin 11.4 times higher than those with no female Executives.

You know that diversity – in all its forms – is key. How to achieve it at board level is the real challenge.

We partner with SWiFT, a Women in Rail initiative, that champions senior female leaders in transport. They offer networking, advice and support to women across the sector.

This week they are hosting their first ever Non-Executive Director workshop. The event features three amazing female leaders who will share their experience about becoming Non-Executives and how it can benefit your career.

More details on the event can be found here.

Encouraging employees to seek out Non-Executive positions in allied businesses (not in competition or conflict) is so beneficial to your business and to the individuals.

The 3 main benefits to your business and to individuals taking these positions are:

1. Breadth of Experience

    Your employee will gain a scope of experience and knowledge from another sector or type of business to your own, without losing that individual.

    2. Exposure to a Board Environment

    Stepping up to a Board level position is a huge step. Having that NED experience under the belt allows someone to become familiar with what is expected of them. They can gain invaluable experience around:

    • Corporate governance
    • Business planning and strategy
    • Contributing to the wider business beyond their own function – this is something a lot of people stepping up to an exec leadership role for the first time struggle with the most.
    • Influencing and challenging around a Board table – an intimidating prospect, particularly if you are joining an established board.

    3. Helps to Retain Great Staff

    If someone is looking for a new challenge. To take that next step in their career, but you aren’t in a position to promote them yet. Or they aren’t quite ready for that step. A Non-Executive position could fulfil that need without you losing a valuable member of the business.

    What’s also great is that all of these benefits are risk free to the business. Your amazing pipeline of diverse candidates are gaining all of this great experience at another company!

    If you would like to explore Non-Executive options then check out the SWiFT NED workshop on Friday 30th June:

    Alternatively drop me a message to discuss the options available to you.

    Author: Jim Newsom

    Jim Newsom

    Managing Director