Perhaps there’s an open seat or two on the board today. Or maybe the terms of some of your existing members are expiring soon, so you’ll have upcoming vacancies in the near future. Now’s the time to evaluate those current and upcoming vacancies and start making a plan to fill them with the right people.
Of course, each director brings unique skills, experiences, and perspectives to their role on the board. The key is to ensure the board as a whole has the right mix to meet the organization’s current and future needs.
Before starting the recruitment process, it’s important to take a close, honest look at the background and expertise of your current board members to identify gaps. A board of directors skills matrix is a great tool to aid in this process.
With a board of directors skills matrix, organizations can evaluate the skills, backgrounds and demographic information of each director. For example, a typical matrix includes information on industry expertise and previous board experience, as well as key demographic information such as gender, age, and race.
Once all information for all board members is presented in a single matrix, it’s a lot easier to identify gaps. For example, an organization might have a large acquisition on the horizon, but no board members with M&A experience. Finding a board member with this skill set should be a priority. Or, perhaps the matrix shows the entire board is composed of white men. In that case, the board should make it a priority to recruit to improve board diversity.