As part of ExecuNet membership, I conduct a bi-weekly teleconference called Six-Figure Hotline where members call in to ask the questions keeping them up at night, and to gain market and trend insight from the career experts who join me in talking about issues that are important to executives today.
In one such teleconference, I was joined by executive career strategist Harriette Lowenthal, and a member asked us, “How do companies find and recruit people for board positions, and what kind of pay should a board member expect?”
Here is some of what we had to say:
Board positions are extremely difficult to secure. Most of the time it’s through relationships. If you are successful in your industry with a strong leadership position, you know people and are thought of when there are board openings. Boards are filled with senior-level executives. They often are retired or semi-retired.
The compensation rates varies greatly. Non-profits tend to pay less, sometimes even nothing. It’s hard to even give a number. But the non-profit route is an easier path to getting experience as a board member.
There are board governance associations that can be joined. These will allow you access to board members and could open some doors for you.
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