Balancing a career and a board seat? It can and should be done

You can successfully balance an executive career and a board seat, which may be your best career move. Around 90% of the people I work with want to hold an independent board seat in addition to their busy executive roles. According to the 2024 US Spencer Stuart Board Index, 52% of all S&P 500 directors and 67% of new S&P 500 directors were actively employed. They do so because they recognize the benefits of serving on a board or committee. Getting the right balance between your executive and board careers will allow you to reap the benefits professionally and personally.

Why pursue an executive career and a board seat?

Holding an independent director board role can future-proof your career. Quoting myself, “Those who hold an independent board seat, in addition to an existing executive role, earn more, are promoted more often, have greater job security, and are unemployed less”.

There are several personal and professional benefits of serving on a board or committee:

1. Professional development: Sitting on a board provides invaluable insight into group decision-making dynamics and processes. Every board will be different, as will their conflicts, issues, and relationships. As a group, you must resolve problems and make tough decisions. This may differ significantly from the hierarchical management models experienced in your executive role. You will develop and practice highly transferable soft skills that make you a better manager.
   
   
2. Strategic experience: As an independent director, you will work strategically and on the same level with various senior executives and directors. They may be fellow board members, stakeholders, or external individuals who work with the board. Relationships of this nature are usually only experienced by those in the most senior roles of any organization.
   
   
3. Relationships building:  Serving on boards, even on local not-for-profit committees, provides a unique environment to establish personal and professional relationships with people you would never otherwise cross paths with. Strong connections may develop, built on a foundation of mutual respect. These relationships can result in new business, professional opportunities, other board opportunities, friendships, or participation in new social activities.
   
   
4. Opportunity to give back:  It is common for people to tell me they want to join a board to give back to their community. Because I hear it regularly, it sounds a little clichéd to me. But the truth is, for many, it is the underlying reason they serve on boards or committees. Many highly successful people feel unfulfilled by their executive roles and achievements. Giving back provides valuable rewards, including improving your well-being and a sense of purpose. Tony Robbins captures it perfectly with his vision: “The secret to living is giving“.
   
   
5. Remuneration: Plenty of independent board directors get paid well for a part-time commitment. For many, this is the primary reason they pursue a board or portfolio career. Compensation for independent directors can be substantial, with the 2024 US Spencer Stuart Board Index finding that 74% of S&P 500 boards paid a retainer of at least $100,000. The average committee member’s retainer was $12,565. With most board tenures being at least 3 years, this stable source of income can be vital during economic downturns, when planning a portfolio or consulting career, or in retirement.
   
   
6. Growing your brand & profile:  It is estimated that as little as 5% of the population holds a board seat. Being an independent board director will elevate you into an elite group. For many, this can bolster their professional and social profiles. Just using the title of Board Director can open doors. It can give you access to people and networks you would not otherwise have. This, in turn, can be leveraged to enhance your professional brand and personal status.

When considering the benefits, for many, it is evident that an executive career and an independent director board seat complement each other and should be pursued together. The dilemma is balancing the commitments of both roles without affecting their performance.

Time commitments of an independent board director

Many worry about the time commitments involved in balancing a career and a board seat. Unlike an executive board director, an independent director’s role is not incorporated into their executive role. They need to find the time on top of their full-time or part-time executive career without negatively impacting their social and family life.

To mitigate the impact and provide a balance, you must realistically gauge the time requirements placed on independent directors. Generally, you should plan for a minimum of two days a month. This will vary by country, statutory requirements, organization type, and unforeseen circumstances.

More specifically, your time commitment calculations should include the following:

• Attending board meetings (on average, 4-8 scheduled meetings per year).
• Traveling to and from board meetings, and whether it is possible to attend some meetings virtually through a hybrid model.
• Preparing for board meetings involves reading, researching, and submitting reports. These tasks tend to be more time-consuming for independent directors since they are not involved in the organization’s daily operations.
• Responding to emails and contributing to discussions outside of official board meetings.

Then there are the extra commitments, often not apparent until after accepting an appointment. These include:

• Requests to sit on or chair a subcommittee.
• Attending professional and community events as a representative of the organization.
• Emergency or unscheduled board meetings.
• Addressing unforeseen challenges.

For some, the time commitment is surprisingly manageable; for others, it is more demanding than expected. It may also be worth having a conversation with your current employer to get them on board with your aspirations. You may be pleasantly surprised, as many employers will recognize the benefits of your board service for their employees and their organization.

Unsure of where to start your search?

First, compile a list of the organizations you would like to be appointed to now and in the future. Consider what you have to offer a board, and what boards may provide an opportunity to contribute to a cause or industry you are passionate about. If you plan to juggle a full-time executive career and a board seat, seek organizations and positions that require a more manageable commitment in terms of time and stress. Review your list and work backward to establish which organizations may be a stepping stone to those longer-term board aspirations.

You will need a Board CV and a planned approach to reach your targets. LinkedIn is the perfect platform to make connections, start conversations, find board opportunities, and be found by organizations looking for new board members. Our Board Appointment Coaching Program takes you through the entire process of looking for and gaining a board seat.

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