The world’s a rapidly changing place and the boardroom is no exception, which probably explains why the most effective boards are those that think beyond the box and eagerly embrace whatever’s needed to keep them abreast of good governance best practice.
It’s an attitude that takes the more mundane boardroom mechanics to a whole new level of boardroom dynamics and the starting point is to look beyond the narrow confines and comfort of your business environment and discover what other sectors are doing – nationally and internationally.
The time is now, even if thoughts that the lingering remnants of the GFC and its legacy of volatility remain with you and prompt thinking that waiting until things return to “normal” is the safer, better option.
What’s required is a bold and deliberate approach, where thinking big and scouring the business landscape for clever strategies to attract, motivate, retain and develop top talent lies at the very core of all your efforts. Similarly, you need plans that are nimble enough to accommodate constant changes to market conditions.
It’s a scenario where innovation is both your ally and your watchword, where you successfully manage the balance between opportunity and risk.
It comes in many forms, from customer loyalty initiatives to royalties for staff who devise new revenue producing products. It may also be found in non-traditional ways of keeping board member skills and knowledge updated in an increasingly time-poor world.
By way of example, let’s rummage through the latter…
We spoke earlier of attracting, motivating, retaining and developing top boardroom talent but research tells us that a staggering 83 per cent of board members feel less than satisfied with their induction process and a further 79 per cent say they value ongoing training but simply can’t find the time in their busy schedules.
These are scary statistics with potentially dire consequences. They tell us that if we don’t change our ways and think differently, we unlikely to attract the best talent and, even when we do, it’s doubtful we’ll retain them.
Enter Board Minded, our new world-first online portal subscription service that’s designed to keep time-poor members skilled in best practice governance.
Subscribers get a broad selection of online presentations, delivered by some of the best brains in the business, which they’re free to watch as a group or individually, as often as they please and always at a time that’s most convenient.
I consider Board Minded as perhaps my most critical governance intervention and if the idea presses the right buttons with you, superior corporate governance – or boardroom dynamics, if you will – is but a button click away!