For the first time in modern history, we now have technology affecting every single sector in the economy. From agriculture to shipping, companies take inputs and collect data to help drive business. This, as an example of the 21st century business environment, requires directors to be up-to-date and will most probably drive the addition of younger board members.
It used to be that in any industry, years of experience meant knowledge, leadership, and wisdom. But if you work in entrepreneurship, technology, or digital media, this framework may be dated. This next generation director’s contributions will be essential to how the very best companies make judgments, forecasts, and decisions. The Davos replacement of economists with tech CEOs in high-level speaking slots is an example of how board members may need to be more data driven in the future when weighing in on strategic assumptions and economic potential from technology.
There is no check-the-box or absolute right person for your next director. This is a company-by-company conversation. One thing is certain, new people with different experiences will bring new perspectives. Here are a few questions that can help drive the next director conversation:
- What is the optimal mix of experience and knowledge for our board as the world, economy, and markets change?
- Who has the breadth and depth in the industry to help address what the company will face going forward?
- What are the key board and committee leadership skills needed?
What are some of the next director qualifications you are discussing?