When you engage in board succession planning, you want to find the right fit that aligns with the values and mission of your business. Working with a board of directors recruiting firms offers several strategic benefits. However, it also comes with some notable trade-offs.
Recruiting the right leadership team is a significant undertaking, and outsourcing to a recruiting firm can streamline the entire process. However, it’s important to weigh those benefits against cost, cultural alignment, and how actively your team wants to be involved in the search.
What Is a Board of Directors Recruiting Firm?
When corporate boards need a new member, they can conduct the search themselves or hire a directors recruiting firm.
A director’s recruiting firm specializes in identifying, attracting, and placing high-level executive and director-level candidates within organizations. Partnering with a recruiting firm can quickly give you access to a large range of candidates. However, a recruiting firm might not understand your corporate mission and culture. Read on for the pros and cons.
The comprehensive blueprint for selecting a results-driven board management vendor.
Board of Directors Recruiting Firms: Pros
When you draft your wish list for the qualities in a new board member, you need to consider the pros of using a recruiting firm. These can include:
1. Access to a Broader Network
Recruiting firms maintain extensive candidate networks and tap into channels they’ve built over years in the business.
2. Expertise in Board Composition and Governance
Recruiters understand governance dynamics and board diversity make boards successful. They evaluate your current members and identify candidates who balance their strengths and weaknesses.
3. Time and Resource Efficiency
Recruiting for a vacant board seat consumes time and resources. A recruiting firm streamlines the process by presenting a short list of vetted candidates for you to interview and select. Providing the firm with board member interview questions can simplify the process.
4. Credibility and Discretion
Candidates take a recruiter’s call seriously, knowing the role is legitimate and the offer credible. Reputable firms also protect client confidentiality with discretion.
5. Stronger Candidate Vetting and Evaluation
Recruiting firms thoroughly assess the talent pool, filtering out weaker candidates. With industry knowledge and evaluation expertise, they deliver highly recommended candidates.
Board of Directors Recruiting Firms: Cons
Now, let’s review the cons of leveraging a board of directors recruiting form.
1. High Cost
Hiring a recruiting firm to find your next board member can come with a steep price tag. These specialized firms can potentially charge $100,000 per board member or 30 to 35% of the member’s first-year salary.
2. Potential Misalignment With Culture
Each company has its own unique culture and carefully selected long-term goals. As an outsider, a recruiter might not understand all the nuances of your culture. You may find that one of the candidates isn’t a good fit for your culture and goals.
3. Longer Timelines Expected
Recruiting firms spend time learning your business before starting the search. If you need a quick hire, the delay can prove frustrating. Conducting a board assessment can improve this step of the process.
4. Overreliance on Traditional Networks
Firms often rely on long-standing networks, which may overlook strong internal candidates who meet your needs.
5. Loss of Internal Stakeholder Engagement
Because recruiters manage the candidate search, internal stakeholders may feel excluded from the process, reducing their engagement in the final selection.
Introducing OnBoard AI
OnBoard AI is designed to streamline board governance by offering a complete suite of AI-enabled tools that enhance every phase of the board meeting process.
There are several benefits of using our software’s AI-backed features:
- Improved Efficiency and Productivity: AI tools handle routine tasks, analyze data, and summarize information, saving users time and allowing them to focus on priorities.
- Data-Driven Insights: AI tools process and analyze vast amounts of data to provide insights and identify trends that may go unnoticed by human analysis.
- Consistency and Accuracy: AI tools ensure the information presented is accurate and consistent, reducing the risk of human error.
- Quick Access to Information: AI tools can quickly retrieve relevant documents and data points, making information more accessible when needed.
How OnBoard Supports Effective Recruiting
When you need a new board member, you want to hire the best candidate possible. Hiring a recruiting firm offers one option, but before you commit, weigh the pros and cons.
Recruiting firms give you access to a broader candidate pool and save you time, but their high costs can offset those benefits. Relying too heavily on traditional networks may also result in candidates who don’t align with your company culture. Ultimately, you must choose the path that fits your needs, timeline, and budget.
Once you fill your board seat, OnBoard AI helps you get the most from every meeting. Our tools, including a board meeting agenda builder, handle routine tasks like analyzing and summarizing data for presentation. They ensure your board makes decisions based on accurate, timely information. During meetings, OnBoard lets you instantly search and reference relevant documents and data. AI reviews vast amounts of information, identifying trends that human eyes might miss.
Ready to simplify and strengthen your board meetings? Request your free trial of OnBoard today.
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About The Author
- Adam Wire is a Content Marketing Manager at OnBoard who joined the company in 2021. A Ball State University graduate, Adam worked in various content marketing roles at Angi, USA Football, and Adult & Child Health following a 12-year career in newspapers. His favorite part of the job is problem-solving and helping teammates achieve their goals. He lives in Indianapolis with his wife and two dogs. He’s an avid sports fan and foodie who also enjoys lawn and yard work and running.
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