Congratulations, you’ve found a great fit for your independent director role, now let's onboard!
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A successful independent director brings focus, clear perspective and the ability to lead objective board discussions, and, if necessary, drive better decision- making and results. A trusted independent director can make the difference in a board — and by extension — a company. Once hired, an independent director brings the opportunity to leverage someone with experience, knowledge, contacts — someone who’s been there, done that — to your company’s advantage.
First, prior to our guidance on how to close the candidate you’ve chosen to assume your Independent Director role, you should also always close the loop with the candidates that were not selected. Even if you decide not to move forward, that connection may yield beneficial to you or the organization at a point in the future and this is always good practice in relationship building
And now - congratulations, you’ve found a great fit for your independent director role. You’ve looked outside your network for a diverse and board-ready candidate and you’ve assessed all candidates using both our Board Skills Matrix Template, as well as the How to Create a Board Position, bravo.
The first step into successfully closing out the hiring process is to now make a compelling offer. Understand benchmarks - for public companies versus varying stages of private - and the mix between cash and equity.
Beyond the offer, also facilitate a background check, backchannel references, and any other due diligence that will help establish trust. Your independent is a representative of your organization, and especially if you anticipate they’ll be on your board if you plan to IPO; public company governance is another level of diligence.
Set up your newest board member for success with an onboarding process - the more context they are provided, the more valuable they’ll be to you and the board even on Day 1.
Placing an independent director is a mutually rewarding experience – knowing the impact their perspective can have on the long-term health of your organization and your organization on their career growth. We hope your new director is set up to have an impact on Day 1 and for the foreseeable future.
Navigating the search process for finding a new board member is a time consuming process if you go it alone. Check out theBoardlist’s search platform today to discover over 22,000+ diverse candidates.