Pros and Cons of Board Members
For many, being invited to join a committee is a big deal. It can boost your standing as well as expand your network and create more opportunities for your career or business.
If you’re unsure if being on the board is worth the hassles of meetings, settling disputes, and reading financial statements, take note that money is not usually an important factor for board members. There are a wide range of professional abilities that improve as a result of your board training for new board members experience. These can be highly useful to your career development.
For example, if you are on the board of an early stage startup, your role can involve you running the company in a way that you would not be able to accomplish in your current job. Boards based on disciplines like medicine, insurance/managed health, real estate, law/finance/banking or public policy might also benefit from this.
In addition to the educational opportunities Board membership provides the chance to work closely with leaders and executives from different industries. Therefore, working with them in a group to tackle difficult issues can create strong bonds that extend to the personal level.
There are a variety of other factors that affect the decision to join a board, which includes compensation and perks that are unique. They can range from the use of a company jet to the possibility to test products from the company. The most important thing is that you’re well-informed about what to expect from the organization regarding expectations for time commitment and clear communication as well as the ability to contribute.