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Pros and Cons of Board Members
For many, being invited to join a board is significant. It can boost your reputation, expand your network, and lead to more opportunities for your professional or personal career.
If you’re uncertain if serving on a Board is worth the stress of meetings, settling disputes and examining financial statements, take note that money isn’t usually the main motivator for board members. There are a wide range of professional skills that will be developed through your board experience and these can be highly beneficial to your professional growth.
For instance, if you are on the board of an early stage startup, your job may involve running the company in a manner that is not something you could do in your current job. This is also the case for boards that are based in areas like insurance/managed healthcare and medicine and law, finance/banking marketing, real estate, or public policy, to name a few.
A board member has the opportunity to learn from leaders and executives across a variety of industries. This means that working with them as a team to address difficult issues can create solid bonds that last to the personal level.
There are many other aspects that affect the decision to join a board of directors, including the compensation package and perks that are unique. These could range from the use of a company aircraft to the ability to test products from the company. It is crucial to be aware of the expectations of your organization, including time commitments as well as clear communication and your ability to contribute.