Board seats are no longer reserved for retired CEOs. Today, companies are actively seeking leaders with diverse perspectives and specialized expertise. However, the path to securing a paid board role can still feel unclear. Two experts from executive search firm Spencer Stuart — Susan Hart, partner, boards and CEO practices, and co-leader of the global retail, apparel and luxury goods practice; and Laurel McCarthy, member of the North American board practice — demystified the corporate board selection process during a Women in Retail Leadership Circle (WIRLC) Member Workshop earlier this month. Hart and McCarthy shared what corporate boards are truly looking for, how to effectively position yourself as a board candidate, and actionable steps you can take to build visibility and credibility.

There are certain leader profiles that are always in vogue, according to McCarthy, including CEOs, financial experts, and P&L leaders.

The following soft skills are critical to highlight when applying for a board position or during a board director interview:

  • An interest in and commitment to the business
  • A relationship-builder and ambassador
  • Commercially aware, financially literate, and a good appreciation of risk
  • Objectivity and independent-mindedness
  • Low in ego, high in self-confidence
  • Intellectually flexible, with an ability to contribute beyond your area of expertise
  • Experience dealing with complexity
  • Familiarity with the prevailing governance practices and fiduciary duties
  • Fair-mindedness with integrity, wisdom, courage and common sense
  • Articulate and persuasive, while being a good listener and communicator

“If we ask you, ‘Tell me about yourself,’ and 45 minutes later we haven’t asked another question, we’re going to hang up and the board will say, ‘They could never be in a board room,'” McCarthy said. “You need to be concise and play well with others, have a good give-and-take, and read the room.”

Hart recommended asking yourself the following questions before applying for a board position:

  • What do I have to offer this company?
  • What will be expected of me as a director?
  • Do I really understand the business model? How does the company make its money?
  • What is the reputation of the company, the board and the management team?
  • Do I feel comfortable with the board chair? Will he/she support me and provide me with space to contribute?
  • What is the likely agenda for the next five years to six years? How might I contribute?
  • What is the relationship between the board and management like?
  • Will I have the credibility to influence boardroom discussion?
  • How effective is the board I’m about to join?

Women in Retail Leadership Circle members can watch the full member workshop on positioning yourself for a corporate board seat on-demand. Not a member? Apply today!