When might you consider a Non-Executive Director/Chair role?

Non-executive directors (NEDs) play a critical role in the governance and oversight of organisations, providing an independent and objective perspective on strategic decisions.

Their experience and insight can be critical in helping companies grow, develop and negotiate periods of rapid change. They can provide a steadying perspective drawing on a career making critical, real-world decisions often in challenging and complex situations. It is this situational experience that a Non-Exec Director can bring to a business than can make all the difference. Many Non-Execs find they can easily move between industry sectors as it is their experience in a particular situation eg high growth, PE investment, a M&A strategy – that delivers greater value than their experience in a particular industry.

Outstanding NEDs are in real demand, not only across business and industry but also in the charitable and community sectors. Business experience is often highly desirable to social initiatives that are looking to put their project on a firmer long-term footing. Smaller, community based projects are a good introduction into the world of Non-Executive Directorship and something many owner/founders set aside time for whilst still fully working within their business.

If you’re reaching a point in your career when you’re thinking about a gear change and embracing a new challenge, then could taking up a NED or Chair role be right for you?

Why consider becoming a NED?

Many people reach a point in their careers where they are financially secure and no longer need to work full-time to support themselves or their families. Often as an owner/founder this can be at the point at which they are able to realise some value from within the business and may have built a senior leadership team that can take over much of strategic development of their business.
However, as a high achieving entrepreneur many owner/founders and senior executives may still have the desire to stay engaged in their profession and make a positive impact in their industry or community. A non-executive director role can be an ideal way to stay involved in a meaningful way, without the time and stress demands of a full-time executive role.

A non-executive director (NED) or chairman role can be an attractive option for individuals who are looking to transition from full-time executive roles and who want to bring their situational business experience to another high growth owner founder led business.

Becoming a non-executive director can provide individuals with the opportunity to share their knowledge, skills and experience in a non-executive capacity, while also broadening their professional network and enhancing their professional development. It is also a fantastic opportunity to make a positive impact on other SME business owners – enabling others to experience similar business success.

The chance to contribute to your community

Many senior executives or owner/founders feel a sense of duty and a desire to give back to their local community or support a cause that is important to them. Becoming a non-executive director can provide an opportunity to use their skills and expertise to support a business or organisation that aligns with their values and priorities. This can be a rewarding way to make a positive impact and contribute to the success of a community project, organisation or new initiative.

Often, seasoned professionals who look for new challenges find themselves driving forward exciting new projects locally that make a real difference in their community. For many people, it’s an opportunity to build a meaningful legacy and put their skills, experience and advanced expertise to good use.

What are organisations looking for in a Non-Executive Director/Chair?

Experienced individuals who are interested in becoming a NED should have strong interpersonal skills, excellent communication abilities, and a willingness to engage with a variety of stakeholders. They should be passionate about their industry and see value in sharing the situtational experience they have gathered from their successful careers. The desire to share their knowledge and expertise in a non-executive capacity and to support others on a similar business journey can be a strong pull towards becoming a Non-Executive Director.

In short, organisations are always interested in gaining insight from highly experienced professionals who can bring knowledge, expertise and impartial guidance to their operations. And many owner founders and senior executives that we work with want to “keep their hand in” the business world long after they have achieved financial security.

Rowan Group connect experienced individuals with ambitious organisations. Contact us to find out more about our services.