Recruitment and revitalization are some of the toughest challenges facing boards today. As a recent KPMG report reveals, 80% of S&P 500 boards have an average age in the 60s, and there is little difference by industry or company size. Older board members are retiring and needing new ones to take their place. And new members will be drawn from a workforce that, according to Leading with Vision, will be 75% Millennials by 2025.
In this environment, the practice of finding new board members through current members’ connections is not enough. And trying to recruit new members without taking stock of whether you have outdated governance practices is also sure to fail.
Here are five board best practices to attract qualified, next-generation board members.
Want to evaluate how a simple, affordable board portal can modernize how your board works? Our training is proven to engage directors old and young. Let us give you a tour.