How to soothe the pain points for board recruitment in financial services

Board directors in financial services are under ever-growing pressures that are having a considerable impact on recruitment and talent retention. We are in a changing world, and boards need to oversee the importance of cybersecurity, sustainable finance oversight, Environmental, social and corporate governance (ESG), diversity goals and steering an organisation back from a pandemic-driven lull.Consequently, it is not a surprise to see that the Great Resignation is now hitting the C-suite and the board. The impact of the pandemic is causing a rethink of talent and life choices not only in the general workforce but now at board level. So how can financial institutions, who are under pressure to deliver results, recruit the talent they need to lead their boards?

Why is board recruitment often so hard in financial services?

The major issue for financial institutions to contend with is the vast amount of experience that candidates need in order to provide real support and direction to the board, in addition to a wealth of regulatory knowledge. Boards for financial organisations are also currently struggling with the upcoming skills gap and labour shortage, This will eventually affect tall sectors, as the next generation of talent is moving away from a top-down corporate method of leadership to one that is more collaborative. Now and most definitely in the coming years, this is likely to see a pinch-point in the amount of available talent to move up to a board-level role.

For financial institutions, a key factor in the shortage of experienced directors is the increasing digitalisation of banking, a need for constant cybersecurity and an influx of tech start-ups in their sector. Talented executives know how in-demand their skills are and so can dictate the exact terms and conditions of their career moves.

How technology can support your board

Any team, particularly one as influential as a board, needs a well-rounded set of skills to have the most impact on a company's future. This is why planning for recruiting is key. Subsequently, a 'skills tracking? feature is critical in any software selected as it allows companies to quickly identify skills gaps and ensure that board hires provide diversity of thought and varying perspectives.

When recruiting for the board, organisations also want to retain key board members and their valuable skills, an area in which technology can also help. Software that can easily be used on any platform is essential as some board members? day-to-day activity might include sitting on many boards simultaneously.

Security, particularly as so many of us are moving to online working, is key. However, at executive level it is paramount that using this type of software should benefit from enterprise-grade, industrial-strength, penetration-tested architecture.

The future of board recruitment

Board members play a pivotal role in the future direction of a company. Once onboard, they should be afforded all the support available. Fortunately, software can play a role in this as well as shaping the future of a company, whether your business is looking to recruit and retain board staff using a board intelligence platform or develop talent to begin their governance journey through a ?nurturing program?.

More information on OnBoard here.