Top Four Benefits of Serving On A Board of Directors in 2023

Top Four Benefits of Serving On A Board of Directors in 2023

Corporations have a history of serving on each other’s boards and rubber-stamping decisions by leadership. Those days are coming to an end, however, as the need for innovation, accountability and flexibility are on the rise.

The role of serving on a board of directors is changing, growing, and adapting.

Board membership is more than a title given to individuals with enough extra money, time, and clout to oversee organizations.

Board membership is about serving your community by guiding the future of both for-profit and nonprofit organizations.

Board members are valuable, paid members of corporations.

Learn the top four benefits of serving on a board of directors, and get ready to do so in 2023!

1. You can facilitate more support for the local community.

The first board of directors I served on was for a bank. I was able to help them provide more opportunities for local, underserved residents. We set up a microloan service and provided mortgages for first-time homeowners.

2. You can help a company gain more status.

As a result of doing more for the local community, many corporations can begin to receive recognition, which helps them stand out from the crowd of their competitors and be seen as innovators.  A board of directors can act as a great guide to becoming even better than you were before.

For example, as a board member, I was able to help a bank improve its Community Reinvestment Act (CRA) rating with the Federal Deposit Insurance Corporation (FDIC).

3. You bring a fresh perspective.

There has been a lack of diversity when it comes to board members. A recent Age Diversity Study found that the average age of all S&P 500 company boards is about 62, with not much deviation from that age.

Boards are seeking more diversity, not just in age but also in race, gender, life experience, and more. In a rapidly changing world, with new legal requirements and an increase in demand for more management accountability, the opportunities to serve on boards are widening.

Companies are in need of board members who are flexible, and innovative, and bring a variety of expertise such as technology, cyber security, and cultural diversity.

4. You can be paid for your board membership, allowing you to serve even more.

As a pastor, I was surprised to find that boards would pay members for their service (I found out only after joining a board). This is a win-win for those of us with a desire to uplift our communities.

You get to hold companies accountable to sound business practices, help them support their local communities, and make a living so you can do more of it!

Now is the time for talented people who are passionate about service to be available for paid corporate director service.

There is a corporate board waiting for you.

Are you ready?