How a Non-Executive Director Can Add Value

Written by EO Executives on Nov 16, 2018

NED

At EO Executives, over the years we have seen an increased demand from businesses to source for Non-Executive Director positions. With more businesses facing challenges across the board, such as; hiring, employee retention, new technology integration (think artificial intelligence) and changing industry trends, hiring an Executive who can offer an impartial and expert solution to these common challenges is key to ensuring success.

Competition for Non-Executive Directors is vast from both a hiring (client) and candidate perspective. More Executives are wanting to take on a career as a NED and equally more businesses are looking to source the best NED talent on the market.

Non-Executive Directors (NED's) and Non-Executive Chairmen (NEC's) play an important role in companies of all sizes. NED’s are utilised for their unbiased, critical thinking which can prove to be invaluable when helping to guide a company’s biggest decisions. Non-Executive Directors bring independent judgement and can help businesses with strategy, performance and guidance to achieve moving businesses forward.

What makes Non-Executive Director different to any other employee?

The role of an NED is different from any other Executive Position in an organisation. The benefits of these executives working externally to an organisation is that they can provide a fresh perspective and outlook on difficult business challenges.

These experts are typically hired to provide an external opinion and offer constructive yet challenging advise to Boardrooms and their wider teams. This is because they are experts in their field and have the knowledge to provide the best strategies for safeguarding the future of a businesses. Whilst managing risk, auditing performance and determining remuneration.

Non- Executive Directors will also have a strong black book of contacts.

You can differentiate a successful NED through their network. A well-connected NED can introduce a business to relevant contacts in different situations. This can range from great candidates and clients to external stakeholders. This is crucial for any business that is looking to advance their external relationships.

So, what makes a great NED?

A great Non-Executive Director (NED) will have a specialised set of skills, along with extensive experience. Therefore, when recruiting a NED, it is important to look for someone with the relevant industry experience.   

It is equally important to remember that not every NED will be suited to every business and so we advise businesses to choose an individual with expertise in their industry. This will ensure they have a full understanding of where to take the business, the ability to introduce relevant contacts, support with hiring and provide insights on key market trends.

In the current war for talent, although competition is strong for sourcing great NED’s, heightened awareness of the value non-executives can bring to an organisation continues apace. Proven high flyers with the right mix of experience and attributes are particularly well placed and increasingly in demand as businesses gain understanding of the positive impact they can have. 

The right person in position can bring invaluable objectivity and strategic vision, helping to steer a board’s decision making and shape an organisation’s future. Hiring a non-executive can certainly be an extremely rewarding initiative.

To understand more about how a Non- Executive Director can add value to your business, please visit our website for further information here

 

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