Corporate Boards’ involvement in Talent Management
Of 586 corporate directors of Fortune 1000 companies surveyed, they indicated that they spend only 11% of their time on Talent Management. Furthermore the survey also indicated that more half of those surveyed want a increased involvement in Talent Management. This is not surprising as noted by a HireLabs study on the psychology of a member of the Board, which discovered that an individual who accepts a seat in the Board wants to use their experience to shape the company. "I accepted a seat at the Board so that I can influence the management to become an industry leader" states a Board member at an oil company."
Of the little time that Boards spend on Talent Management, a majority of it goes towards determining compensation and reward structures, but this is not why they accepted their position. The survey indicated Board members want to focus on developing leadership and succession pipeline. The most effective way to ensure that a valuable pipeline is to control quality of the new recruits. But the question that arises is: how do you do quality control of new recruits?
