Founded in June 2017 by Spencer Stuart, Diligent and Boardroom Resources, Next Gen Board Leaders is a community of directors in their 30s and 40s, all currently serving on public company boards. Designed to highlight the challenges, opportunities and contributions of the next generation in today’s boardrooms, this group meets a few times a year to learn from one another’s experiences and tackle governance challenges through a generational lens.
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Next Gen Board Leaders recently published a set of recommendations on onboarding a younger generation of board talent. Here's why it's critical to adapt onboarding practices that get these directors up to speed:
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Up to 50 percent of today’s S&P 500 companies will be replaced within the next 10 years, which reflects the turbulence of today’s business landscape.
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To keep pace, many companies are looking to infuse their boards with new perspectives and areas of expertise. Today’s new directors are younger (17% of new S&P 500 directors in 2018 were 50 or younger) and more diverse (60% of all first-time directors were female or minority) than ever before. This next generation of board talent has a new set of challenges, needs and expectations.
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To help boards bring this group into the fold, we look at the elements of an effective onboarding program, including recommendations on mentorship, effective methods of outreach and tips on setting realistic expectations.