Many professionals vent their frustration at the retirement age. Although 65, some say physically and mentally they feel a lot younger, with years of valuable contributions left to give. If this is the case, have you ever considered becoming a member of a board? A fantastic career option for someone at the end of their career it brings with it many opportunities and benefits that suit someone nearing the end of their executive career. Here is a list of 5 benefits we have identified to help you consider whether becoming a member of a board is the right option for you.
If on a corporate board, one of the main advantages is the pay. Although it may be lower than what you were earning as a c-level executive, compensation can be handsome. For example, Board members of the 500 leading publicly traded companies in the US Market received a yearly average earnings of $251,000, which happened to be almost six-times the earnings of the average private sector salary earner. In some instances, particularly those companies that are very young, they are also offered equity in the company. This may be more lucrative for a younger executive who may have more time to see the shares grow; nonetheless, there are many payment options that are extremely advantageous for members of the board, no matter what the size. For those who decide to be on a board on top of your full-time job, it can be a great supplemental income as well.
As someone nearing the retirement age, although you may wish to stop full-time employment, you may want to stay working in some capacity. An advisory role of a board member is the perfect fit in this scenario, offering significantly less hours than that of a full-time executive. The hours a board member works can depend on the company; some can spend anywhere between 250-300 hours per year. It gives you greater flexibility to enjoy the things you may not have had time to do while working in the executive office. Don’t underestimate the challenge however, as the responsibility remains and is as significant as it was when at the top C-suite positions.
The main reason why board members earn so much is due to the big money decisions they are in charge of. The board helps set the direction for the company and CEO and the advice they give are directly responsible for the earnings of the company. This is exactly the type of high-pressure environment many executives have become familiar with. It continues that opportunity to make a difference and give back to the company they may have worked for in the past. It allows you the opportunity to stay involved in some capacity and give you the chance to contribute your experience and insight from an outsider’s perspective.
Becoming a member of the board allows you to connect and network with some top executives and business professionals. Whether within your own board or through other initiatives, it opens you up to an extremely valuable network of people, key players in other organisations and high-ranking industry leaders. These can be beneficial for a number of reasons. It can lead to other seats on other boards and future business opportunities. With it comes prestige and boosts your own profile as well. Many people will look to connect with you as well.
Continued Education and Development
It may not be of significant importance, but working alongside other board members and those with years of experience as well can be a great learning curve. It can develop your own thinking and help critique your own thought processes for future ventures. If you wish to continue to work well past the retirement age, becoming a board member could be the beginning of a new career. Learning how different boards work and manage situations is a development process in itself and can be vital in becoming an influential board member. If you want to know more about how to become a board member, you can read an article on it here. If you would like to know if your profile is currently suitable for a board role, then upload your CV for a free CV appraisal and judgement form one of our senior relationship managers.