Competency is a composite of skills, ability, behavior, attitude and personality traits that identify successful directors against defined roles within a company.
Modern corporate boards play significant roles in guiding businesses in the right direction and achieve expected business results. Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals. Here are the multiple perspectives of boardroom competency.
The Digital Competency of the Board
Five Building Blocks of the Boardroom Competency Due to the “VUCA” characteristics - complexity, uncertainty, ambiguity, and velocity of the digital era, the directorship in any organization must have abilities for adapting to changes, being able to advise, inspire and motivate a group of people toward accomplishing shared visions and strategic goals. The fundamental dimensions of the corporate board’s responsibilities include, but not limited to strategy oversight, policy-making, performance monitoring, and executive advising. Here are five building blocks of the boardroom competency.?
A Competitive Board Competency is a composite of skills, ability, behavior, attitude and personality traits that identify successful Directors against defined roles within a company. The level of Board accomplishment may vary but the essential competencies will remain the same. More specifically, here are a few focal points for BoDs to keep competitive and accountable.
A Tech-Savvy Board Forward-looking organizations cross-sector claim they are at information businesses, as IT touches every facet of business today, from strategy to operation; from key processes to competitive capabilities. Based on an industry survey, the majority of BoDs think IT is critical to their companies, and more and more organizations also put IT oversight in their boardroom agenda, does it mean it is the right timing to shape a tech-savvy Board, if so, what shall they focus on?
A Board with High Changeability Contemporary corporate boards play a critical role in overseeing strategy, advising management, and monitoring performance. They also set the tone for digital leadership and business transformation. Change is the new normal, the speed of change is increasing in the digital era. However, many well-run and governed organizations often fail to change or innovate and we are seeing the world where challenging change and innovation is a constant threat to established organizations. So, how can the digital BoDs advocate changes and build a digital board with high-changeability?
An Adaptive Board Corporate Board plays a significant role in overseeing strategy and practicing governance discipline. The board needs to retain the ability to capture immediate and future opportunities which will enhance its shareholders’ benefit. What makes a board adaptive and effective has to do with cognition, skills, and attributes of BoDs, and that is the most difficult to access. With the increasing speed of changes and unprecedented business velocity and uncertainty, what is the composition of the board in terms of minds, skills, and experience need to be in order to add value to achieving the shareholders' expectations? And how to build an adaptive board with learning agility and complementary capabilities and skills to lead through the ongoing changes and radical digital transformation?
An Adaptive Board Corporate Board plays a significant role in overseeing strategy and practicing governance discipline. The board needs to retain the ability to capture immediate and future opportunities which will enhance its shareholders’ benefit. What makes a board adaptive and effective has to do with cognition, skills, and attributes of BoDs, and that is the most difficult to access. With the increasing speed of changes and unprecedented business velocity and uncertainty, what is the composition of the board in terms of minds, skills, and experience need to be in order to add value to achieving the shareholders' expectations? And how to build an adaptive board with learning agility and complementary capabilities and skills to lead through the ongoing changes and radical digital transformation?
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