Most Wanted - becoming harder to find people to sit on board of directors - Brief Article
Joan UrdangNow even boardroom denizens are discovering firsthand what a tight job market feels like. As companies demand more of directors in terms of time and responsibility, it becomes increasingly difficult to find people who want to serve, says Susan F. Shultz, president of SSA Executive Search International Ltd., in Phoenix, and author of The Board Book.
Shultz estimates that for every board they serve on, executives spend 15 to 20 days a year away from their primary job responsibilities. That's just too many for some companies. General Electric Co., for one, discourages its executives from sitting on other boards, citing the time factor as the reason.
The job squeeze is pushing many companies to hire recruiters to help fill vacant director seats. Shultz says she has seen a "definite" increase in the number of director search requests over the past few years.
Using recruiters may actually improve the board, notes Ken Bertsch, director of corporate governance for TIAA-CREF. Doing so widens the pool of candidates and increases diversity, he explains.
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