Partner Article
IoD offer new matchmaking service for business
The Institute of Directors have launched a new service offering a quick, east and low cost way for companies to find prospective non-executive directors.
The NXD Directory has received the backing of the Department for Business Innovation and Skills, as it attempts to bolster resources for businesses.
Commenting on the scheme, the minister for Business and Enterprise Mark Prisk said: “Becoming a non-executive director, or having one in your company, is one of the best ways of sharing skills, experience and business acumen.
“Encouraging companies to take on non-executive directors is a key strand of our mid-sized businesses campaign to help them improve their leadership, export performance and access to finance.
“Our campaign is aimed at supporting our mid-sized firms to contribute an additional £50 billion of GDP by 2020 and realise their potential for growth.”
More than 2000 IoD members have already requested to join the directors, and the list now includes chartered Directors, experienced directors of multi-national and successful entrepreneurs.
Companies,trusts or school boards looking to join the scheme must pay an administration fees of £100, and will be matched with 10 possible candidates for them to choose from.
The service aims to respond to calls from businesses who want the process of choosing a non-executive easier, less expensive and more accessible to SMEs, charities and schools.
Research by BIS and the IoD has indicated that many medium-sized and smaller companies avoid taking on non-executive directors due to limited access to suitable candidates, high costs or a lack of understanding of their role, instead choosing to call in external consultants.
However, they often do not have the same levels of accountability or level of input into decision making as an independent board member. Drawing a non-executive director from a large company can provide the right sort of guidance, and is also considered to be a major PR coup for SMEs as a demonstration of their ability to attract talent.
Andrew Main Wilson, the IoD’s Chief Operating Officer says: “I believe one of the fastest ways to grow a medium sized or small sized business in today’s climate is the intelligent recruitment of an appropriately skilled non-executive director to that company’s board.
“The IoD NXD Directory will provide companies looking to add fire power to their boards with a shortlist from thousands of experienced directors.
“Why wouldn’t you want the wisdom of a senior, experienced director advising you and your board, two or three days a month, for a fraction of their full-time employment cost and at no recruitment cost to your business?”
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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