New board members must accelerate their learning curve now
- Vivian Riefberg highlights the initial learning and adaptation curve faced by new board members.
- New members should align their motivations with the company's mission and learn about its economics.
- Patience, understanding expectations, and commitment to the role are essential for effective contributions.
In recent discussions on how to effectively transition into board member roles, Vivian Riefberg, a former senior partner at McKinsey & Company, provided valuable insights. She emphasized that new board members rarely make a significant impact immediately due to the inherent learning and adaptation curve associated with the new responsibilities. It is essential for individuals to recognize their motivations for joining a board and to ensure they align with the company's mission and leadership. Having confidence in the CEO's vision is vital, as this allows new members to focus on learning and contributing constructively. To successfully accelerate their learning curve, it’s crucial for new board members to introspect on what they can contribute alongside what they need to learn. Riefberg advises patience during the initial phases. New members should seek clarity on board expectations and be open to understanding the company, especially if they come from a marketing background. A solid grasp of the company's economics is critical to connecting marketing efforts with financial success. Engaging with the CFO early on is recommended to achieve this understanding. Furthermore, Riefberg notes the importance of avoiding the temptation to gravitate toward familiar peers. Instead, new members are encouraged to learn from diverse perspectives within the company. Recognizing that the dynamics of start-ups differ, there may be more willingness for board members to interact with teams outside the executive suite. However, the need for clear communication lines remains a priority in fostering effective relationships within the governance structure. Finally, Riefberg cautions potential board members about the long-term commitment required in such roles. Joining a board is a multi-year endeavor and can significantly affect the organization if the commitment is not taken seriously. New members must assess compatibility before accepting positions to ensure they can genuinely contribute over their term without causing disruption.