Serving on a board is beneficial to your career!
A recent HBR article presented surprising research findings on just how helpful serving on a board can be to your career. This isn’t limited to just a single market like financial services or commercial construction. Across all industries (from retail to investment banking) over 2,000 executives were followed in this study that covered 16 years of career progression, with findings that participation in board activities increases your likelihood of promotion by %44 and increased annual pay by %13 as compared to those who don’t serve!
When you have the chance to get involved on a board, jump at it! Collaborating with leaders gives you new insight into problem solving, and sets you up for success in your career by allowing you access to other professionals that share a team mindset and a desire to make a difference. Serving on an industry relevant board- even not for profit boards for organizations such as the AGC (Associated General Contractors) for Commercial Construction General Contractors, or the ALU (Academy of Life Underwriting) for Life Insurance Underwriting professionals- will offer you new insight into your industry and new connections that will positively impact your career.
Overall, the benefits of board membership greatly outweigh the cost of time and effort that it costs to serve, from increased compensation, and business promotions, to a wider network of like minded professionals, and increased professional visibility. When you work in an industry as competitive as Commercial Construction or Life Insurance, the necessity of building your professional profile is only outweighed by the benefits of taking your place at the table.
To read more check out Harvard Business Reveiw