7 Ways to Bring Your Board into the 21st Century Social Marketplace
February 22 2012 by ChiefExecutive.net
Chances are that you’re using new technologies (like social media, mobility and the cloud) in your business. Whether you use these technologies internally or externally, it’s important that you bring your board into the fold.
Corporate boards have a tendency to be behind the curve when it comes to technology, and your board my not be assessing technology as a cornerstone to the success of your business.
The University of Pennsylvania’s Knowledge@Wharton acknowledges this tendency and provides 7 steps that you can use to bring your board up to speed. It’s not just about financial results, compliance and legal risks anymore (although those issues remain highly important).
- Build and foster your employee and customer social networks: product success hinges on positive word-of-mouth these days and the best way to facilitate that is through social media; social media also is a great platform for internal employee communication and collaboration
- Recruit corporate directors who understand today’s technologies: less than 10 percent boards have IT experience, it’s time to fix that
- Implement open, collaborative processes to innovate and grow: social media allows for crowd-sourcing of great ideas from customers and employees
- Require directors and executives to embrace today’s technologies: how can board members make decisions on technology topics if they don’t have any experience with it?
- Measure and manage what matters to insure success: make sure you’re using the right metrics to assess the success of your social media campaigns
- Make business personal: choose employees who possess emotional and social competencies since they’ll increasing be required to interact across the social media spectrum
- Implement recognition systems that motivate all your stakeholders: reconsider your incentive structures for customers and employees