Next Generation Advisory Boards: A Trending Solution for Bridging the Tech Talent Gap

In an era where technology evolves faster than corporate strategies can adapt, organizations often focus on how to attract technology expertise. While technology dangles the offer of unprecedented growth and innovation, navigating this landscape requires more than just traditional wisdom—it demands a specialized compass, and vast expertise and talent to deploy.

Enter the Tech Advisory Board – an existing concept that is fast becoming a contemporary answer to age-old challenges around receiving cutting-edge technology guidance without relying on a new roster of technology leaders. A tech advisory board provides non-binding strategic guidance and expertise in the digital and technology domain. They typically feature industry experts, thought leaders, and professionals with deep knowledge of technology, market trends, and emerging technologies. Meeting several times a year, a tech advisory board is there to help organizations navigate the complex digital landscape, develop effective digital strategies, target companies for acquisition, and stay ahead of the competition.

This paper delves into the rising phenomenon of tech advisory boards, why they might become the vogue among leading organizations, and how to effectively institute them to ensure your business remains at the cutting edge of the digital age.

Who could sit on a tech advisory board?

A tech advisory board should be more than a group of chief technology officers. Bringing together people with a variety of digital expertise will make the advisory board more effective.

How to set up a tech advisory board

Establishing a tech advisory board follows other leadership recruitment processes, but requires careful attention. Spending time laying the foundations will ensure you build an effective committee.

Define the purpose and structure

1. Determine strategic imperatives

• Determine the strategic roadmap and objectives for your company.
• Identify the challenges and opportunities the tech advisory board will address.
• Clarify the digital focus areas, such as transformation, artificial intelligence, robotics, tech productization or monetization, cybersecurity, etc.

2. Determine the governance model

• Assess the existing governance structure and determine how the tech advisory board will fit in.
• Integrate the tech advisory board into the overall governance of the business.

3. Gain leadership buy-in

• Gain board and business alignment before forming the tech advisory board to ensure strategic effectiveness.
• Assign an ‘anchor chair’ within the board of directors to ensure focus and drive a targeted agenda.

4. Define success for the board

• Agree on a clear mission and objectives for the tech advisory board at the outset.
• Define the scope of the advisory board’s guidance and decision-making authority.
• Establish the cadence and timing of meetings and expected contributions from board members.

Narrow the focus

5. Define the mix of talent on the board

• Define the ideal profiles and expertise needed for the board members based on the company's digital strategy.
• Consider areas of expertise, such as AI and analytics, data management, cybersecurity, digital, architecture, M&A and investment, and tech strategy.

6. Candidate selection

• Conduct a thorough search for candidates with the requisite digital expertise and mindset.
• Evaluate candidates based on their proficiency in the required areas, passion for the business, chemistry with existing employees, and ability to engage with the corporate board and executives.

Complete the search

7. Make an offer and begin onboarding

• Communicate the roles and expectations to the selected candidates, including their responsibilities and the management structure of the tech advisory board.
• Introduce new candidates to key members of the business.

8. Create a collaborative culture

• Foster a spirit of openness and collaboration within the tech advisory board.
• Ensure buy-in from the executive leadership team regarding the value of the board’s advice.
• Maintain regular contact between planned meetings to keep advisors engaged and involved.

Onboard and maintain

9. Review, evaluate, and adapt

• Continuously track the efficacy of the tech advisory board to assess its impact.
• Reassess the skills matrix and candidate pool to identify any further skills or backgrounds needed.
• Avoid common pitfalls, such as under-commitment, straying into execution and strategy, and lack of integration with the rest of the organization.

Common pitfalls to avoid in setting up a tech advisory board

As with structuring any new role or group, there are several pitfalls that can be avoided through careful planning.

• Problem with the set up

  • Lack of clarity: The board is unclear on the objectives, purpose, and engagement expectations, leading to disengagement and wasted time. 
  • Straying into execution: The board oversteps into a managerial role, attempting to direct, execute or manage day-to-day operations, rather than maintaining an advisory position. 
  • Conflict with the board: The board of directors and advisory board disagree. The CEO has not communicated how advice will be balanced and managed. 
  • Feedback mechanism: Regular updates, progress reports, and feedback sessions, and opportunity for transparent communication with the business have not been structured.

• Problem with the candidates
  
  • Weak chair: The Chair of the Advisory board is not driving engagement between the members or with the business. 
  • Lack of diversity: The board is too homogenous in terms of expertise, experience, functional skillsets, age, gender, or ethnicity. 
  • Under commitment: Time commitments set are either unrealistic, not being adhered to, or the Advisory board may not feel adequately compensated for their time.

Authors

George Head leads Russell Reynolds Associates’ Technology Officers Knowledge team. He is based in London.
Tristan Jervis leads Russell Reynolds Associates’ Technology Officers capabilities. He is based in London.
Tuck Rickards leads Russell Reynolds Associates' Technology Industry sector. He is based in San Francisco.
James Roome leads Russell Reynolds Associates’ Hub Portfolio. He is based in London.
Nicolas Schwartz leads Russell Reynolds Associates’ Business & Professional Services sector. He is based in Paris.