Board effectiveness surveys are beneficial for organisations of all shapes and sizes. No matter your industry, if there is a governance and law relating to your board, as there is in most countries, a board survey is the best way to get an overview of your board’s health – it’s effectiveness and performance. A good benchmarked survey is like a good Xray. You get to see the good ares, OK areas and not so good areas very quickly and easily.
However, the board survey you choose matters. A survey that you cobble together based on survey questions you find on the internet is unlikely to cut it. Ideally you will use a validated and benchmarked survey which means your are more likely to make the right conclusions from the results you receive.
You should also ask yourselves important questions before you embark on your board survey process. Do you want a deep dive or a lite touch board survey? Will you be surveying individual managers, staff, or just board members? There are a few things to consider to ensure that your survey process is of benefit rather than a waste of everyone’s time (including your own).
Read on to learn how to choose the right board survey for your company’s needs.
Our expert team has developed the Essentials Version which is a shortened version of our Advanced Version. It is our most versatile survey option as it can be used by any of the following entities:
- Smaller organisations. This survey can serve as the foundation for your annual board review whether that means as part of an external deep-dive review every two or three years that includes interviews or just for your lite touch review for the years in between
- Small public, private, government and not-for-profit organisations that wish to avoid the time-extensive task of full interviews, document reviews other in-depth surveying tactics. Instead, this option provides a validated, world-class, benchmarked survey and report that includes optional extras
- Large organisations that already use the Advanced Version every two or three years with interviews often use this lite Essential Version that provides comparable figures in a benchmarked report for the board reviews in between
The Essentials Version of our board survey includes all but two of the 16 factors of a board’s effectiveness and 30 of the 43 full survey items from the Advanced Board Effectiveness Survey. Taking roughly 15 minutes to complete with two open questions for written comments, this survey is the perfect cut down version of the full option.
We have seen a diverse range of organisations see real benefits from the Essentials Board Effectiveness Survey. Used by smaller organisations as well as a lite touch board review between deep-dives for larger organisations, this is a very affordable way for companies to keep on top of their board functioning, governance processes and how they can add more value as a board.
The Advanced Board Effectiveness Survey is the most comprehensive option. It allows a company to truly understand every facet of their board and its internal workings. Commonly used by larger listed, private, government and not-for-profit organisations, it is suitable for newcomers or those who have been doing board reviews for many years.
Our Advanced Version is also suitable for stand-alone reviews. When opting to use it in such a way, you avoid the extra review procedures (such as interviews). This helps to speed up the process with less intrusion on key persons in the business while still providing extremely valuable insights. You should consider adding an optional extra of asking one of our global board advisory experts to help you interpret and act on your benchmarked survey.
The gold standard
For organisations that want an in-depth understanding of their board current state, its desired future state and the gaps, we recommend using the Advanced Version as an essential component for your two or three-yearly deep-dive and use the Essentials Version yearly in between.
This will not only satisfy most regulatory requirements but also provide valuable insights and identify key improvement opportunities on a regular basis. For many organisations, larger issues arise when things are left stagnant for long periods. Visibility thanks to the key insights provided by these reviews are the most affordable, and efficient way to understand more about your board, company and overall operations. Consider the above information and how it may relate to your organisation, and choose the right board survey setup for your needs today.