It takes more than “putting a ring on it” to unify a Board and CEO relationship – wouldn’t it be nice if it were that easy? Karen Lehman, President / CEO of MHS Alliance and Consulting, shared with us some helpful tips on how to foster that connection – no diamond rings necessary.
Karen highlighted a few strategies that she says are must-haves in a supportive CEO/Board relationship:
- Annual CEO review
- This is a big one. Annual reviews can help target any obstacles the Board and CEO are facing, and even address goals that weren’t fully accomplished that may need more attention in the coming year.
- Review of strategic planning every 3-4 years
- If Covid taught us anything, it’s that plans change. Make sure your strategy moving forward still aligns with the mission and vision of your organization.
- Monthly meetings between the CEO and Board Chair
- This will help build an intentional closeness between the Board Chair and CEO in a way that a board meeting cannot. Make time to check in and get to know one another.
- Regular assessment of the CEO’s compensation
- Nothing is more awkward than asking for money, so don’t put your CEO in that position. Make sure to take into account workload and competitive pricing. Oftentimes, new CEOs will ask for a higher wage than the resigning CEO’s salary – this indicates a need for reevaluation of market trends.
- Discuss shared leadership: who oversees what, and where is the overlap
- The duties of the board, Board Chair, and CEO are separate, but where does responsibility end and begin? Clear communication of roles and expectations is the foundation of a successful Board/CEO relationship.
For more on how to foster successful Board and CEO relationships, check out the best practices, tools, and resources highlighted in this month’s webinar. Watch the Webinar Replay