The pace of change that technology brings introduces new risks, competitors and hiring requirements for Boards of companies. A recent report from McKinsey & Company highlights the need for Boards to increase their digital quotient in order to stay relevant in today's Digital Age. The impact of digital is so far-reaching, that the knowledge and experience needed goes beyond one or two tech-savvy people. Crucially, new ways of attracting digital talent are needed.
Board members need better knowledge about the technology environment, its potential impact on different parts of the company and its value chain, and thus about how digital can undermine existing strategies and stimulate the need for new ones. They also need faster, more effective ways to engage the organization and operate as a governing body and, critically, new means of attracting digital talent.