For many successful business people, retirement (or the advanced stages of their careers) is not a time to abandon old interests, but an opportunity to create new successes on the foundations of previous ones, perhaps by serving on a board of directors.

"Most board positions result from a win/win for both parties," observes Julie Norris, Senior Client Partner, Board & CEO Services Practice, Korn Ferry International. Individuals seek service roles they value; boards want to reinforce the bench they have with perspectives they need. "As they move into the future, they want people who can 'see around the corner' to help them identify and meet the challenges ahead."

To find these "win/wins," Norris invites board seekers to consider one key question: "What companies face challenges I have expertise in?" Many of these challenges will be familiar to any business veteran: financial integrity, regulatory compliance, determining compensation.

But to these, Norris adds two more recent concerns that have become more important to corporate boards. The first of these is change itself. "Many boards look for directors able to help them think about how the world has changed, and how these changes affect the company," she says. "They want directors with insight on how the world works today, particularly regarding technology."

Secondly, they're more eager for diversity. "Diversity is being driven by a louder voice from investors who have been paying attention to research that suggests more diversity leads to better performance," Norris says. "They're increasing their scrutiny."

Preparing for board service

Norris breaks the virtues a person can bring to board service into two broad categories: the tangibles and the intangibles. For the former, a candidate would want to document the kinds of hard skills and experiences one would curate on a resume, except with an eye toward a board post rather than a job.

"We're talking about things like financial expertise that would help an audit committee, or HR experience that would be valuable to a compensation committee," says Norris. Geography – the regions in which you have worked – can also play an important part. "Do you have experience in areas the company is expanding into? If, for example, you spent your career in the U.S., but now live in the E.U., your insights into and knowledge of U.S. business may be of great value to a European company."

The intangibles represent the "soft skills" that are familiar to business leaders – but with a twist. "As a CEO," Norris says, "you may not have had to reach agreement with others. But for board service, collegiality and listening skills are essential. No one has ever asked for arrogance."

That's why interviews require careful preparation. On the one hand, current directors want to see evidence that candidates have done their homework: have they examined the financials, read the publicly available reports, studied the industry context as a whole? "It shows real interest," Norris says.

On the other hand, interviewers will be watching your behavior. "Humility goes a long way," says Norris. "Demonstrate it by not talking all the time. If you find that you're dominating the conversation, stop and listen. They don't want to feel they'll be competing with you for air time in the board room."

Among the diversity factors boards look for is age. One age bracket is not necessarily more desirable than another, but they do suggest different kinds of roles. In general, today's boards, Norris says, "have a greater interest in currently active executives, someone who is going through the same issues as the company's CEO or CFO." But there's still plenty of room for the retiree who is five to ten years out of work. "Companies have to ask themselves whether they want a 'mentor' director in their seventies, or a younger director who is more a fellow-traveler. Most boards want some of each."

In the end, integrity is the most desirable virtue. "Trustworthiness is at the top of everyone's list," says Norris. Yet "trustworthiness" can be difficult to communicate, placing a great deal of significance on referrals. "That's why networking is so important," she concludes. "Boards want recommendations from people they trust."