This is a tough one. You’re a cost center. You’re not driving revenues. Sure, you’re important. I know that. You know that. But do the bean counters know? Not really.
In essence, you must prove a “but for” case. “But for” this department, you wouldn’t have received shareholder approval for this and that. “But for” this department, you might have been sued for misleading disclosure. “But for” this department, your board might be dysfunctional.
You can make the case for cost savings through use of technology. Board portal. Subsidiary management software. Section 16 reporting software. Workiva (or similar software) for preparing the 10-K and proxy statement. Cooley D+O to automate D&O questionnaires. Software to coordinate investor outreach with your investor relations teams. Be prepared for the company to say that using the software should enable a smaller staff!
That may be the best you can do. But to do that properly, you need to be organized. Put together a short deck making your case. Be direct and clear. It also can help to provide comps to your peer companies.
Sometimes the reality is that you often “win the day” when your department absorbs greater responsibilities and head count. Then, you need to figure out how to spread your resources across the combined unit most efficiently. Not much of a win … but look for these opportunities. They can provide growth opportunities for you and your team members.
Authored by
Broc Romanek