Abstract
In describing how nonprofit organizations can tap into and utilize the human capital of termed‐out board members, Baxter and Fram call on a relatively recent construct, the “membership economy” (a term coined by Baxter), in which companies and other organizations seek “long‐term formal relationships with their customers or other stakeholders instead of just anonymous transactions.” Organizations can create opportunities in areas such as research, or serving on audit committees. Also, they can form alumni groups, which have become prevalent at consulting firm McKinsey & Company, and elsewhere. “Technology is extending the infrastructure,” the authors write, “that enables current and former board members to develop trusted interpersonal relationships that should be nurtured.”.
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