For many employers, addressing the rising skills gap is a significant problem, but failing to hire for potential is a glaring mistake that many can make. When an employer makes a hiring decision based on potential, they agree to work with applicants who may not initially have the required technical abilities but who do have the personal qualities that make them a wonderful fit for the company. By doing this, these companies create the conditions for their employees’ future success (and loyalty!).
What is Potential Hiring
Hiring for potential focuses more on an applicant’s personality and behaviour. Employers take into account a candidate’s growth potential and contributions to the company’s culture in addition to their education and work experience, regardless of their background or training.
You can be frustrated in a candidate’s lack of understanding in a particular programme or area as you review applications and conduct interviews. It may be challenging at first to see past this, but it’s crucial to keep in mind that you can gradually teach this software or ability. Character, however, cannot be trained. You can take the necessary efforts to assure the success of future projects requiring collaboration by selecting a candidate you are confident will get along with your team and has the drive to learn. Additionally, it will be simpler for you to shape someone into the employee you want them to be if you hire someone with whom you get along.
An article in The New York Times enunciates the ‘right way’ to hire someone. Pointing towards trying to to identify attributes that are more personal than their education and experience. Companies such as Southwest Airlines, Ritz-Carlton, and Knowledge Units “hire for attitude and train for skill” and have had much success in hiring new employees centered on a non-credential based method.
It pays to give a candidate a chance if they lack expertise in a particular application or tool you’re seeking for but do have expert-level knowledge in a related one. Given some early direction, they should be able to learn the needed ability since they are already experienced in a programme that is similar. Even though it could take them some time to catch up, recruiting for potential based on their transferrable talents will pay dividends in the long run. After all, people who are given the chance to succeed and believe that their company cares about their development will be more devoted in the long term!
So how can you assess a candidate’s ability to be a genuinely outstanding employee? Make sure to ask them situational and behavior-based questions during the interview. These kinds of inquiries are useful for evaluating a candidate’s general outlook and coping skills, which can eventually show how well they’ll fit in and advance within your organisation.
Potential Hiring vs Experience Hiring
In many circumstances, it makes sense to hire seasoned professionals who have trained and worked in a given sector for years or even decades. These people are the most safe bets for most employers since they can jump right in, have a wealth of experience to draw from, and generally appear like the best fit.However, experience is not the be-all and end-all. It is sometimes preferable to hire for potential.
Speeding Up the Hiring Process
Recruiters and HR Managers all know the drill – the client or hiring manager officially needs this person yesterday. Slow hires are expensive for your company and put additional stress on the team members who are filling the additional employee’s responsibilities.
Potential-based hiring is substantially faster. Not only can you locate someone to recruit, but those “nearly” prospects won’t have as many other interviews going on at the same time and are therefore more likely to accept an offer you make.
Finding the hidden talent that isn’t being courted by every other rival will help you employ more quickly and enhance your offer acceptance rate.
Save Money
Recruiting costs might rise quickly. The more time your job posting is up while you’re looking for someone with a specific level of experience, the more money you’ll spend.
Remember that experienced workers frequently demand greater compensation than less experienced workers who are just starting out in a given industry. When you employ for potential rather than putting explicit experience requirements in place, you might be able to get away with paying a somewhat lower starting salary.
Hiring managers can reduce their acquisition expenses by focusing on candidates who are motivated by training and development. Additionally, if your business currently invests in training, you have the necessary framework in place to quickly bring new workers up to speed.
Diversify the Company
You can improve diversity within your firm, including diversity of opinion, ethnicity, age, and other factors, by broadening your hiring methods and emphasising potential rather than experience.
A wider net is naturally cast when you hire for potential. This enables you to connect with those who may have first been turned off by your job post. Additionally, it enables you to hire individuals who might have unusual job profiles but are ready to learn and support your business.
Diversity actually helps exposing the company to a wide range of viewpoints, beliefs, and experiences. Hiring for potential typically entails selecting a candidate with an unusual history, set of talents, or set of qualities for your company. This variety is always a good thing.
In the past, a candidate’s education and experience were among, if not the most, crucial aspects that companies took into account when making a hiring decision. But in 2022, this technique is, to put it mildly, out of date.
We have all witnessed over the past two years that there are many opportunities for learning and experience owing to the pandemic.
In 2020 and 2021, people learned a variety of talents while staying at home, including cooking, making fancy coffees, coding, and app creation. Who is to say that a self-taught developer can’t contribute to your firm just as much as someone with a computer science degree?
Conclusion
The time is now to broaden your perspective and give the less qualified individuals a chance.
Naturally, this does not imply that you should hire someone who does not fit the standards for the position. However, you’ll find it simpler to fill vacancies if you give up attempting to locate the ideal applicant. Additionally, you’ll allow yourself access to a wider talent pool that you might have otherwise excluded.
