It’s not a secret that a company’s workforce is its most valuable asset. But in order to be successful, it is essential to have a team of talented individuals who are passionate about their work and dedicated to the success of the company.
And while it is important to hire individuals with the necessary skill set for the job, it is also important to consider hiring individuals from other industries! There are certainly advantages and also challenges associated with this approach – so let’s dive into it.
When it comes to hiring talent, businesses usually look to attract talent from competitive companies in the same industry. After all, it makes sense to hire someone who already has knowledge and experience in the industry, right?
However, there are advantages to attracting talent from different industries which are sometimes disregarded. Here are three notable advantages that such an approach brings:
1. The increase in Diverse Perspectives
One of the advantages of attracting talent from other industries is that it can lead to an increase in diverse perspectives within the company. Diversity of thought is important for businesses, as it can lead to new and innovative ideas. When employees feel like they are able to share their unique perspectives, they are more likely to be engaged in their work.
Achieving diversity in senior roles could be the key to increased workplace innovation and revenue. For example, a study by BCG shows that diverse teams of business leaders can drive 45% more growth than their non-diverse peers – a staggering 19 percentage points increase over below-average leadership diversity.
2. Wider Range of Skill Sets
Another advantage of attracting talent from other industries is that it provides a wider range of skill sets for the company. While it is important to have employees who are experts in their field, it is also beneficial to have employees who have a broad range of skill sets. This allows businesses to be more adaptable and responsive to change.
3. Greater Employee Retention
According to research conducted by Kronos Incorporated and Future Workplace, 87% of HR leaders are aware of how crucial employee retention is, and consider it a primary concern.
Attracting talent from other industries can also lead to greater employee retention. This is because employees who feel like they are constantly learning and growing in their careers are more likely to stay with a company for the long term.
Of course, there are also some challenges that come with attracting talent from other industries. What could those be?
These are some areas to be mindful of when attracting talent from other industries:
1. Difficulties with Onboarding
One of the challenges associated with attracting talent from other industries is that it can be difficult to onboard new employees. This is because these employees may not be familiar with the industry’s specifics, regulations or market players. It is important to make sure that onboarding processes are well-designed and thorough so that new employees feel comfortable and acclimated as quickly as possible.
2. Lack of Domain Expertise
Another challenge associated with attracting talent from other industries is that these employees may lack domain expertise. This can be problematic as these employees may not have the necessary skills or knowledge to perform their jobs effectively. It is important to carefully consider whether attracting talent from other industries is right for your business before making any decisions for positions that require niche product knowledge.
3. Increased Upfront Costs
Finally, another challenge associated with attracting talent from other industries is that it can lead to increased training costs for the company. This is because these employees will need to be trained on the specifics of their job duties, as well as the culture of the company. While this investment may be beneficial in the long run, it can be costly in the short term.
Understanding Strategy to Approach it Right
From our own experience – Dynamis Group has been tasked with consulting clients regarding the decision of whether to focus on the “safe choice” of talent coming from direct competitors or take the difficult approach of integrating a leader from a distinct work environment.
Through fully understanding the mission behind the role and the mid/long-term strategy, we were able to identify the right approach and attract a truly transformational leader who adjusted to the new segment quickly while bringing invaluable know-how and an innovative approach from a more professionalised environment.
Now, you might ask: What’s the best way to decide whether to hire someone from outside your industry? That’s a great question! To put it shortly, it depends on the specific needs of your company at that time.
If you’re looking for someone who will bring a new perspective and challenge the status quo, then hiring from another industry may be the way to go. But if you need someone who can hit the ground running with a little-to-no learning curve, then hiring from your own industry is probably your best bet.
Dynamis Group is a high-value talent consultancy serving some of the most Caring Leaders in the world, helping them fulfill their mission by attracting Exceptionally Gifted Talent.
We consistently explore new ways of bringing innovation to our clients in order to become a catalyst for a positive impact in the world, and we design solutions that correspond directly to the ambitions and direction of our partners.
Contact us to learn how we can accelerate your Talent Search and attract Exceptionally Gifted Talent: firstname.lastname@example.org or visit our website at www.dynamisgroup.com!