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In the fast-paced world of finance, hiring the right talent is crucial for success. One of the limitations of traditional hiring methodologies is the emphasis on industry experience. While some companies prioritise candidates with industry-specific knowledge, it can lead to missing out on exceptional talent.
The current state of the market
Active candidates these days have numerous opportunities and options available to them. Companies must show how they can support the candidate's career progression, provide flexibility, and foster internal growth to even be in the running for consideration.
However, this does not have to be the organisations only strategy in successfully filling a role. Hiring managers are in a position where they should consider alternative methods of hiring to keep up with the times.
The limitations of traditional hiring methods
Companies commonly prioritise candidates with industry-specific knowledge with the assumption that anyone with prior industry experience will hit the ground running.
This is not always accurate. By solely focusing on industry experience, companies overlook the potential of candidates from diverse backgrounds, industries, and fresh perspectives.
What else should hiring managers consider then?
Organisations often hire what they are comfortable with, in terms of relevant industry experience and similarity to the current team. This poses the risk of overlooking talented individuals. However, the current supply vs demand of candidates and changing cultural demands necessitate a re-evaluation of this approach.
Embracing diversity, both in terms of industry background and demographics, can lead to fresh ideas, innovation, and valuable contributions.
The power of the wild card
Playing the "wild card" involves considering alternative candidates who may not fit the traditional job description but possess the necessary skills, expertise, and attitude to excel in the role. Often, I’ll present my clients with candidates who meet most of the criteria (70-90%) but also introduce the wild card candidates who bring a different perspective.
The wild card candidates may lack industry experience or have a different background, but their ability to perform the job should not be overlooked. Considering these unconventional choices allow organisations to tap into a vast talent pool and uncover hidden gems.
Reiterating the idea of cultural fit
When organisations talk about cultural fit, they often focus on hiring individuals who align with the current team's background and demographics. However, this approach can inadvertently perpetuate unconscious bias and limit diversity of thought within the team’s operations. It is essential to distinguish between aligning with the team and aligning with the company's values.
Hiring managers should prioritise candidates who can challenge existing thinking, bring fresh perspectives, and contribute to the company's growth.
By expanding the notion of cultural fit, organisations can foster an inclusive and innovative environment.
The financial talent market is evolving rapidly. Organisations need to grow from their traditional methodologies and consider an alternative consideration process, to optimally position themselves in the current market. By breaking the mould and welcoming those wild card candidates, companies can build dynamic teams that drive success in the ever-changing world of finance.
Watch our Hot tips & insights video series discussing these points, in our video library.
Contact me if you are currently looking to hire within the Finance space.
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