Hiring the right candidate is one of the most important decisions a company can make. A strong workforce is the foundation for success, and hiring the right people is key to building that foundation. Traditionally, the approach to hiring has been to look for candidates with experience in the field. However, this approach has some limitations, and more and more companies are realising the benefits of hiring for potential.
What is potential? Potential is a candidate's ability to learn, grow and adapt to new challenges. It's a mindset that values creativity, critical thinking and a willingness to take risks. Hiring for potential means you're looking for someone who has the capacity to develop and grow with the company, rather than just someone who can do the job right now. Here are some of the benefits of hiring for potential:
A broader talent pool
One significant advantage of hiring for potential is it opens up a broader talent pool. When hiring for experience, companies typically limit themselves to candidates who have already performed a similar role. While this can be useful, it also means missing out on candidates who may have the necessary skills and mindset to succeed in the position but lack the experience. Focusing on potential means looking for candidates who have the capacity to develop and grow with the company. This can be particularly valuable for entry-level positions, where the candidate's potential to learn and grow is often more important than their prior experience.
Candidates who are selected for their potential are typically more open to new ideas and more willing to challenge the status quo. They often have a fresh perspective and are more likely to come up with new approaches to old problems. This can lead to increased innovation and growth, which is essential for companies looking to stay ahead of the competition.
Better long-term fit
Hiring for potential can also result in better long-term fit. When candidates are selected based on their potential, they are more likely to be invested in the company's success and more likely to stay with the company long-term. This can help reduce turnover, which can be expensive and disruptive, and can also reduce the associated costs of recruitment and training.
In addition to long-term benefits, hiring for potential can also be more cost-effective in the short term. Entry-level or less experienced employees with potential are typically less expensive than experienced hires. They often require less training because they're more adaptable and eager to learn, which can help reduce recruitment and training costs and increase overall efficiency.
Finally, hiring for potential can lead to an improved company culture. Candidates who are selected for their potential are more likely to share the company's values and have the potential to contribute to its culture. They are more likely to be engaged and motivated, which can have a positive impact on morale and productivity.
While experience is certainly an important factor when hiring, it's not the only one. By focusing on potential, companies can broaden their talent pool, increase innovation, improve long-term fit, save costs, and improve their culture. By looking for candidates who have the capacity to learn, grow, and adapt, companies can build a team that's better prepared to meet the challenges of today's business environment.