Almost two thirds of employers (58 per cent) hire staff based on potential, rather than experience or qualification, as demand for skills outstrips supply in Ireland.
Added to this, 94 per cent state that their potential-based hires have become a valuable part of their team, with less than a fifth (17 per cent) of hiring managers expressing concerns about potential-based hires having the capability to learn quickly on the job.
Another finding was that 55 per cent of professionals felt learning and growth opportunities were more important to them than higher salaries. The findings come from a recent survey from staffing business Walters People – specialists in temporary/contract and junior permanent recruitment – which highlights how potential-based hires will be important in the new economy.
The survey found that 65 per cent of employers anticipate a skills shortage in 2020, with the most acute skills shortage being felt at the mid-management (57 per cent) and junior/executive (37 per cent) level – typically where millennials (25-35) and Generation Z (18-24) are employed.
Sarah Owen, director of Walters People Ireland, says: “Hiring based on potential is highlighting an opportunity for employers and employees to learn from each other.
“From my experience, high-potential employees typically demonstrate more grit, loyalty and enthusiasm for having been given the opportunity. The challenge of the unknown and the excitement of acquiring new skills keeps them motivated and engaged and helps retain them for longer.
‘A fresh approach’
“Whilst helping to ease the workload, within three to six months these candidates are more than capable of having a sound understanding of the industry and job role, whilst bringing a fresh approach and eagerness to learn.”
Finding the ‘ideal’ candidate in a knowledge/experience-based hire comes at a premium. In Ireland, 89 per cent of companies take more than a month to fill a position, yet 40 per cent of those hires are unsuccessful, and it takes a month to a year to reach a mutual decision that the employee was not the right fit.
Tellingly, only 20 per cent of hires fail because of a lack of knowledge or expertise. The remaining 80 per cent fail for reasons ranging from a mismatch in culture, attitude, and ethics.
Walters People digitalised the standard CV to now include a video interview of the prospective candidate. This provides the client with the opportunity to screen a candidate – beyond a paper resume which lists qualifications and experience – and instead assess an individual’s communications skills, confidence and enthusiasm. Of those CVs that do include a video interview, there has been a 60 per cent increase in candidates being selected for a face-to-face interview.
Tips for employers on how to interview for high potential
– Learning will be a big part of the job for an employee who was hired based on their potential. When asking about their past experiences, find out about how they navigated past challenges, and their thoughts on how they could have done better. Hearing how they reflect on these situations will provide insight into how they communicate with other people, how self-aware they are, and their ability to grow from experiences.
– Watch how they react under stress. The role will certainly be tough and stressful at times and it is important the candidate can thrive and grow under pressure. To see how a candidate will perform under stressful, unexpected situations, ask them scenario-based questions as these are difficult to prepare for. For a client-facing role, these could be questions such as, “If a client came back to you near the end of a project asking to change the brief, what would you do?”
– Keep it focused on the future. Hiring a high-potential candidate is all about investing in their future so it is crucial to know how they fit into the company’s plans and vision. For example, a bank hiring developers or engineers to create more user-centric digital experiences should be open to candidates who have strong interest in doing the same – even if they don’t necessarily have the relevant financial services background. This employer-employee relationship will be built on common goals, giving both sides greater commitment to making it work.
– Focus on team fit. For a candidate who doesn’t meet all the requirements, the ability to gel well with the team is even more important than ever as they will rely heavily on the team’s support in their early days. Take the time to talk to the candidate and thoroughly understand their working style and ability to collaborate with others. Holding group interviews with other team members could help provide insight into how the candidate interacts in a group setting and reveal whether other team members share the same belief in the candidate’s potential.
