When it comes to hiring, most employers are accustomed to looking for candidates with years of experience in their field. However, recent research has shown that hiring for potential can be just as effective. In this post, we will explore the benefits of hiring for potential and why it should be a consideration for your organisation.
Potential refers to an individual's ability to develop skills, knowledge and experience to meet the demands of a future role. It is not about what a candidate has done in the past but what they could do in the future. A potential candidate may not have all the qualifications and experience required for a role, but they have the potential to learn and grow into the role.
One of the primary benefits of hiring for potential is adaptability. Candidates with potential tend to be more adaptable and open to learning new skills, which is essential in a constantly evolving workplace. A study by CEB found that "high-potential employees are 91% more valuable to their organisations than non-high-potential employees." Hiring for potential means that you are investing in employees who have the potential to grow and develop with your organisation.
Hiring for potential can also increase diversity and inclusion in your organisation. Traditional hiring methods often lead to a lack of diversity in the workplace. By focusing on potential, you can attract candidates from a wider range of backgrounds and experiences who may not have had the same opportunities as others in the past. This can lead to a more diverse and inclusive workplace, which has been shown to have numerous benefits, including increased creativity and innovation.
Hiring for potential can also be cost-effective for your organisation. A study by McKinsey found that "companies with diverse executive boards enjoy significantly higher earnings and returns on equity." By hiring for potential and increasing diversity in your organisation, you can save costs associated with high employee turnover and training.
Finally, hiring for potential can futureproof your organisation. In today's rapidly changing business landscape, it is essential to have employees who are adaptable, resilient, and have the potential to grow and develop. By hiring for potential, you can ensure that your organisation is ready for the challenges of the future.
Hiring for potential can provide numerous benefits for your organisation, including increased adaptability, diversity and inclusion, cost-effectiveness, and futureproofing. It is essential to consider potential when recruiting new employees and to look beyond traditional qualifications and experience. By doing so, you can ensure that your organisation has the right people in place to meet the demands of the future.
