In a world where news of layoffs are reported every now and then — be it in newspapers, news channels or on websites — identifying a trend in hiring seems offbeat. Yet, even now as I write this, organisations across the globe are moving towards a new operating framework — one where skills matter.
This is where the role of cross-industry hiring comes into play. Now, who exactly are these individuals, and why are their talents so important to organisations?
Naturally, there is comfort in bringing same-industry professionals into the team, considering they have the required knowledge, understand the rules of the game, and fit right in the ‘business as usual’ ecosystem. However, these aspects can also be problematic in industries facing a rapidly changing landscape.
Fresh perspectives and innovation
Creativity and innovation are the two pillars that companies lean on to thrive. Diversity in an organisation covers more than just gender, faith or color; it also includes diversity in employees’ experience, expertise and strengths across various industries and domains.
Traditional succession plans such as appointing a top executive’s heir apparent or attracting talent from direct competitors may not be the right approach anymore.
As opposed to a same-industry hire, cross-industry talent — from grassroots level to CEOs and CXOs — get you that zest and zeal with their diverse skill sets, experiences, and perspectives from outside the traditional boundaries of a specific industry.
In practice, organisations may employ a combination of both approaches, depending on the nature of the position, industry dynamics, and their specific hiring needs. What should matter the most to employers is the candidate’s ability to perform the job duties effectively, their relevant skills and qualifications, attitude, and potential for growth and contribution to the organisation.
Take the example of Ulf Mark Schneider. The Chief Executive Officer of Nestle was brought in from the European healthcare company, Fresenius, as he aligned with Nestle’s growth strategy to focus more on healthier products.
Also Read: Skill-based hiring vs industry-based hiring: How should one decide?
A survey by Executive Access found that out of the 800 CXO movements seen in 2022 in India, nearly 37 per cent were inter-industry. This indicates that this trend is slowly but surely gaining traction.
Facing growth challenges head-on
With the global economy experiencing constant fluctuations, given the current geopolitical scenario and interest rate hikes by central banks across the world, staying relevant in a job requires continuous upskilling and reskilling.
Take for instance, most of us are on LinkedIn these days — trying to connect with peers from the industry and build a reliable resume for oneself. There are plenty of certificate courses, too, that we see on the feed and people have been taking them to broaden their skill sets — thanks to the time saved from commuting to work during the work-from-home period.
Reskilling not only enhances your resume, but also introduces you to a network of people from diverse backgrounds — essentially preparing you to be a cross-industry hire.
Hiring people based on their transferable skills rather than just their work history, creates a level-playing field in the industry, and helps companies build diverse talent pools.
Cross-industry hires can bring valuable knowledge and best practices from their previous industries. They can introduce new methodologies, technologies, and strategies that have been successful elsewhere. This knowledge transfer can enhance an organisation’s adaptability by introducing new approaches to problem-solving and facilitating the adoption of best practices from other industries. Such a collaborative environment can also lead to increased creativity, improved problem-solving, and the development of valuable professional networks.
It is time for companies to shed the traditional approach and blend in with this new age trend. After all, an industry can thrive when it leverages its candidates who can analyse, understand and use data to give the firm an edge. These skills are increasingly transferable across sectors.
‘Think out of the box’ is a phrase that people often use, but it’s seldom put to use. People are the key to transformation, and as a developing society, we need to look for them in a broader range of settings.
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This article was first published on July 26, 2024
The post Look outside, grow upside: The advantage of cross-industry hiring appeared first on e27.