Hiring for Potential

Shift your mindset

“We have a pipeline problem…” “They just don't have the right skills…” “We're looking for someone more senior…”

Does this sound familiar?

When you want to hire diverse talent especially when your pool is typically filled with more of a homogenous group you might need to rethink your approach.

Focus not on experience, but on potential.

5 Indicators of Potential

According to data on the careers of 1000s of executives, assessed at Egon Zehnder (the world's largest privately-held executive search firm) there are 5 indicators of potential:

1. Motivation
2. Curiosity
3. Insight
4. Engagement
5. Determination

Diversity aside, in a VUCA (volatile, uncertain, complex, ambiguous) world, it’s a more resilient strategy to hire not those who have the right skills; but those who can learn new ones fast.

So let's see how you can find talent with potential!

1. Motivation 🤩

Someone with a fierce commitment to excel in the pursuit of unselfish goals

Interview questions: • What interests you about working here? • What makes you want to leave your current role? • Imagine you’ve been at the company for 5 years, what would make you proud of your time here?

Good answers include: Something about the company that ties to intrinsic motivation: like the mission or the problem you'd be solving for customers.

💭 2. Curiosity

Seeks out new experiences, knowledge, and candid feedback. Open to learning and change.

Interview questions: • How do you invite input from others on your team? • What do you do to broaden your thinking or experience? • What steps do you take to seek out the unknown?

Good answers showcase: Open-mindedness and a recent example of how they've gone out of their way to seek out answers.

💡 3. Insight

Strong ability to gather and make sense of information and opportunities

Interview questions: • Tell me about a time you lacked the skills or knowledge to complete a task. • Describe a complex challenge you’ve faced and how you tackled it.

Good answers indicate: Humility about what they don't know and a thoughtful process for getting answers

🙋 4. Engagement

Has a knack for communicating a persuasive vision and connecting with people

Interview questions: • Describe a problem you’re passionate about and why you want to solve it. • Tell me about a time you had to work with someone you didn’t get along with.

Good answers show: An authentic interest in something and a willingness to face issues head-on.

🏋️ 5. Determination

Drive to take on difficult goals and to bounce back from adversity

Interview questions: • Describe a conflict or disagreement you had with someone, how did you overcome it. • Describe a time you were really stressed, how did you cope? • Tell me about a time you failed and what you learned from the experience.

Good answers display: Tenacity and an acceptance of failure as an essential part of growth.

🗃️ Venture outside the box

Top talent is scarce, and those with experience are already in high demand.

Hiring for potential increases your options and helps find talented people who may otherwise be overlooked. It requires an open mind and a willingness to do things differently.

As Arlan Hamiton, Founder of Backstage Capital, says: “Every day that we're not doing this, we're missing out on discovering someone brilliant who's not been allowed at the table”.