In a world where there is news of layoffs every now and then — in every newspaper you read, every news channel you turn on and every news website you browse — picking up a trend in hiring seems offbeat. However, even as I write this, organisations across the globe are moving towards a new operating work model — one where skills matter.
This is where the role of cross-industry hires come into play. Now, what is this category of people? Why are their talents so important for organisations?
Naturally, there is some comfort in inducting same-industry professionals into one’s team. They possess the required knowledge, know the rules of the game, and work towards a ‘business as usual’ ecosystem. However, those are also exactly the problems industries could face in a rapidly changing landscape.
Fresh perspectives and innovation
Creativity and innovation are the two pillars that companies lean on to thrive in the post-pandemic world. Diversity in an organisation does not only cover gender, faith or colour, but also the employee diversity in terms of their expertise, strength areas, and experience in industries and domains.
Looking inwards is so out of fashion, one might say. According to experts in the field, traditional succession plans in a company — either turning to the top honcho’s heir apparent or attracting talent from a direct competitor — may not be the right approach anymore.
As opposed to a same-industry hire, cross-industry talent — from the 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.
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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 matters to employers is the candidate’s ability to perform the job duties effectively, their relevant skills and qualifications, their attitude, and their potential for growth and contribution to the organisation.
Zoom out, pan wide
One of the recent examples of such a hire is Ulf Mark Schneider. The Chief Executive Officer of Nestle was taken in from a European healthcare company, Fresenius, as he fit into Nestle’s growth strategy to focus more on healthier products.
Another prominent example is the appointment of Linda Yaccarino as the new CEO of Twitter. The social media giant has been in the news for quite some time, ever since Elon Musk took over the company.
However, Musk had been under pressure of late to name someone else to lead the company and focus on his other businesses. A lot of advertisers, too, were reported to have left the platform owing to the developments.
Yaccarino, meanwhile, is a veteran in the advertising field. Having been associated with NBCUniversal for a long time, Musk hopes that she can get back the lost advertisement revenue.
A recent survey, by Executive Access, found that of the 800 CXO movements seen in 2022 in India, 37 per cent were inter-industry. This is indicative of the fact that the trend is slowly, but surely gaining traction. Going by estimates, cross-industry hiring is expected to double in a year or two.
Facing growth challenges head on
With the graph of the global economy in constant swings, given the geopolitical scenario currently and the interest rate hikes that we have seen so far from central banks across the world, to stay relevant in a job one constantly needs to upskill and reskill.
Take, for instance, most of us are on LinkedIn these days — trying to connect with peers from the industry and also build a reliable resume for ourselves. There are plenty of certificate courses, too, that we see on the feed and people have been taking them to increase their spectrum — thanks to the time saved from commuting to work during the work-from-home period.
Such a reskilling task not only enhances your resume, but also opens up a whole new set of people from other walks of life for you to connect with — essentially readying you to be a cross-industry hire.
Hiring people based on their transferable skills, and not just on their work history, can create a level-playing field in the industry, and also help companies have 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 enabling the adoption of best practices from other industries.
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Such a collaborative environment can also lead to increased creativity, improved problem-solving, and the development of valuable professional networks.
It is time companies shed the traditional approach and blend in with the new-age trend. After all, an industry can only flourish when it puts into use 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 use often, 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.
The writer is Co-Owner, Kapila Krishi Udyog Limited & Co founder, CommsCredibleWadhwa.