As a recruitment agency with more than 30 years of experience in hiring for clients in the City of London, we have acquired over time a set of trusted values in making sure our clients and candidates fit well. We also find a misconception in the idea of “fit”, and that the right candidate doesn’t always mean the obvious hire.

In this article, we explore why risk-taking during the hiring process is a powerful way for companies to keep on pushing their business to greater heights, and why replacing even great workers with “more of the same” can hold you back.

Why businesses make safe hires

Behavioural science tells us that people gravitate towards familiar options. Such options might seem low risk because their ‘type’ has already been tested in the company environment. Less-experienced hiring managers will trust candidates who act like previous high performers in the same role.

But these interview decisions are based on perceived fit, and they lean on the past rather than a clear assessment of the present and future. Couple this with the fact that many businesses measure time-to-hire, hiring managers may feel the pressure to find someone who could hit the ground running. This means that talented candidates who might not immediately fit the mould get overlooked.

By merely replacing people with similar backgrounds and personalities, we add little to our business culture. Perhaps part of the blame could be laid at the door of the term “culture fit.” This term can sometimes be interpreted as “thinking similarly to us,” meaning that companies can lose themselves to narrow thinking. The phrase “culture add” is a better way to re-frame the hiring process and see talent as widening your message rather than just fitting in.

What risk-taking should look like in hiring

So, what does risk-taking in hiring look like, exactly? When we look for suitable candidates for roles, we are especially excited to find:

• Candidates who have transferable skills, not identical experience to the past employee
• Candidates who have demonstrated capabilities, not certifications and degrees from familiar institutions
• Candidates who are pivoting into the industry from elsewhere
• Internal candidates who have shown learning promise

Remember that hiring risks shouldn’t ever mean lowering your expectations! Keep critical skills always in mind, and never neglect competence assessments.

How to identify candidates with real potential

Capability should top your list. Many candidates express frustration about being told they don’t have enough experience, and this leading to companies slowing progress. Consider shifting gears from years of experience to velocity of learning. The most driven candidates will be willing adult learners and volunteers.

Without traditional certifications, hiring driven candidates might mean you use work-sample tests. These require a little more work upfront, but they can be excellent performance predictors. We also suggest asking candidates questions that focus on critical thinking (Fermi problems), and explain their process in solving them. Here,  getting the answer ‘right’ should be less important than the logical steps they outlined to reach their conclusions.

How to ensure you’re not filtering out great candidates

Some of the worst offenders are job specs that ask for everything and nothing! Try to keep your descriptions to the real essentials. Assess each point on the list that you take for granted: Is a degree or particular certification actually essential here? Could this job really not be done by someone with fewer years of experience?

This isn’t to say that the less-familiar candidate will always be better! To ensure you make the right choices, compare your shortlisted candidates against a scorecard rather than each other. If you have conducted work-sample tests, assess those results. Instead of looking for a “fit”, ask your team to consider honestly any reasons why your shortlisted candidates couldn’t do the job.

Why we should look beyond the obvious candidate choices

The obvious choice means that both you and your competitors will be looking for them! Looking beyond those choices give you access to a talent pool that other businesses may overlook. But this isn’t only about reducing competition. Hiring outside the box means that you open your business up to innovation through inviting in multiple perspectives. You also foster an environment in which people value learning and progress over having the “right” look on paper.

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If you are looking to hire for your business and don’t want “more of the same”, get in touch! We are a recruitment consultancy for London’s finance & banking industry, and in our 30 years of experience we have the know-how to find you the perfect match.