Recently, the main daily in Singapore, the Straits Times published an article (Highly Experienced and Out of Work by ST) about highly experienced, middle aged PMETs (Professionals, Managers, Executives and Technicians) out of work and unable to find a job.
The group most affected were the older PMETs, in their 40s and 50s. The re-entry rate of this group was 53% and more often than not, these PMETs were unable to reach the level in hierarchy or salary range they used to command.
Of the reasons provided, I find the one which says that these PMETs were "over qualified" to be intellectually complacent. Hiring managers should put more thought and consider issues such as risks, potential, costs, duration and evaluation period before writing off such candidates, which could be perceived as risky hires.
What is a "risky hire"?
A hire becomes risky when there is no way to be sure of his/her expected productivity. From this perspective, it becomes unsurprising to expect that hiring managers would typically go for "sure bets", hiring people with experience from their industry, and shun new hires with no relevant industry experience, especially if they are older and out of work PMETs.
But I think hiring managers are missing out significantly with such a risk averse approach to hiring. I would argue that hiring managers should take a risk, and bet on these older, experienced and out of work PMETs for the following reasons.
1. Maturity and Leadership
Older and experienced PMETs bring with them maturity and leadership, which younger professional may not have. Through their years of experience, they have in all likelihood gone through numerous challenges and honed their situational leadership abilities. In doing so, they provide a good ballast, which is always needed in a team. This becomes particularly important if the team has to implement a particularly challenging project or go through challenging times.
2. Good Work Ethic
Experienced and older PMETs bring with them good work ethic. In my interaction with older PMETs, I find them to be diligent, hard working, and committed to quality. In fact, because of their age and experience, they have a stronger tendency to be detailed oriented.
3. Broad Network of Contacts
Older PMETs would have, over the years, built a broad and wide network of contacts. These connections, even if they are from an industry unrelated to yours, can bring about "productive accidents" that might bring value to you.
4. Transferable Soft Skills
Unless your industry requires the use of industry specific experiences or accreditations, hiring managers should consider the transferable skills older PMETs can bring with them. Skills such as the ability to organise, project manage, communicate, and lead are vital in today's complex work environments. In fact, transferable soft skills become even more vital when the job requires a greater degree of cross-team coordination.
5. Determination to Succeed
Being out of work for some time, these experienced PMETs will be more determined to succeed and are likely to put in extra effort to do well. They would have gone through hard times, and if they have financial obligations to fulfil, are more likely to dig in and work hard to perform.
6. New Insights
Not coming from the same industry can be a bonus. Problems can be viewed in a different "lens", new perspectives can be tabled, bringing new solutions to old problems.
Go Ahead...Roll the Dice and Take the Bet
In finance parlance, older and experienced PMETs are "real options" with an upside potential. Go ahead and take the bet. You never know you may have a talent that just might produce some amazing results and performance for you.
SHARE THIS POST with your Hiring Manager, friends or colleagues and drop a comment on your thoughts about taking a "bet" to hire experienced and out of work PMETs.
Taking one little step at a time,
Aslam Sardar
The group most affected were the older PMETs, in their 40s and 50s. The re-entry rate of this group was 53% and more often than not, these PMETs were unable to reach the level in hierarchy or salary range they used to command.
Of the reasons provided, I find the one which says that these PMETs were "over qualified" to be intellectually complacent. Hiring managers should put more thought and consider issues such as risks, potential, costs, duration and evaluation period before writing off such candidates, which could be perceived as risky hires.
What is a "risky hire"?
A hire becomes risky when there is no way to be sure of his/her expected productivity. From this perspective, it becomes unsurprising to expect that hiring managers would typically go for "sure bets", hiring people with experience from their industry, and shun new hires with no relevant industry experience, especially if they are older and out of work PMETs.
But I think hiring managers are missing out significantly with such a risk averse approach to hiring. I would argue that hiring managers should take a risk, and bet on these older, experienced and out of work PMETs for the following reasons.
1. Maturity and Leadership
Older and experienced PMETs bring with them maturity and leadership, which younger professional may not have. Through their years of experience, they have in all likelihood gone through numerous challenges and honed their situational leadership abilities. In doing so, they provide a good ballast, which is always needed in a team. This becomes particularly important if the team has to implement a particularly challenging project or go through challenging times.
2. Good Work Ethic
Experienced and older PMETs bring with them good work ethic. In my interaction with older PMETs, I find them to be diligent, hard working, and committed to quality. In fact, because of their age and experience, they have a stronger tendency to be detailed oriented.
3. Broad Network of Contacts
Older PMETs would have, over the years, built a broad and wide network of contacts. These connections, even if they are from an industry unrelated to yours, can bring about "productive accidents" that might bring value to you.
4. Transferable Soft Skills
Unless your industry requires the use of industry specific experiences or accreditations, hiring managers should consider the transferable skills older PMETs can bring with them. Skills such as the ability to organise, project manage, communicate, and lead are vital in today's complex work environments. In fact, transferable soft skills become even more vital when the job requires a greater degree of cross-team coordination.
5. Determination to Succeed
Being out of work for some time, these experienced PMETs will be more determined to succeed and are likely to put in extra effort to do well. They would have gone through hard times, and if they have financial obligations to fulfil, are more likely to dig in and work hard to perform.
6. New Insights
Not coming from the same industry can be a bonus. Problems can be viewed in a different "lens", new perspectives can be tabled, bringing new solutions to old problems.
Go Ahead...Roll the Dice and Take the Bet
In finance parlance, older and experienced PMETs are "real options" with an upside potential. Go ahead and take the bet. You never know you may have a talent that just might produce some amazing results and performance for you.
SHARE THIS POST with your Hiring Manager, friends or colleagues and drop a comment on your thoughts about taking a "bet" to hire experienced and out of work PMETs.
Taking one little step at a time,
Aslam Sardar
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