I’m pretty sure you’ve heard a hiring manager say, “I want a unicorn”. But what does it mean?
A "unicorn" typically refers to an exceptionally rare and highly desirable candidate with a unique or perfect combination of skills, qualifications, and characteristics for a specific role. This term is often used to describe candidates who possess a set of qualities that are difficult to find and are considered a perfect fit for a job or company culture.
Unicorn candidates are typically sought after by hiring managers because they not only have the required technical skills but also possess exceptional soft skills, cultural fit, and perhaps even niche expertise that aligns perfectly with the company's needs. They are often seen as the ideal candidates who can make an immediate and significant impact on the organization.
However, finding such candidates can be challenging because they are rare, and the competition for their talents is high.
Hiring managers may need to offer attractive compensation packages and benefits to attract and retain these unicorn candidates. In some cases, employers may need to be flexible in their hiring criteria or
A company needs to have a good employee branding while offering attractive compensation packages and benefits to attract and retain these unicorn candidates.
And when you aren’t able to catch your unicorn, you need to think of “creating” one. Meaning – exercise some flexibility in your hiring criteria. Aside from the essential skills, consider training and development opportunities to groom potential candidates into unicorns.
By the way, we delve in-depth into dissecting the process of thinking about what should be acquired and what can be trained in this article (link to soft/hard skills article)
Many of our clients experience the challenge of finding unicorns.
1. Limited pool of highly skilled and specialized candidates
Finding a needle in a haystack is time coming. Very few agencies will do it without a retainer because the chances are simply too low.
Unicorn candidates, as the name suggested, are exceptionally rare. They possess a unique combination of skills, experience, and personal qualities that make them a perfect fit for a particular job or organization. Finding someone who ticks all the boxes is inherently difficult.
Based on experience here in Progression, finding our clients a unicorn is no easy feat but it’s not impossible either. There needs to be a very tight and clear communication line between hiring managers and us because you need to be calibrated every step of the way.
Firstly, there needs to be a clear understanding between the hiring managers and us on 1) what is really required and why and 2) what are the skills that can be acquired when the candidate joins the company.
In short what is essential (to have now) and preferred (what can be trained, acquired later). We also think out of the box to consider what are the closest alternative pools that are feasible.
I was once given an assignment by a client in the Business Intelligence software space, to find someone who is an Alliance guy with experience in APAC including Japan, and is dealing with high-tech manufacturing companies. That’s a very narrow pool in Singapore, but with tight calibration with the hiring manager, we were able to balance between what is really important and what the talent pool can offer, to get the right person for the role. The individual went on to a good 3 years in his job before getting a bigger portfolio later.
2. High competition among employers to attract these candidates
Because unicorn candidates are so desirable, they are often in high demand by multiple organizations simultaneously. This means that even if you identify one, you may face stiff competition from other employers, even at times resulting in some money war. Creativity plays a big part in finding unicorns because most of the time you need to think outside the box.
Sometimes you need to play with the non-monetary benefits to equal the playing field. Some candidates are not solely motivated by money. You need to be able to understand what gives on both sides so that you can get creative.
At Progression, there are 2 things we do. First, always know how our clients’ Employee Value Proposition can relate to our candidates’ motivations and long-term aspirations in order to identify a good match. We also know our candidates' monetary and non-monetary goals and their intricate balance. Then it is about moving both sides towards a middle point where both parties are happy.
3. Time-consuming search with narrow criteria
The search for a unicorn candidate can be time-consuming and resource-intensive. It may require extensive networking, research, and outreach to identify and engage potential candidates. We always advise our hiring managers that if you want to find a unicorn, be prepared to put in the time and effort necessary. Then, we tailor-fit the messages that we use to reach out to potential candidates.
The downside to this is that when seeking a candidate who meets all criteria can sometimes be too narrow a focus. This rigidity may result in missing out on candidates who have the potential to grow into the role or bring fresh perspectives.
Is it possible to find unicorns? Yes!
1. Define Clear Criteria: Start by clearly defining the qualifications, skills, and characteristics that make a candidate a "unicorn" for your organization. This should include both technical skills and soft skills, as well as alignment with your company culture. And most importantly, the challenge of the job - why will the best person for the job find the role attractive? Once we have that answer, we have the foundation. You can never attract a unicorn with a generic job description.
2. Build an Attractive Employer Brand: Develop a strong employer brand that highlights your company's values, mission, and unique selling points. Unicorn candidates are often attracted to organizations with compelling stories and positive reputations. Here in Progression, one of the first few things we ask our hiring managers is their EVP (Employee Value Proposition). Why would a unicorn choose you? If they don’t have one, we work with them to create an EVP that is both attractive and true to the hiring company.
3. Leverage Technology: Utilize advanced technology, such as AI-powered applicant tracking systems and candidate sourcing tools, to identify potential unicorn candidates from a larger pool of applicants. We love using great technology that can help identify real unicorns over cats wearing fake horns. Be it assessments, or online tools that determine skills and potentials. We tested one tool recently where an AI can determine the probability of a candidate’s chances of quitting through self-videos and voice recordings.
Since we are on this topic of technology in recruiting, playing a part in finding unicorns?
Big Data and Predictive analytics can help in identifying patterns of a candidate's behaviors. It can give an insight into the likelihood of a candidate to succeed in a particular role. Provided that unicorns are unique, you might want to consider using non-mainstream methods, be it searching on varied mediums (Social Media, Marketplace platforms) or employing different assessment tools (Chatbots, video interviews, tests)
“While technology can greatly aid in finding unicorn candidates, it's essential to remember that the human element, including effective interviewing and relationship-building, remains crucial in assessing a candidate's fit for the organization.”
Technology should be used to enhance and streamline the recruitment process, not as a replacement for human judgment and interaction.
To summarize, overcome these challenges, hiring companies may need to be flexible in their criteria, invest in training and development programs, offer competitive compensation packages, and have a proactive and strategic approach to recruitment and talent acquisition. Building a strong employer brand and a positive company culture can also help attract and retain top talent, including unicorn candidates.
All in all, it means a well-thought-out recruitment strategy that combines technology, networking, a strong employer brand, and a focus on candidate experience can increase your chances of identifying and attracting exceptional individuals who can make a significant impact on your organization.