Why Waiting for a ‘Unicorn Candidate’ in the Current Labor Market is Costing You

When you have a vacancy to fill on your team, it’s natural to want to find the perfect candidate. But that search for perfection could be costing you.

In the world of talent acquisition, we hear the term "unicorn candidate" used to describe the ideal, almost mythical employee who possesses an impeccable blend of skills, experience, and cultural fit. These are candidates who, in theory, can drive extraordinary value for the organization from day one. 

Of course, finding that perfect candidate is often a lot more difficult than it sounds – and actually could be hurting you.

In this blog post, we break down the challenges and pitfalls associated with waiting for perfection and provide solutions that can yield better results.

The Subjective Nature of the ‘Unicorn Candidate’

The first – and perhaps most significant – hurdle in the hunt for a unicorn candidate is the subjective nature of what makes a candidate perfect. 

What hiring managers view as a perfect fit is often heavily influenced by their past experiences, biases, and specific team dynamics. This means what one person considers a perfect fit for a job may be entirely different than what someone else has in mind thanks to their different backgrounds.

For example, one hiring manager might prioritize a candidate's ability to lead cross-functional teams based on their previous success with a similar employee. Another might emphasize cutting-edge technical skills due to a past project that thrived under such expertise. 

That subjectivity can lead to unrealistic expectations, where the ideal candidate must tick every box on a long list of requirements. This often makes it nearly impossible to find a candidate who satisfies everyone's expectations.

The Challenges of Engaging ‘Unicorn Candidates’

Unicorn candidates are often deeply embedded in their current roles and organizations. They are the high performers, who are often well-rewarded and engaged in challenging, fulfilling work. Their employers recognize their value and invest heavily in their retention. 

This means you’ll need more than just a compelling job offer to attract these candidates. It also requires a strategic approach involving time, money, and relationship-building.

Engaging with these candidates involves understanding their motivations and career aspirations, which might not always align with a straightforward job switch. You’ll need to demonstrate how your opportunity offers unique growth, impact, and work-life balance that their current role might lack.

The Cost of Waiting for Perfection

Taking into consideration how difficult it can be to find a “perfect” candidate and then engage and attract that candidate, is the wait worth it?

While organizations wait for the “unicorn candidate,” the cost of an unfilled position grows. Critical job functions remain unperformed, projects stall, and team morale can suffer under the strain of additional workload. 

In today's fast-paced business environment, this delay can translate into tangible financial losses and missed opportunities.
Rather than holding out for the perfect fit, it might be more beneficial to consider candidates who meet most of the key criteria and possess growth potential. With the right development and support, these candidates can often exceed expectations and bring fresh perspectives and energy to the role.

A Balanced Approach to Talent Acquisition

The quest for “unicorn candidates” is understandable but often overlooks the practicalities of the current job market. By balancing the ideal with the attainable, organizations can more effectively fill critical roles and drive business success. 

Here are a few strategies to consider:

Redefine the Ideal Candidate

Clarify the must-have skills and experiences versus the nice-to-haves. Focus on core competencies that align with the job's critical success factors.

Invest in Development

Be open to candidates who show strong potential and a willingness to learn. Investing in their growth can yield significant long-term benefits.

Strengthen Employer Branding

Cultivate a strong, attractive employer brand that naturally draws top talent. Highlight your organization's unique value proposition to differentiate yourself in a competitive market.

Leverage Relationships

Build and maintain relationships with high-potential candidates, even if they are not ready to move immediately. A strong network can be a valuable asset in future hiring needs.

While the allure of the unicorn candidate is strong, a more balanced and realistic approach to hiring can lead to more sustainable and successful outcomes. 

By understanding the challenges and adopting flexible strategies, organizations can build robust teams ready to tackle today's dynamic business challenges.

If you need help with your talent acquisition strategies, Requisite Talent Partners is here to help. Our team can work with you to strengthen your employer branding, find high-quality passive candidates, and leverage our deep talent network to help you succeed.

Ready to break through your talent ceiling? Get in touch with us!

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