Manager with Multi-Industry Experience

Truth to tell, the 21st Century global workplace is like a colosseum of sorts where gladiators compete for the top plum or like a lion’s den where beasts slug it out for the best slab of meat. As more traditional jobs fade into oblivion or fall prey to outsourcing, new jobs are birthed which require a completely new set of skills - both soft skills (tenacity, communication skills, being a leader and a teamplayer) and hard skills (specialized skills like programming, analytics, or design). Is it possible to find these 21st century skills in one applicant?

According to Katie Bouton, founder and CEO of top headhunter Koya Leadership Partners, and in an article published by The HR Director, the 21st century workforce and workplace are undergoing very significant changes and that it is vital for HR executives to understand these major shifts.

For example, there is a need for leadership diversity in many companies as well as a call for greater social responsibility. Furthermore, the same study mentions that Diversity, Equity, and Inclusion are essential to succeed in today’s ever-changing business environment.

A recent study by McKinsey claims that companies that have higher-diversity in the managerial level are 30% more successful than those that do not. But how does one expect diversity in skills and leadership when a manager has been boxed into one specific industry his whole life?

Plenty of companies struggle to diversify at the managerial level. For example, a top FMCG company will most probably be inclined to hire a brand manager with a minimum of 7 years experience in the same industry. All other competent applicants for the same position, but are coming from a different industry, will find themselves at a disadvantage even if they have the same number of years as a working professional, if not more.

This begs the question - how do you champion Diversity, Equity, and Inclusivity in such a restrictive hiring process? If studies show that diversity tends to reap more success in business, then why do many companies STILL insist on the proverbial X number of years working for the same industry?

A study made by the Academy of Management Journal found that CEO’s with moderate or medium experience in one specific industry performed better than CEO’s with just one industry-specific experience. Looking back at past success stories, airline industry giant Alan Mulally trailblazed at Boeing but also found great success in the automobile industry (Ford). Moreover, Daniel Akerson was initially working in the telecommunications industry before hitting the jackpot as CEO of General Motors. Bob Wright, formerly of GE Capital, went on to head media conglomerate NBC.

What seemed to be the attributes of these industry leaders and managers that made them so successful even if they did not specialize in just one specific industry? Furthermore, why should more companies consider hiring managers with multi-industry experience?

Broader Experience and Wider Exposure

A manager with multi-industry experience possesses broader experience and wider exposure to many industries, thereby giving him first-hand knowledge of best practices in these industries. These managers are “jacks of all trades” in the best sense of the phrase, with leadership qualities and skills that are varied, thus making them stand out from the crowd. In an article written by Dr. M.S. Rao, these leaders consider things from multiple perspectives and promote out-of-the-box thinking.

Flexibility and Adaptability

According to Data Analytics and Business guru Fatema El-Wakeel, who started as a business leader before moving to Data Science and Data Analytics, working across many industries reflects the level of flexibility and adaptability of a professional - both essential attributes in the 21st century global workplace. These characteristics also give way to even greater professional attributes - the ability to integrate healthily in any work culture as well as transferable leadership.

Ability to Learn Quickly

Moving across many industries allows a manager to love learning and thus learn very quickly. This also allows the manager to “fail forward,” which means that making mistakes allows him to learn deeper and to know better as he transitions to a different industry. As common wisdom puts it, experience is not what happens to you. It’s what you do with what happens to you.

Real world Experience and Innovation

The members of the globally recognized Society for Human Resource Management (SHRM), through its affiliate Council for Global Immigration (CGI), champion Innovation as one, if not THE top characteristic of the 21st century workplace. Needless to say, a manager should be innovative and be able to trailblaze for this team. Moreover, Innovation is only made possible when one has been fully immersed not in the four corners of the classroom, but in real world experience gained through exposure in various industries. Before technological breakthroughs and success stories in business are realized and come into fruition, the first window to success is the world of ideas which result in Innovation. Practically speaking, a manager with limited industry exposure will struggle in creating innovations as compared to a manager who has multi-industry experience.

All in all, a manager with multi-industry experience possesses transferable skill sets and leadership which would benefit his immediate sphere of influence. Armed with knowledge of best practices and a wide exposure to real world experiences, this kind of manager not only gives additional value for the company but eventually for his colleagues and team members as well.

HR giant McKinsey & Company could not have been more on point and purposeful with this highly relevant suggestion: Hire more for varied skills and less for industry experience.