Impact hiring is a recruitment approach gaining traction in the business world. It is different from traditional methods because it focuses on finding candidates that allow a company to positively impact society, not just those who are the best qualified. Oftentimes, impact hiring is referred to as a double bottom-line solution for entry level talent needs.
Other even say that companies who excel with this strategy makes it easier to connect with leads which often got great talents. They sometimes pass over the details through work of mouth, referrals or partnerships.
It is proven that partnerships often help companies source opportunity or talent that’s coming from the youth which often is best for entry level positions.
There are many advantages to using this approach, including increased sustainability and benefits for workers in countries with systemic barriers to employment.
In this blog post, we will discuss what impact hiring is and how it can help businesses and workers around the globe.
What is Impact Hiring?
Impact hiring pertains to identifying top talent from underrepresented backgrounds and intentionally placing them in roles where they can have the greatest positive impact on society.
This approach is based on the belief that a more diverse and inclusive workforce results in better business outcomes and a more just and equitable world.
Impact hiring focuses on finding candidates who may not have traditional qualifications but who have the potential to make a positive impact in their local communities with their new roles.
This includes people from underrepresented groups, such as women, minorities, and people with disabilities. It also includes people who come from low-income backgrounds or who have been previously incarcerated.
There were case studies about companies that jump into this strategy and the success rate is great. Hiring youth in a special program or internships is one of the best effective methods that also proves how impact hiring is changing the future.
Why Does It Matter?
There are several key reasons why impact hiring matters. First, when organizations make hires that will positively impact communities, it sends a message to the rest of the employees and the public that the organization cares about more than just making money. It shows their commitment to using their resources to make a difference.
Second, when talented people with a passion for making a difference join an organization, it can inspire other employees to do more and work harder. And finally, businesses can create a more sustainable workforce by hiring people passionate about learning and honing their skills but weren’t always given the right opportunities because of their circumstances.
What are the advantages of Impact Hiring?
Impact hiring offers many advantages for businesses and the individuals hired through this process.
1. Impact hiring can help businesses be more sustainable.
Businesses can tap into a larger talent pool when using impact hiring because they consider individuals who don’t meet the usual criteria for jobs but have the potential to make a meaningful contribution.
This allows businesses to find employees who are more likely to stick around for the long term and less likely to leave for other opportunities. This can lead to increased sustainability, as they can avoid the high costs associated with turnover.
2. Impact hiring can help businesses be more innovative.
When businesses hire people from diverse backgrounds, they are more likely to develop new and innovative ideas. This is because people from different backgrounds bring different perspectives and experiences to the table. As a result, organizations can solve problems in new and creative ways.
3. Impact hiring can help businesses build a better reputation.
When businesses use impact hiring, they show their commitment to social responsibility. This can help improve the business’s reputation and make it more attractive to potential customers and investors.
4. Impact hiring can help businesses save money.
While impact hiring may require a bit more time and effort upfront, it can save businesses money in the long run. This is because impact hiring can lead to increased sustainability and decreased turnover. As a result, businesses can avoid the high costs associated with recruiting and training new employees.
5. Impact hiring can help individuals find meaningful work and better opportunities for inclusion.
For many people, impact hiring provides an opportunity to find work that is not only personally fulfilling but also makes a difference in the world. This can be a powerful motivator for employees and increase job satisfaction and engagement.
Additionally, impact hiring can provide people from underrepresented groups with better opportunities for inclusion in the workforce.
How About the Downsides?
There are a few potential downsides to impact hiring. First, assessing a candidate’s qualifications through an impact hiring process can be more difficult. Because you’re not looking at their resume or interviewing them as you would a regular applicant, you may have to rely more on gut feeling or intuition when assessing their fit for the role.
Second, impact hiring can be more expensive and time-consuming, as it often takes longer to find the right candidate through this process. And finally, there’s always the risk that you’ll miss out on a great candidate if they don’t fit your specific criteria or if they’re not actively looking for a job at the moment.
How Is Impact Hiring Sustainable for Businesses?
There are a few different ways to approach the answer to this question. On the one hand, you could simply explore how impact hiring is sustainable for businesses, arguing that the talent and drive of employees can carry companies to new heights.
Alternatively, you could take a more critical stance, examining whether or not businesses are committed to making impactful hires or if they’re just paying lip service to the idea.
Regardless of which perspective you choose, there’s no denying that impact hiring is a trend that’s making waves and gaining traction. More and more businesses realize that they need to do their part to create positive social change, and hiring employees who share those values is one way to make that happen.
Overall, impact hiring is a sustainable recruitment approach with many benefits for businesses and employees. While there are some potential downsides, the advantages far outweigh the disadvantages. If you want to make a difference in the world and create positive social change, impact hiring is something to consider.