According to the QMT research, 68% of successful senior managers come to the company from other industries, while those who stayed in their field have shown success only 35% of the time.

So why should we consider hiring a head from another field?

• A manager from another industry brings a fresh perspective and innovative ideas that can be key to your business.
• Experience in other fields brings valuable insights, becoming a competitive advantage in a rapidly changing marketplace.
• A manager uses experience in another industry to successfully implement strategies when entering new markets or developing new products.
• An executive from another field has a different network of contacts, which is useful when seeking new opportunities.
• Management skills are often successfully adapted from one industry to another.

Examples of successful ‘transitions’:

• John Sculley, attracted by Steve Jobs from PepsiCo, ran Apple fruitfully for over ten years.
• Alan Mulally, starting in the aviation industry, became CEO of Ford, successfully navigating the 2008 financial crisis.
• Steve Jobs, after temporarily leaving Apple, successfully ran Pixar, turning it into Hollywood’s leading animation studio.

The benefits of hiring executives from other industries can be reasonable and productive, but there are potential problems with making this decision:

• The executive may not fully understand the unique aspects of the current industry.
• Lack of experience in the current field may make it difficult to manage a team.
• Challenges in building effective relationships in the new environment.
• Adapting a new executive may require significant time and financial resources.

There are stories when success in one area wasn’t repeated in another:

• Richard Branson’s attempt to compete with Coca-Cola and Pepsi failed Virgin Cola.
• Media mogul Rupert Murdoch pursued a strategy of managing traditional media in favor of digital, which led to a loss of competitive advantage and the crushing decline of the social network MySpace at the height of its success in 2005-2008.

When considering candidates from other industries or changing fields for your professional development, assess your willingness to adapt and carefully weigh the benefits and risks.

If you need support in searching, recruiting, and attracting staff or individual career advice, call the RESURSIO experts!