22:54
SilverPeople
Entering a new industry can open significant growth opportunities, but it also changes a company's talent requirements. The skills, experience, regulatory knowledge, customer understanding, and leadership capabilities needed in a new sector may be very different from those already available within the organization.
A strong hiring strategy should therefore be developed alongside the business expansion plan rather than after the company enters the market.
1. Identify the Capabilities the New Industry Requires
The first step is to identify the capabilities needed to operate successfully.
Companies should assess:
- Industry-specific knowledge
- Technical skills
- Regulatory expertise
- Sales and business development capabilities
- Operations expertise
- Product knowledge
- Customer and market understanding
- Leadership requirements
This creates a talent capability map before recruitment begins.
2. Decide What to Build Internally
Not every position needs to be filled through external hiring.
Companies can divide requirements into three categories:
Existing talent: Employees who can transition into the new business.
Trainable talent: Employees who have transferable skills but require industry-specific training.
External talent: Professionals who already have relevant industry experience.
This approach can prevent unnecessary hiring while preserving existing organizational knowledge.
3. Hire Industry Experts Early
When entering an unfamiliar industry, hiring a few experienced professionals early can provide valuable market knowledge.
For example, companies may initially require:
- Industry leaders
- Product specialists
- Regulatory experts
- Sales leaders
- Operations professionals
- Technical specialists
These employees can help establish processes and guide subsequent recruitment.
4. Understand the Talent Competition
A company entering a new industry is also competing with established employers for experienced professionals.
Before launching recruitment, organizations should conduct talent market research covering:
- Competitor employers
- Available talent pools
- Compensation levels
- Skill shortages
- Candidate expectations
- Geographic talent availability
This helps companies create realistic hiring plans.
5. Build the Hiring Roadmap in Phases
Hiring an entire team immediately may not be practical.
A phased approach can work better:
Phase 1: Leadership and critical specialists
Phase 2: Core operational and functional teams
Phase 3: Sales, support and growth teams
Phase 4: Scale based on business performance
This connects workforce growth with actual business requirements.
6. Use Specialized Recruitment Support
When companies enter an unfamiliar sector, finding specialized candidates can be challenging.
A recruitment partner with industry-specific talent acquisition experience can help with:
- Market mapping
- Candidate sourcing
- Specialized hiring
- Leadership recruitment
- Confidential searches
- Talent benchmarking
This can be particularly useful when the company has limited knowledge of the new industry's talent market.
Key Insight
Entering a new industry requires more than simply hiring people with relevant job titles. Companies need to identify the capabilities, leadership, industry knowledge and specialized skills required to build the new business.
The strongest hiring strategy connects business strategy with talent strategy from the beginning.
Instead of asking, “How many people do we need?”, companies should first ask:
“What capabilities do we need to successfully enter and compete in this industry?”
That shift can make workforce planning more strategic and help organizations avoid unnecessary hiring.
FAQs
Should companies hire industry experts or train existing employees?
Usually, a combination can be useful. Industry experts bring immediate knowledge, while existing employees may bring valuable company and organizational expertise.
When should hiring begin?
Critical leadership and specialist hiring can begin during the market-entry planning stage so these employees can help shape the new operation.
How can companies find specialized industry talent?
Companies can use targeted sourcing, professional networks, industry referrals, executive search and specialized recruitment firms.
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