Should You Hire a Unicorn Candidate? Here are the Pros and Cons

Once exclusively used as a name for mythical one-horned equines, the word “unicorn” has evolved to take on different meanings in modern times – perhaps most popularly as a term for startups valued at $1 billion or more (a.k.a. unicorn companies). 

For today’s human resources (HR) managers and recruiters, though, it pertains to something else entirely. It’s a label given to someone so elusive and highly sought after that they may very well be the stuff of lore: the unicorn candidate. 

In HR jargon, “unicorn employees” possess unique and impressive traits and skills that make them highly valuable to a company. For example, they check all the boxes on a job description – the right education, the appropriate experience, a well-suited skillset – and often even exceed qualifications. On top of these, a unicorn also manages to meld into the team seamlessly and achieve results immediately, like a true workplace superstar. 

The caveat: these seemingly perfect creatures are hard to find. Once you do find them, however, they can do serious magic for your business and raise the bar for the rest of your team. 

How to spot a unicorn in a sea of horses? Here are some of the key qualities that these MVPs usually possess:

They are high performers who get things done – no matter what. 

Unicorns are known for shattering expectations. A job that can take your average employee a week or more can be dusted and done in just a few days in the hands of a unicorn – with bells and whistles, too. They take their job seriously and make things happen. That said, such a high performer can deliver up to 400 per cent more productive than the average performer, studies show.

Beyond accomplishing tasks, though, what separates unicorns from other top performers is their grit, a.k.a. one’s mental toughness or ability to follow through on commitments even when riddled with setbacks. They keep their eyes on the goal and stay focused on doing what they must – even in a storm.

They are versatile and multi-talented.

Always ready ready for anything, unicorns are willing to wear many hats and stretch their limits even if it’s beyond the scope of work. They’re endlessly flexible and naturally curious, almost always going above and beyond for the job and hardly ever backing down in the face of a challenge. 

Moreover, they don’t simply view themselves as tiny players in the big leagues. They can see beyond the little day-to-day tasks and grasp the company’s overall goals, making them their goals, too. This strategic way of thinking enables them to be more motivated and driven in achieving results for long-term success.

They’re natural team players.

Unicorns are clever and humble enough to know that success comes easier when everybody works together as a team. It is what makes them extra good at what they do: They know their strengths and are not afraid to enlist help – as well as to lend help. This ability to work well with others sets them apart from others, making them “beloved” by most.

Is it worth going on a unicorn hunt, especially in today’s competitive job market? Here’s a quick look at the advantages and disadvantages:

Pros:

1. They can significantly propel your business forward. A stellar employee can help bring your company to the next level with his unique skill set and passion for success. It is particularly helpful for a fledgling business or an organisation that requires an internal boost. 

Some examples: A digital-savvy unicorn can help a tech-challenged enterprise modernise for better performance and efficiency, while a candidate with vast international experience can be instrumental in helping a small local business expand. 

2. They can do wonders for your company’s reputation. When you have a high-performing employee within your organisation, it’s not just the unicorn that gets noticed; your company gets a share of the limelight, too – positively impacting your position in the industry and among your competitors. Your unicorn can very well serve as your brand or company’s ambassador, helping draw attention to your organisation’s competence and expertise in your field. 

3. They can inspire better performance from everyone else. Since unicorns are generally able to work well with others, they just might be what your team needs to boost productivity and improve morale. Their innate leadership skills can also help move the needle in terms of how your company gets things done.

Cons:

1. Unicorns may demand premium salaries, among other things. It’s no surprise that these star performers know their worth, so they might have a lot of demands – from their paycheck and benefits to work flexibility. That said, if you’re unable to accommodate such requests, be prepared to lose out. According to JobStreet’s 2022-2023 Outlook | Hiring, Compensation & Benefits Report, more than two in three candidates (78 per cent) turn down a job because they accepted another offer which may encompass better salary packages.

Since they’re brilliant, they might have their ways of working, too, which they may insist on you versus them adapting to your ways. 

2. The hiring process can be time-consuming and expensive. It may take weeks or up to months before you find an elusive unicorn and then another several weeks before you get them to agree to work for you. Most likely, other companies are also wooing them, which can further stretch the hiring period and cost you a lot of money. Aside from merely searching for candidates out in the open, you can maximise your chances by simultaneously looking within your ranks, too, and finding possible unicorns-in-training.

3. They might leave after just a short while. Since they’re so in demand, there’s always the risk of losing them to another employer who can give them more or where they feel they can shine brighter. The everyday grind might also feel monotonous over time for over-achievers, causing them to look for more exciting opportunities. 

It’s important then to have a ready career development plan for such star players, and to keep them engaged – not just professionally, but on a personal level as well. When a person feels like they are truly part of a community or family, the less likely they will want to leave.

While the obvious answer might be yes, here’s the thing: Many hiring managers waste so much time looking for these so-called unicorns that they end up losing more in the long run due to the high costs of the hiring process. A study by the Society for Human Resource Management found that it can cost six to nine months’ worth of an employee’s salary to find a replacement – an amount that can easily be inflated if you’re chasing a pipe dream of a candidate. As a result, recruiters end up missing out on other amazing talents who might not be the cream of the crop but are a good fit. 

Here’s an alternative and more practical approach: Instead of going on a never-ending search for “The One,” why not focus on moulding existing candidates and employees into what you and your company need? 

Moreover, aside from putting the pressure of your company’s success solely on your employees’ shoulders, managers should also look into addressing crucial organisational or company issues that may be hindering your success. Maybe the problem is not in the manpower but in your systems or the business model itself? What else – aside from new talent – does your company really need? Assess these first, then align with your hiring strategies.

Tips for creating and retaining the best employees Whether you’re finding or making your own unicorns, here are some pointers you might want to consider:

Be realistic about your job postings. When hiring, list down the key skills in the job description – instead of an impossible, mile-long wish list, which can intimidate even the most capable candidates. Be flexible, too, when filtering applications and accept that not all may necessarily meet the hiring criteria to a T, but may be good enough to be considered. Considering Singapore’s talent crunch, a few good fits are better than a non-existent perfect candidate. (Also read: When Hiring for Your Company, a Perfect Match May Not be What’s Best)

Identify teachable skills and offer support. While some roles have non-negotiable requirements (like specific tech expertise, advanced experience, or the like), it’s good to identify which skills you can train or teach to fill in any gaps in a candidate’s skill set. You can do it through mentorship, training sessions, and boot camps. 

Identify and recognise future unicorns. Keep an eye out for people with a growth mindset, whether from your pool of applicants or your existing team. Some clues: They take initiative, are natural problem solvers, and are always keen to learn and improve – even after having experienced failure. Such employees are well-positioned to succeed, and you’ll find it’s easy to groom them to do and be so much more. 

Also important: Stop obsessing over your employees’ limitations and start looking at what they can do. Sometimes, superstar workers aren’t even aware of their talents, and as a manager, you must recognise and help further develop them. And once you do spot a unicorn, make sure you invest in their professional development and reward exceptional performance accordingly. You should also give them the space to do their best work without controlling or hindering them. In short: Treat your unicorn well, lest you want to lose a star. (Also read: Keep Attracting Top-Tier Talent With This One Tip)

In the quest for success, it surely seems worthwhile to chase workplace unicorns. Fair warning, though: Be careful not to fall into the trap of only accepting unicorn employees. What’s more practical is to hire good and capable candidates – and then do the work needed to build your unicorn team.

Find the right candidate for the job today by using Talent Search. For more job insights, check out our Employer’s Insights page.