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Robert Smith, the billionaire co-founder and CEO of investment firm Vista Equity Partners, champions a non-traditional approach to finding talent. His firm specializes in enterprise software companies, and offers a test to prospective hires to gauge their aptitude for jobs like sales. Vista has hired people out of minimum-wage jobs into sales roles at more than twice the salary.
"What we're really looking for is people who have a desire to work, who have an aptitude, who want to put the energy into their own development," Smith told me.
A couple of weeks ago in this newsletter I pondered the skills gap and Chegg's acquisition of tech training company Thinkful. I wondered whether demand for smart, driven workers without traditional degrees might dry up as the economy slows. After all, when companies don't have to work as hard to hire technical employees, they might revert to the default practice of requiring a typical resume.
Smith's example might convince them to keep an open mind. Vista has about 60 portfolio companies including Apptio, MindBody, PowerSchool and Tibco. He told me that over 19 years of operation, Vista still has never lost money on a buyout. It's a multi-billion-dollar operation on par with the world's largest software giants. If Smith is routinely hiring non-traditional workers, others can, too.
Other companies appear to be doing it to cope with the tight labor market. This week CNBC released the results of its quarterly survey of the Technology Executive Council, a group of more than 100 tech leaders in companies across industries. Nearly two thirds said their companies have hired technical employees without college degrees in the past year. That also has helped diversify the workforce.
Smith at Vista would say that's not desperate; it's smart, if you do it the right way. Vista has found that motivated employees who are hired for their potential stay longer and contribute to the culture of the organization.
| | @Work People + Machines
Technology, Talent and the Future of Work
In the midst of the fourth industrial revolution, CIOs and CTOs hold the key roles managing corporate digital transformation and leveraging new, game-changing technologies. This edition of CNBC's @Work series examines the human-machine interface, how to balance the needs of today with the possibilities of tomorrow, and the winning strategies of best-in-class companies.
| | @Work People + Machines November 4, 2019
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