What is a purple unicorn?
The purple unicorn meaning in the business world is the equivalent of a superstar on a sports team. The unicorn is the player you build the rest of your team around because they’re extremely good at what they do. You may encounter only a tiny number of purple unicorns when recruiting, so be ready to act if you run into one.
Purple unicorns have the education, experience and intangibles you need to bring a department or business to the next level. They not only contribute to your company’s success through their work but are also able to train and inspire others to do more for your business. There are many benefits to having a purple unicorn on your team, but these individuals can be difficult to recruit, and you may need to offer special concessions to keep them from jumping ship.
When recruiting, keep in mind that unicorns are rare, and you can’t hold every potential candidate to that standard. If you’re being pragmatic, you know that you may only have a handful of unicorns on your team if you’re lucky.
Why should you target purple unicorns when recruiting?
When looking to fill an open role in your company, a unicorn checks all the boxes. You know they can make an instant impact on your company and that they have the potential to climb the corporate ladder. A unicorn is a future leader for your business and may give you the competitive advantage you need over others.
It’s important to define what a unicorn is for your business because your company’s needs are unique, and some candidates that are unicorns for your competitors may not have the right qualities for your company culture. Traits that seem too good to be true may not be, so do your due diligence when you believe you’ve found a unicorn to make sure they’re the real deal.
How to attract a purple unicorn to your company
If you want to hire a purple unicorn, give them a reason to choose your company instead of others that are vying for the same candidate. Consider the following ways to make your company more inviting for your dream candidate.
Review your benefits packages
Retirement benefits, health insurance and other perks are considered an alternative form of compensation, so review your benefits package and see how it compares with competitors. If you’re not providing enticing benefits, unicorns may choose to work somewhere that offers the benefits they want. Many unicorns know they’re in high demand and are willing to wait for a company that offers exactly what they want.
Explore alternative schedule options
Remote work is becoming more popular, so consider allowing workers to spend some or all of their time at home. If you offer positions with a hybrid schedule, it may entice a unicorn who wants to maintain work-life balance or save money on their daily commute. This is nor only an effective way to lure unicorns but may also increase employee retention rates.
Work on your job listings
Creating an effective job listing should lure more candidates in general. This increases your chances that a unicorn will respond to your listing. Some factors that make a listing effective include advertising benefits, defining the role clearly and offering competitive pay. Researching the job market is one important aspect of creating job listings because you can see how your pay and benefits compare to other companies chasing the same candidates.
Sell yourself and your company to the candidate
Many unicorns don’t need a change in their career, so you need to show them why life will be better for them at your business than where they are now. Offer plenty of information about what your company does, your core values and your business goals. If the unicorn shares these values, they may be interested in being part of your organization and helping you hit your goals.
Benefits of purple unicorns
Some benefits of hiring purple unicorns include:
Intangibles
Unicorns have the intangible traits you need to bring your business to the next level. They’re self-motivated and know how to motivate others. This means they’re great leaders, team players and communicators. A unicorn finds ways to make your entire team more effective and efficient, and you could see improved productivity once the unicorn has settled into your company.
Public prestige
The right new hire can transform your public relations if they’re renowned by experts or top clients. Their impact on your company’s performance can also elevate public perception and make your business more attractive to talent and consumers alike.
Productivity
Unicorns are incredibly productive but may also offer solutions to pain points within your business. Improving processes and helping team members collaborate can make your workforce more productive and increase morale. A unicorn is typically able to transfer their skills to the rest of your team members through training and effective leadership strategies.
The downsides of purple unicorns
While luring unicorns to your organization can benefit your company, you shouldn’t hire only purple unicorns, as they also come with downsides. Some drawbacks of unicorns can include:
Paying too much money to hire one
Purple unicorns may be more difficult to find because many aren’t searching for work. Plus, some unicorns know they can demand more from a potential employer. It can cost more to recruit a unicorn, and you may end up having to pay more to retain them. Unicorns can demand expensive pay and competitive benefits packages.
Unicorns may require special treatment
Favoritism can impact your company negatively, and unicorns may ask for perks that other members of the team don’t get. They may require you to change some company policies or protocols for them to come to work for you, and this might steer your company culture away from where you wish it to be.It can also negatively impact morale among other employees.
You could be distracted in your pursuit of a unicorn
If you’re looking for the next superstar, you might be dismissing applicants that may also bring skill and talent to your business. In addition to losing out on other candidates, your unicorn could make those already part of your organization uncomfortable. Your supervisors and executives could view the unicorn as a threat to their job and treat them differently.
The bottom line
Purple unicorns can transform your company, but they’re expensive and hard to recruit. You shouldn’t overlook them when trying to fill an open role because they could become the next key player on your team. Weigh the benefits and disadvantages of bringing this type of candidate onto your team, and consider whether you’re willing to accept the changes a unicorn will bring to your company.
