Talent Portfolio | October 2026
By Amber Box
Client Executive | Midwest Markets
The Hunt for Unicorns: When Perfect Gets in the Way of Great
Industry Insight
My daughter is thirteen now, but when she was younger, she loved all things mythical, be it fairies, witches, unicorns, or pink and black cats.
Every Halloween was her chance to embrace the magic of her imagination. And while she much prefers eyeliner and Metallica to sparkles and rainbows these days, with spooky season afoot and memories of past Halloweens popping up everywhere, it seems fitting to talk about mythical creatures once again.
So, let’s talk about unicorns.
If you’ve spent any time hiring, you’ve probably heard the term “Unicorn” or “Purple Squirrel.” The perfect candidate. They have the exact industry experience, the perfect title, the right size relationships, live in the right market, know the right systems, check every box on the job description, fit the compensation range, and are ready to make a move.
And sometimes, that person really does exist.
But the unicorn candidate is not really the problem. The problem comes when we’re so focused on finding that exact candidate that we miss all the excellent talent standing right in front of us.
I want to be clear. This is not about lowering the bar. You want strong talent, and we want strong talent for you. Rather, this is about setting expectations and making sure we’ve put the bar in the right place.
When I work on a search, one of the most important conversations we can have is around what a candidate truly must have versus what would simply be nice to have. Does someone really need ten years of experience, or do they need the skills someone typically develops in ten years? Do they need to have managed a $100MM portfolio, or have they successfully managed $75MM and demonstrated they’re ready for more?
This is especially important in banking, where strong talent isn’t always actively looking. The more specific the wish list becomes, the smaller the talent pool gets. Meanwhile, candidates who may be 80 or 90 percent of the profile, but bring strong relationships, credit judgment, leadership ability, or growth potential can get overlooked.
When we automatically reject someone because, on paper, they are slightly outside of the scope we’ve set for a role, we risk missing truly top-tier talent. And it’s my job to make sure you see strong talent for your role, even if they don’t check every single box.
A unicorn may absolutely be out there. But while you’re looking for them, don’t miss the exceptional candidates hiding in plain sight right in front of you.
In the News
Skills-First Hiring Continues to Gain Ground
Employers across industries are taking a closer look at what actually predicts success in a role. SHRM’s latest research found that relevant work experience and demonstrated skills and competencies now rank as the most important factors in hiring decisions, ahead of educational background.
More importantly, 67% of HR professionals say defining the specific skills needed for a role, rather than relying primarily on traditional credentials, encourages more qualified candidates to apply.
Skills-first hiring isn’t about ignoring experience or credentials. It’s about evaluating what someone can actually do and whether those capabilities translate to the job you’re trying to fill. A workable solution to finding an excellent candidate instead of prolonging a fill in search of that elusive unicorn.
Read more:
Banking Is Rethinking Traditional Talent Pathways
The shift is showing up in banking, too, of course.
In September, Bank of America announced plans to hire an additional 1,000 apprentices over the next two years while investing $150 million in workforce development programs. The bank says approximately 40% of its hires currently do not hold bachelor’s degrees.
It’s obviously a very different hiring model than filling an experienced commercial banking role, but the underlying idea is worth considering: talent doesn’t always arrive through the path we expect and that doesn’t make them any less qualified for the role.
Read more:
Banking By the Numbers
67%
of HR professionals say listing the specific skills and competencies required for a job encourages more qualified applicants to apply.
33%
of organizations now report often or almost always using skills-first strategies in their hiring process.
3 Questions To Consider Before You Call It a Must-Have
Does the candidate genuinely need this to succeed on Day 1?
Could a strong candidate reasonably develop this after joining?
Would this make someone more attractive without actually determining whether they’ll succeed?
Unicorn Territory: When somehow everything ends up in the “Must Have” column.
Looking Ahead
A final note on the elusive unicorn. There is nothing wrong with knowing exactly what you want in a hire. In fact, having a clear profile usually makes for a better search.
But there is a difference between being selective and being so specific that great candidates can’t even get through the door.
Some of the best career moves happen when someone is given the opportunity to take the next logical step. The portfolio manager becomes a credit leader. The strong middle-market lender moves into a larger market. The number two finally gets the opportunity to become the number one.
Hiring for potential doesn’t mean ignoring experience. It means recognizing that the person most capable of succeeding in a role may not check every box on paper but they are more than capable of doing the role and doing it well.
So, by all means, keep an eye out for the unicorns. My daughter would be the first to tell you that they really do exist. Just don’t let a mythical creature distract you from the great talent already standing in front of you.
Cheers to a little bit of magic and to finding the right people for what’s next!
