In recent years, there has been an increasing trend towards deepening specialization. Job openings ask for people who have worked in an industry for many years, consulting firms have expanded their functional and industry practices, and recently, there was a call for more industry experts on Boards by a group of Harvard Business School professors, advocating that reducing the number of independent directors and increasing industry experts and insiders will improve board governance.
Now industry expertise is, generally speaking, a good thing. People who have spent decades in an industry can spot trends quickly, recognize cycles, and bring the value of the “been there, done that, did/did not work perspective.” Like all good things, though, it has its limits – or said another way, too much of anything is never the solution.
So before all of the ever-increasing industry and functional experts kill off generalists due to the belief that they provide no value, or job preservation, or some combination thereof, I offer a reminder of the value generalists bring:
1. Insights from other industries, or functions, that may provide a new perspective or strategic approach to differentiate a company from its competitors. Generalists, particularly with years of experience, are often masters of pattern recognition – able to spot similarities across industries and functions that may provide a unique take on a solution or an ability to see a problem before others do.
2. Diversity of opinion. Arguably, Board rooms, executive meetings, and other corporate settings have become alarmingly homogeneous – filled with people with similar backgrounds, experiences, and points of view. Though the crisis cannot be blamed on this alone, many agree that there is homogeneity at the top ranks of corporations worldwide that does not promote debate – because those of similar backgrounds and experiences are more likely to agree. Generalists – with their diverse experiences – bring fresh ideas and challenge the status quo in a way that it is difficult for those with decades of experience in the same industry to do.
3. Quick study skills. Generalists are often very quick to learn a new industry – from years of experience in getting up to speed quickly. This is a key skill that Board members and executives alike require, especially in the increasing complex and interrelated world in which companies today operate. Generalists have both the quick study skills and often the will to learn an industry quickly – so as not to be called out by the specialists for their lack of knowledge or understanding. Further, a generalist may ask for more data and information to learn about an industry or a company, and, in the process, do more homework that his or her specialist peers.
None of this is to say that generalists should replace specialists, but rather, that generalist should be considered for executive and other roles as well. In doing so, companies will benefit by having a broader pool of talented candidates from which to recruit, as well as from a staff with a broader skill set to bring to bear in addressing the many challenges companies face today.