Some of the advantages of hiring overqualified applicants are:
- They can get up to speed and contribute quickly, saving training time and costs.
- They can help others develop by mentoring employees who can later help fill future leadership needs. This can bolster succession planning.
- They can be a hiring bargain at below-market prices, make the hiring manger look good, meet goals sooner, and potentially contribute more to the company.
- A flight risk. They become bored with a lesser job and quit once they find a better opportunity.
- Too expensive. They are priced out of the budget for a job.
- Likely to intimidate others (peers and supervisors), thereby creating upside-down relationships and tensions around authority.
The premise is for the employer to get the best for their money and perform a careful assessment: How big a risk is the employer willing to take? How overqualified is the candidate and is this based on too much experience or the wrong level? How much is too much? Can the position be modified to take advantage of the candidate? Both parties should be aware of the advantages and disadvantages of the job responsibilities and expectations over time. If possible, perform some simulated job tasks or "job shadow" during the interview process so both have a sense of comfort with the job.
Lastly, what stage is the applicant in? Do they have ambitious goals or want fast growth? Or are they at a point in their career where they're looking for less responsibility, money and high visibility?
Three predictors of success include: the ability to do the work, the ability to do the work well with others, and motivation. You need all three but the third is the most important. The employer will want an answer to the question: "Why are you looking for a new job, and why is that important to you?" The employer will look for recent accomplishments and stated interests that validate those motivations.
Does the job description match your experience? Although the job may have a lesser title than a previous post, the new company may be a better, larger or smaller organization. It can be a huge mistake to overlook overqualified candidates if they have the right skills set and experience. As an applicant, express how you can fill opportunities using your experience such as coaching, mentoring or participating in higher-level task forces. This is a greater return on the employer's investment.
If you are an overqualified candidate, you can opt to omit years of experience off your resume to improve your chances to get an interview. If you are applying for a job opening that asks for 10 years of professional experience, but you have 25, this strategy can mean the difference between the interview or not. Scale down the years of experience to seven, perhaps, to appeal to recruiters and the lesser level of jobs available.