Specifically, in smaller companies or startups, organizations are focused on building the product or service rather than scaling the organization’s workforce thoughtfully. At least from my own insight into hiring, I’ve heard our executives discuss over and over the capital we are pouring into our product 2020-2021. In 2019 when I first joined the company I currently work for, I was the 74th employee. The goal for 2020 was to hire ~50 more employees and even more in 2021 but we currently only have just over 100 employees. I believe this is in part due to COVID-19 and in part due to the attrition of employees who did not fit their role. These people were either unhappy and left or let go because they were not fulfilling the duties and requirements expected of them. Often times companies will not pour resources into hiring but instead into the production, engineering, and marketing of the product or service they provide because they are trying to ‘get the word out’. With this business model, they are thrown out of balance. For example, the problems the organization will face on the back end such as employee happiness and longevity, as well as quality customer service and experience.
- Weaknesses of an organization’s decision to not prioritize recruitment
- Your success as a manager is simply the result of how good you are at hiring the people around you” (Joe Mansueto).
- A successful and sustainable business model starts at who, not what. In order to produce something great, you need to put time and effort into finding the talent behind it.
- Strengths of an organization’s decision to not prioritize recruitment
- The competition for jobs right now is extremely competitive i.e., people losing their jobs due to COVID-19. There is an abundance of strong, capable, and even overqualified candidates applying for jobs. More and more organizations are offering fully remote positions, expanding the applicant pool from one state to nationwide. Hiring someone who is overqualified and just NEEDS a job as soon as possible will not last, lead to a higher employee turnover rate. It is also taking longer and costing more to find these people. Companies may be better off using their budget to improve processes and invest in the people that are already there.
Hi Mackenzie!
Great Job! I really like the part that you wrote about a great business model, that lasts, prioritizes not just what the business is. instead the emphasis and the importance is on the individual instead. I think thats something that many people don’t realize and its proven tp be true. When you think of many great companies you think of the founders of the companies that paved the way for their organization.
I think you did an amazing job providing new insight.