Organizations that allot more money, time, and people to marketing and product design mistakenly think that just the product(s) and how it/they are marketed increase customer interaction, revenues, and profits. These organization taut that they are customer centric. In attempting to thwart competitors in the market, organizations become myopic and place the company’s products before its people. These companies build attempt to build their business through brand identityto drive conversion rates that will eventually deliver a high/improved ROI.
The “human side,” or what business owners and executives consider the “soft side” of business, is harder to quantify. They may believe that syphoning off resources to build less tangible outcomes is a waste. Managers who do not invest in their people tend to believe that putting more effort, money, and time into people for “improved morale” has little payoff. As explained in the lecture, organizations that do not invest in people, increase “. . . costs due to lost business, costly employee mistakes, and employee disengagement.”
The strengths in not prioritizing recruitment and selection allows an organization to spend more time and money on building the business through time spent on research, analytics and metrics, and technology. Increasing efforts to improve products by understanding the market and its constituents supplies the data to make more business improvements. Investing in new technologies with new CRMs can give more insight to client’s buying behaviors.
The potential weaknesses in companies not prioritizing recruitment and selection can result in a weak business and a loss of customers and revenue. Poor employees (those who were not adequately vetted or not appropriately educated or trained) can cause an organization to lose money and clients. If constant rework is needed to fix issues caused by “weak” hires, the organization is doubling expenses through time and effort.