One thing I do know is just how important recruiting and hiring the right person is for a company. Like said in lecture, if a company were to hire the wrong person, this can lead to many high costs and lead to failures in very important aspects of the job. However, what it really comes down to is how much a company values their hiring practices, compared to other aspects such as product development and marketing. Some companies may believe that their product is the most important part of their company, and spending the money on marketing to get their name out their is more important and worth it instead of using the money on selecting the right candidates and making sure they hire the right people. In some ways, spending money on the marketing side of the business may increase sales and get a name out there, which in turn would add value and increase the amount of people willing to work there.
However, having said all of that, there are major benefits to allocating resources towards recruitment and selecting the right hires. One thing that comes to mind is avoiding the loss that could have been if a company hired the wrong person. This includes, money going into recruiting that hire, paid salary that did not add value to the company, as well as other incurred expenses that go into having the employee on board. Allocating resources to recruitment will help make sure you hire the person who is the right fit, and will add value to the company. You can’t have a great product without great people. Some weaknesses I can see within this is not having more resources to put into things like product development, however, if you have the right people you can get greater things done than with those that don’t fill well with the company.
