During this week’s mini-lecture, it was argued that recruitment and selection is the most important function for successful companies. While I do agree that selecting the right employees for the job is critical for a company, there are many other reasons why other companies may allocate their resources to different sectors, such as product design and marketing.
One reason for this is to provide the consumers with an exceptional product and a vehicle to get the product proper attention. For companies that are underdeveloped or just starting up, focusing everything on recruitment may not be the best route. Many product markets and sectors are very diluted and highly competitive currently. Because of this, it may be more beneficial to focus on getting your company’s name out there through exceptional marketing. Following this, you must be able to deliver your consumer an exceptional product or a product that differs from the competition. If this is executed properly, companies pivot to using their revenue to focus on securing top talent to take their business to the next level.
Although this may be a good route for a lot of companies, there are potential downsides that come with not perfecting the recruitment and selection process. By neglecting your onboarding process, you can find yourself with employees who are not right for the job/company. This will inevitably lead to high turnover rates, weak organizational culture, and overall long-term issues for the company.
All things considered, it is crucial to find a good balance between your internal and external focuses. By developing a good matrix and proper resource allocation, you will experience strong product design and marketing while having a strong team committed to the company.