It is incredibly important for companies to allocate resources to essential areas that will help the businesses succeed in the long run. Hiring the right talent is crucial for every company but it is just as crucial to put company resources into areas that are essential for its function. Marketing and product design are essential areas within a company because that is what brings value to a brand. A marketing mix is a huge aspect of a business plan and if a company doesn’t spend time perfecting the different aspects of marketing, they are going to have a challenging time getting their product or service sold. Product development is in a similar boat where a company must take the right steps to ensure a quality product for its customers. Employee selection is a huge aspect of a company’s success, however, it is not everything. You can have phenomenal customer service, but a crappy product and you will get nowhere. Putting money into the areas that matter is what makes or breaks a company; an even balance among the most important aspects of your company and then the rest allocated into the other areas is where you want to be. Of course, those areas may change with the market and based on your competitors, so watching the market and how it impacts your company is also a business practice that will make a company successful.
The strengths and weaknesses of an organization’s decision to not prioritize recruitment and selection to focus elsewhere can vary. Some strengths are that the company is more likely to have highly developed departments based on where that focus went instead of recruitment and selection. This could involve a higher budget to be allocated to areas such as technology, environment, and market research to have a leg up amongst competitors. Some weaknesses are not having the specific talent necessary to stay in line with competitors. Employees are the soul of an organization and if you don’t have people working who are passionate, driven, and want to be there, the organizational culture will struggle with the overall success of the organization.
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