One of the quotes that Lovelock and Wirtz (2007) had compiled in the latest edition of Services Marketing: People, Technology and Strategy is regarding people as assets by Jim Collins. He said:
The old adage, “People are your most important asset,” is wrong. The right people are your most important asset.
Although Lovelock and Wirtz’s Services Marketing refer ‘people’ (one of the 7Ps) as those in front-line positions, this quote can also be pointed out to any individual in the organisation. In other word, ‘people’ can also refer to employees of an organisation, and based on Collins’s quote, having the right people is most crucial. This requires a hiring process that is not …show more content…
4.2 Time Factor
Two aspects can be seen under the time factor: long- or short-term orientation – whether employees are hired under long- or short-term perspective – and the hiring period – when new employees such as new graduates, mid-career persons or part-timers are usually hired.
The American-style of management emphasises its recruitment and selection process on a short-term basis. According to the Japan Institute of Labour (2002), when required personnel is being planned out, short-term (as in quarterly) vision and the business situation of the company are taken into consideration. By focusing on the current business situation and short terms considerations, it is easier for companies in the US or others using the American style to “secure the most suitable human resources for a job from outside the company” (Japan Institute of Labour, 2002) in a