GUIDE
01.
Introduction
Every decision made in the business world comes with its own set
of trade-offs. Choosing one option often means sacrificing another,
and this is where the concept of opportunity cost comes into play.
Opportunity cost refers to the value of the next best alternative that
is foregone when a decision is made. In business, opportunity cost
is a crucial factor that decision-makers must consider ensuring that
resources are allocated efficiently and effectively.
In a perfect scenario, company bigwigs would constantly nail down
savvy, impartial choices that skyrocket their organization’s growth
and earnings. But let’s face it, we’re far from that utopia. Decision-
making can turn into a real resource drain causing teams to cut cor-
ners or settle on choices with half-baked intel. Welcome to the world
of business decision-making, where sneaky opportunity costs lurk,
threatening to trip up a company’s mojo.
The workplace is no different than any other place where people af-
filiate based on common interests - schools, churches, sports teams,
etc. The key difference is that workplaces have goals that profoundly
impact not just employees but external stakeholders like investors
too. To grasp the inner workings of an organization, you first need
to understand the common behavioral archetypes you’ll encounter
and how they can unintentionally impede or aid progress. Some
may be detail-oriented micro managers who slow decision-making.
Others are “big picture” visionaries who overlook critical flaws. Of
course, many exhibit a blend of strengths and weaknesses. An of-
fice comprises diverse personalities, working styles, and mindsets.
Learning to collaborate across this spectrum is essential, as even
close-knit teams can have blind spots that lead to poor choices.
In this piece, we’re diving deep into the secret pitfalls of the person-
ality types that can derail both large and small efforts in the busi-
ness world, their associated opportunity costs, and how to overcome
these obstacles, including the right hiring mix and tactics to deliver
a killer boost in your company’s overall game.
In this paper, we’ll explore:
$680B
Poor talent
management
decisions cost
$680 billion per
year in
employee
turnover
(Gallup, 2023)
Problematic
Workplace
Personalities
1.
2.
3.
Their Ensuing
Opportunity
Costs
Tactics for
Minimizing Their
Organizational
Impact