Human Resource Management(HRM) deals with the process of recruitment and selection of the employees, provision of adequate training, induction and orientation, motivation of the employees, compensation and benefits, health and welfare measures and assessment of the employees. It also refers to the process of maximization and utilization of human resources with the available skills and resources. It can be said that every organization wants to have competent and skilled people for the effective and smooth functioning of the organization. The HRM professionals in an organization also has to determine the standards of the industry, provide fair compensation packages and encourage the people to work for the development of an organization (Storey 2014). The resource based view helps in achieving competitive advantage and it is also used to determine the strategic resources in an organization. The resource based view of HRM lays emphasis on some important key points such as identifying the key resources of a firm, assess whether the resources fulfill the VRIN criteria, protect and care for the resources. It is vital to exploit the different external opportunities and utilize the existing resources in a better way. Moreover, in resource based view, the resources are given the major role to help the companies (Armstrong and Taylor 2014)
The concept of sustained competitive advantage plays an important role in the sustenance of the company. In this era of globalization, sustainable competitive advantage plays an important role for the sustenance of the company. Sustainable competitive advantage helps in the long term success of an organization. A business organization is said to have sustained competitive advantage when it implements a value creation strategy. Moreover, sustained competitive advantage does not depend on the calendar time and thus helps the firm to attain competitive advantage (Brewster et al. 2016). Sustainable competitive advantage has several advantages and it helps to avoid the difficulty in specifying competitive advantage. The unanticipated changes in the economic structure of any particular industry can be a source of competitive advantage and it possess no importance to the firm (Sparrow et al. 2016). There are some resources in a new industry that can be regarded as a source of competitive advantage and thus may be advantageous for a particular firm. The conditions within the culture of the firm are regarded as an important source of competitive advantage. Some firms help to obtain sustained financial performance from different organizational cultures and this it helps in the development of a particular firm (Barney and Wright 1998). The attributes of a firm’s culture can be used as a source in order to achieve superior performance. On the other hand, there are certain firm which achieves superior competitive advantage that are not subjected to any kind of imitation and thus it acts as a sustained superior performance for that particular firm (Lin and Wu 2014). The HRM professionals can be regarded as a strategic partner in the provision of sustainable competitive advantage for an organization. It is the duty of the HR professionals to exploit and develop the unique characteristics of an organization. The HR executives must try to recruit the individuals with good skills, knowledge and talent who will help in the development of the organization. The HR executives must also try to nurture, execute and develop the different characteristics of the human resource of a firm that cannot be imitated by other organizations. The organization must develop the practices and systems that will allow the human resource professionals to bear the fruit of competitive advantage (Marler and Fisher).
The resource based view is an important step in strategic management and it helps in the provision of different view point which are considered necessary for the success of an organization. The success of the firm depends on the joint capabilities and resources which are different from the competitors. As the concept of human resource is changing, the new policies may become different and it might be difficult for eliminating and strengthening the capabilities. The resource based view gives importance to the internal resources in an organization. The different models of strategic human resource development is based the assumptions that a business strategy is dependent on a unique set of values will help in adjusting the attitudes and behavior of the employees (Bromiley and Rau 2016). There are certain human resource policies that are based upon unique set of responses from the employees. There are many strategies that are to be implicitly assumed and it becomes easier to rearrange the different complementary resources and assets. Moreover, the resource based model also provides a theoretical rationale for the HRM in the implementation of a particular strategy (Boxall 1996). Moreover, human capital advantage according to the resource-based view refers to those potentials which will help in capturing the exceptional human talent with the latent productive possibilities in the organization. It can also be referred to as a function of causally socially complex, ambiguous and historically evolved process such as co-operation, innovation and learning (Albrecht et al. 2015).
The resources which are considered to be a set of sustained competitive advantage are based on three different principles such as durability, transferability and replicability. The resources must be durable. For example, the key resources for sustaining competitiveness of Apple are its brand value. If a resource can be easily purchased or imitated by its competitors, it becomes less valuable. It also becomes important for the firm to assure that the key resource are immovable or there might be difficulty in the transfer of resources . The working conditions must also be good that the employees will be not willing to leave the organization. On the other hand, the concept of replicability deals with the condition with which resources and capabilities can be built from the scratch. The resources must be built in such a way so that it becomes difficult for the competitors to replicate. It might be difficult for a product or resources to capture the market if the competitors easily copy the products (Kozlenkova et al. 2014).
The contribution of human resources for the development of a company’s competitive position depends on the characteristics and their performance. This emphasis can be highlighted using VRIO framework. It is the responsibility of the management to recognize the different features for the development of human resources in the company. The human resources that are characterized by VRIO framework are considered as high quality human resources and thus it helps in the provision of sustainable competitive advantage. The development of human resource must be in accordance with the changes that are occurring in the environment. They are considered valuable if there is elimination of threat from the environment. Moreover, the opportunities also enables the human resource to be efficient focused on innovation and quality and consumer oriented. The state of competition and the plan of activities in the VRIO framework helps in the determination of present as well as future core competencies of the company. If the human resources are consumer oriented, efficient and focused on quality and innovation, they can be considered valuable. On the other hand, in case of human resource rarity, the value of human resource is considered necessary but it is not considered as a sufficient condition for gaining competitive advantage in the economy. It is necessary that the process of human resource development include spreading the tacit knowledge for the development of the company. In market conditions, the rarity of the employers is associated with the company which will help in frequent innovation in the industry. The issue of inimitability is regarded as logical extension of human resource rarity. The development and acquisition of human resource involves high cost for retaining rarity and inimitability. If the competitors can imitate the characteristics of the employees to gain competitive advantage, it will be based on competitive equality and not based on imitation. The personality of the company is based on the employees and thus it will act as a seal to the company that becomes difficult to imitate. The development of human resources will also help to carry out the activities in a proper way.
Tata Motors has succeeded in the identifying the areas in which they have strong international competitiveness and thus this has helped them to convert the sustained competitive advantage. It can be said that the goal of liberalization in the economic policy framework has tried to improve the profitability level of the company. These economic policies must try to remove poverty and try to foster prosperity among the people. The leaders and the managers of Tata Motors has clearly stated that in order to identify the different areas, it is necessary to have strong competitive advantage and thus will be converted to sustain competitive advantage in the economy. The company ensures that there is judicious mix of employees in the organization and this can be achieved through proper hiring of the employees in this sector. A consistent and regular recruitment of the people ensures that higher quality and top standard employees will be recruited in the company (Tata.in 2017). Moreover, government policies including the tax rate structure will affect the ability of the company to convert the international opportunity into reality and thus apply in the business entity. On the other hand, Nordstrom which is one of the most popular retail brand has focused on the recruitment process, compensation culture and practice in order to maintain highest sales among the retailers in USA. When the employees join Nordstorm, they are given adequate training which helps them to familiarize with the msission, vision and working conditions of the company. The promotion and the career growth opportunities also keeps the employees motivated and to share their responsibility for higher level jobs. It can be said that superior quality training, the high value of the organization will help in maximizing the potential of its pool of employees (Nordstrom.com 2017). Therefore, it can be said that changing the attitude requires change in the business culture in the organization and it supports innovation, creativity and expertise in the organization.
Albrecht, S.L., Bakker, A.B., Gruman, J.A., Macey, W.H. and Saks, A.M., 2015. Employee engagement, human resource management practices and competitive advantage: An integrated approach. Journal of Organizational Effectiveness: People and Performance, 2(1), pp.7-35.
Armstrong, M. and Taylor, S., 2014. Armstrong's handbook of human resource management practice. Kogan Page Publishers.
Boxall, P., 1996. The strategic HRM debate and the resource?based view of the firm. Human Resource Management Journal, 6(3), pp.59-75.
Brewster, C., Houldsworth, E., Sparrow, P. and Vernon, G., 2016. International human resource management. Kogan Page Publishers. Barney, J.B. and Wright, P.M., 1998. On becoming a strategic partner: The role of human resources in gaining competitive advantage. Human Resource Management (1986-1998), 37(1), pp.31 – 59
Bromiley, P. and Rau, D., 2016. Operations management and the resource based view: Another view. Journal of Operations Management, 41, pp.95-106.
Kozlenkova, I.V., Samaha, S.A. and Palmatier, R.W., 2014. Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), pp.1-21.
Lin, Y. and Wu, L.Y., 2014. Exploring the role of dynamic capabilities in firm performance under the resource-based view framework. Journal of business research, 67(3), pp.407-413.
Marler, J.H. and Fisher, S.L., 2013. An evidence-based review of e-HRM and strategic human resource management. Human Resource Management Review, 23(1), pp.18-36.
Nordstrom.com 2017. Nordstorm. [online] Available at: https://shop.nordstrom.com/ [Accessed 14 Dec. 2017].
Sparrow, P., Brewster, C. and Chung, C., 2016. Globalizing human resource management. Routledge.
Storey, J., 2014. New Perspectives on Human Resource Management (Routledge Revivals). Routledge.
Tata.in 2017. Tata. [online] Available at: https://www.tata.in/article/inside/73YbupY2yr8%3D/TLYVr3YPkMU%3D [Accessed 14 Dec. 2017].
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2019). The Concept Of Sustained Competitive Advantage. Retrieved from https://myassignmenthelp.com/free-samples/the-concept-of-sustained-competitive-advantage.
"The Concept Of Sustained Competitive Advantage." My Assignment Help, 2019, https://myassignmenthelp.com/free-samples/the-concept-of-sustained-competitive-advantage.
My Assignment Help (2019) The Concept Of Sustained Competitive Advantage [Online]. Available from: https://myassignmenthelp.com/free-samples/the-concept-of-sustained-competitive-advantage
[Accessed 24 January 2020].
My Assignment Help. 'The Concept Of Sustained Competitive Advantage' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/the-concept-of-sustained-competitive-advantage> accessed 24 January 2020.
My Assignment Help. The Concept Of Sustained Competitive Advantage [Internet]. My Assignment Help. 2019 [cited 24 January 2020]. Available from: https://myassignmenthelp.com/free-samples/the-concept-of-sustained-competitive-advantage.
MyAssignmenthelp.com is one of the noted service providers that deliver essay help. We provide tailored essay assistance to make sure that student gets online essay help exactly in the way they want it to be written. We at MyAssigemnthelp.com have built teams of consultants, who readily attend every query related to help me writing my essay. We provide essay writing help in forms of tips and steps in order o assist students with tough essay assignments.
Answer: Introduction When developing a representative sample size of a given population, it is important to note that the degree of accuracy solely depends on the size of the sample participants of the total population. the bigger/ higher the sample size of the population, the more reflective or representative the results of the findings are. This implies that when a small sample is picked from a bigger population under investigation, the lev...Read More
Answers: Leadership in Retail Industry Distributed leadership The distributed leadership refers to the analytical and the conceptual approach towards the leadership and the ways in which the leadership strategies within a given retail organisation. The theory was initially developed for the primary purpose of researches in the educational fields. The retail industry faces a huge impact of the distributed leadership. The distributed lead...Read More
Answer: 1.A communication policy document on social media helps in outlining defectors about how in your organization can communicate with their employees via online mode (Dent & Brent, 2015). The communication policy related to the social media must include rules and regulations, responsibilities and roles, legal risks related to the organization, accountability and security risks. 2.The methods that can be utilized for maintaining are a...Read More
Answer: Introduction Successful innovation in a majority of the companies across the globe are linked to transformational leadership. Transformational leaders particularly facilitate innovation within their companies and hence the tendency of the companies to remain innovative. The use of intellectual stimulation and inspiration motivation is, thereby, vital to the success of organizational innovation. Furthermore, transformational leaders en...Read More
Answer: Introduction Innovation and creativity are the major tools for an organization to sustain in the global business environment for longer run. With the increasing competition due to globalisation and revolution in the technological world, adaptation of creativity and innovative measures has become necessity for the organizations to match up with the global business requirements. The trend of adaptation of creativity and innovation is no...Read More
Just share your requirements and get customized solutions on time.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
I have a very good experience with assignment help. In last semester i will take help for many assignments. I got very good grades from these assignments. Now, this semester I will take help from them in many assignments. The price of the assignments...
great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job great job ...
it was good and fast. my grade was good. only hoped if the price could have been lesser or else all good.
Thank you for helping me and will support to promote to my friends. Great customer services