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Human Resource Managment - Term Paper Example

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Human Resource Management is Essential for the Firm’s Achievement of Competitive Advantage Name of the of the Department Name of the University The Award for which the Project is Submitted The Name of the Supervisor The Month and Year of Submission Human Resource Management is Essential for the Firm’s Achievement of Competitive Advantage Introduction Human Resource Management (HRM) is the use of employees’ skills as the organization’s core competency, to achieve corporate goals…
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Human Resource Managment
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Download file to see previous pages A distinctive capability that creates high value and differentiates an organization from its competition is a core competency. Human Resource Management policies help to define the approaches that are adopted in the organization both in developing employment practices and in implementing them; and constitute specific guidelines for managers, facilitating “empowerment, devolution and delegation” (Armstrong, 2006, p.147). Human resource or employment policies help to establish corporate values, shape corporate culture and provide frameworks to promote consistent and equitable decisions on the management of employees. To increase an organization’s competitive advantage, one of the important goals of human resource management in an organization is to promote employees’ motivation towards achieving increasing productivity. Similarly, changing the organization’s culture to one that is more empowering for employees, helps to attain organizational objectives. Thesis Statement: The purpose of this paper is to investigate the importance of Human Resource Management in helping an organization to achieve competitive advantage. HRM Strategies for Achieving Organizational Competitive Advantage Human Resource Management strategies are approaches that are adopted in the organization for both developing and implementing employment practices; they are based on policies or specific guidelines for managers facilitating “empowerment, devolution and delegation” (Armstrong 2006, p.147). Human resource strategies aim to establish corporate values, shape corporate culture and provide frameworks to promote consistent and equitable decisions on the management of employees. According to Burke and Cooper (2005), traditional views on competitive advantage focused on barriers to entry as “economies of scale, patent protection, access to capital, and regulated competition” (p.3). More recent perspectives have emphasized a different source of competitive advantage, a company’s human resources and human capital. Organizations are confronted with new demands arising from increased competition, globalization, and technological advances. These phenomena make creativity, innovation, speed and flexibility vital for organizational efficiency. These assets are abstract, do not appear on a balance sheet, but exist in people and management systems. The role of human resource strategy to optimize organizational performance is being reconsidered. Rather than seeing the HR function as a cost, it should instead be seen as an investment, “a strategic lever for the organization in creating value” (Burke & Cooper, 2005, p.3). Thus, there is an increasing trend for human resources to be considered as the main differentiating factors contributing to a company’s competitive advantage. This underscores the belief that the knowledge and skills of employees is much more difficult to imitate, as compared to other resources. Thus, Human Resource Management believes employees to be valued assets, with the potential to ensure competitive advantage based on their commitment, adaptability and high quality skills. A study ...Download file to see next pagesRead More
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