Resource-Based Approach To Strategic Human Resource Analysis
Discuss the Resource Based Approach to strategic HRM as a better alternative and its managerial implications in terms of HR actions.
“Strategic human resource management is about systematically linking people with the organization; more specifically, it is about the integration of HRM strategies into corporate strategies. HR strategies are essentially plans and programmes that address and solve fundamental strategic issues related to the management of human resources in an organization” (Schuler, 1992). The fundamental aim of strategic human resource management is to generate organizational capability by ensuring that the organization has the skilled, engaged, committed and well-motivated employees it needs to reach result. According to
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The resource-based view (RBV) of the firm has influenced the field of strategic human resource management (SHRM) in a number of ways. As Wright et al. (2001) note: “Though the field of SHRM was not directly born of the RBV, it has clearly been instrumental to its development”. This was largely due to the RBV shifting emphasis in the strategy literature away from external factors (such as industry position) toward internal firm resources as sources of competitive advantage (Hoskisson, Hitt, Wan, & Yiu, 1999). According to RBV proponents, it is much more feasible to exploit external opportunities using existing resources in a new way rather than trying to acquire new skills for each different opportunity. In RBV model, resources (tangible and intangible) are given the major role in helping companies to achieve higher organizational performance. Growing acceptance of internal resources as sources of competitive advantage brought legitimacy to HR's assertion that people are strategically important to firm’s …show more content…
VRIO analysis stands for four questions that ask if a resource is: Valuable? Rare? Costly to Imitate? And is a firm Organized to capture the value of the resources? A resource or capability that meets all four requirements can bring sustained competitive advantage for the
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