Human Resource Management: Jay Barney's Sustainable Competitive Advantage
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According to the Strategic Management Society (2017) Jay Barney is a presidential Professor of Strategic Management and Pierre Lassonde Chair of Social Entrepreneurship at the University of Utah. He is an American professor and has a great contribution in the field of strategic management. In 1991, Jay Barney came up with a new theory “Firm resources and sustained competitive advantage.” According to Barney (1991) resources that are valuable, rare, inimitable and non- substitutable are sources of a firm’s competitive advantage if used efficiently and effectively. And this has been regarded as the resource based view (RBV) in the field of strategic management which is different from the attractiveness of external and internal environment analysis of porter’s five forces of competition (1979). Even today also many organization regards resource based view (RBV) as the contributing factor for the in depth knowledge about the available resources and the sustained competitive advantage including human resource management (HRM). Therefore this essay is about the contribution of Barney in the field of human resource management and the relationship of strategic human resource management along with the sustainable competitive advantage.
I will like to explain the Barney’s (RBV) resource based view model along with the diagram below: Fig: Barney’s Resource Based View (RBV)
From the above figure it is clear that to have the
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Resource based view is the tool that is used in order to evaluate the resources that are important for the organisation to make their performance effective. It is regarded as a significant approach that is used by the organisation towards attainment of competitive advantage. The aim of this paper is to evaluate the resource based view literature and then applying the knowledge on the evaluation of a case study organisation. The selected organisation is Zara Fast Fashion, which is analysed with the help of use of RBV towards achievement of sustainable competitive advantage. The theoretical concepts of the resource-based view is analysed and applied on Zara as a real world example.
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INTRODUCTION Human resource management is the strategic approach to the management of an organization 's most valued assets - the people working there who individually and collectively contribute to the achievement of the goals of the business (Armstrong, M., 2006). In other words, human resource management is a to work with employees, and for the employees, to help them solve their problems. Therefore, human resource is a complicate department, as they deal with people who already work there, they also deal with several issues which happen among new employees, such as recruitment, selection and so on. Nowadays, employee retention becomes one of the most significant issue in the organizations, and managers are aiming to find the best employees
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Reasons for choose this manager – ZARA HRM’s importance has grown dramatically in the last two decades. This new importance stems from increased legal complexities and the recognition that human resources are a valuable means for improving productivity, the awareness today of the costs associated with poor human resource management. The report will discuss the ZARA company about the human resource. ZARA is a subsidiary of the Spanish Inditex group, which is not only the clothing brand, but also the franchise ZARA brand clothing retail chain brand. Inditex is ranked first in Spain, the world's third largest clothing retailer, in 2005 its global sales of EUR 6 billion 741 million, sales of up to 429 million, net profit of $803 million.
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COST STRUCTURE OF SAMSUNG Low cost structure of Samsung and high responsiveness to economic events has made Samsung more competitive. For example, initially Samsung focused more on volume and domination on market rather than increasing profitability. However, in 1990s, during the Asian financial crisis, Samsung cut costs and reemphasized product quality and manufacturing flexibility, which allowed its consumer electronics move from project phase to store shelves within next six months. Under the resources-based view of strategic management, effective resources available to a firm, as well as the competency of a firm is responsible in affecting competitive advantage received by a firm.
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