(2010) suggest that general human capital may also be a source of competitive advantage under certain circumstances. Although most research has shown that firm-specific human capital has a stronger relationship to firm performance than general human capital does, the findings of Campbell et al. (2011) found that human capital resources are significantly related to firm performance. Resources include tangible assets, such as financial capital (e.g., monetary assets and cash) and physical capital (equipment, technology, delivery systems), and intangible assets or human capital. According to resource-based theory, a resource is anything that can potentially provide an organization with a competitive advantage ( Barney 1991). 2013).Īn important way that an organization attempts to turn competitive challenges into competitive advantage is through its business strategy. However, they also want flexibility to decide when and where to work to effectively balance work and life demands ( Butts et al. They value feedback about their job performance, opportunities to develop their skills, and work that is challenging and personally fulfilling yet contributes to their organizations’ goals. Employees’ expectations about work are also changing. Organizations are having difficulties finding employees with suitable skill sets for open positions and are uncertain about how to best manage and capitalize on the talents of a workforce that is increasingly diverse in terms of age, race, and national origin ( Galagan 2010, SHRM Found. Labor market and workforce characteristics pose another set of challenges. Technological challenges include deciding whether and how to use mobile computing and social media, which provide unprecedented access, connectivity, and immediacy to communications for employees, managers, customers, and suppliers. Economic challenges include uncertainty about growth and how to position themselves in a global and services-dominated economy and the necessity of satisfying multiple stakeholders (shareholders, employees, community, and environment) ( Meister & Willyerd 2010). Today, organizations face economic, global, technological, and labor market challenges to their competitiveness.
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