A look at the modern business environment and its impact on maintaining a competitive edge.
Written in 2009; 1,262 words; 2 sources; APA; $ 42.95
Paper Summary:
This paper discusses how modern businesses are characterized by intense competition and and how they have to reengineer their operations continuously in order to maintain a competitive edge. The paper goes on to explain how the three competitive strategies available to top management in their efforts to maintain profitability are not relevant to the traditional business model under which human resource management is practiced.
Outline:
Introduction
Key points about the topic
Impact analysis
Recommendations
From the Paper:
"The modern business environment is characterized by intense competition and businesses have to reengineer their operations continuously in order to maintain a competitive edge. In this respect, business organizations have to build a sustainable competitive edge in order to get value out of it. Therefore, researching sources of sustainability when it comes to building a competitive edge is the primary concern for the top management. Mainly three competitive strategies are available to the top management in their efforts to maintain profitability: differentiation, cost minimization and niche marketing. However none of these strategies are relevant to the traditional business model under which human resource management is practiced. As a result, the field of human resource management incurs costs that contribute little to the further development of the strategic focus of a company. However the top management has to incur the costs of maintaining a human resources department in order to address the needs of their employees, their most valuable assets. Unless employees are satisfied with the quality of their working environment, their performance will suffer and that impairs organizational competitiveness. However the strategic value of human resource functions is hard to assess as they are not directly related to the process of maximizing profits. Therefore, the question that faces the management of an organization is connected to how human resources functions can be given strategic value."
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