An organization's human resource management (HRM) function focuses
on the people aspect of management. It consists of practices that
help the organization deal effectively with its employees during
the various phases of the employment cycle. Organization's success
depends on how an organization manages its resources. Human
resource is becoming more important because many other sources of
competitive successes are less powerful than they once were. As the
basis of competitive advantage has changed it is essential now to
develop a different frame of reference for considering issues of
management and strategy. Competitive advantage is a status achieved
by a company when gaining a superior market place position relative
to its competition. Organizations can gain competitive advantage
over competitors by effectively managing their human resources. HRM
practices of an organization can be an important source of
competitive advantage. As the management of human resources is less
susceptible to imitation, the competitive advantage achieved
through HRM practices is likely to be more sustainable than that
achieved by other means.
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