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Organizations have different types of resources, but recently the wide public acknowledged human resources as the most valuable source. For example, in many countries, economies were originally based on natural resources and their exchange. Similarly, physical objects such as property were more valued by organizations in the past (Bennis, 1999). Furthermore, it is more difficult to measure the potential of human workforce compared to physical and financial resources (Gilley et al., 2002). However, the new executive mindset perceives employees’ skills, employee selection, and development as an important source of competitive advantage. The rising importance of employees is connected with the growing value of human capital. According to Boon et al. (2018), human capital can generate economic benefits. On the contrary, the economic benefits of physical and financial resources can lose their value or even end.
Thus, employees are more important when compared with physical and financial resources because they are more reliable and can only grow in value with time. Furthermore, the other factors that should be considered in defining the importance of human capital are flexibility and creative potential for innovation (Easa & El Orra, 2020). I do not believe that human resources are the only way to sustain a competitive advantage for an organization because many practices can provide a competitive advantage. For example, reducing production costs allows the company to release additional financial capital that can be directed to the implementation of innovative solutions, which ultimately leads to a competitive advantage. However, I believe that the quality of human resources is essential for an organization’s long-term success. Thus, the leadership lesson I can learn is that human capital presents the most important resource for the organization and determines its potential, which means that the leader needs to pay attention to each employee.
References
Bennis, W. (1999). Managing people is like herding cats. Executive Excellence.
Boon, C., Eckardt, R., lepak, D. P., & Boselie, P. (2018). Integrating strategic human capital and strategic human resource management. The International Journal of Human Resource Management, 29(1), 34-67.
Easa, N. F., & El Orra, H. (2020). HRM practices and innovation: An empirical systematic review. International Journal of Disruptive Innovation in Government, 1(1), 15-35.
Gilley, J. W., Eggland, S. A., & Gilley, A. M. (2002). Principles of human resource development (2nd ed.). Basic.
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