Innovation stemmed from investments in human capital is

the only way an organization can sustain its competitive

advantage in a dynamic environment
Esoft Metro Campus - Kandy
MASTER OF BUSINESS ADMINISTRATION
(Academic Year 2021-2022)

MN 7181
People and Organizations Principles and Practice in Global Contexts

Lecturer:

Dr. M. J. Mohamed Razi

BY
K.A. Chathurika Jayangani Kasthuriarachchi
LMU ID – 22014824
ESOFT ID - E160759
Executive Summary

It is essential for businesses operating in a competitive market environment to constantly adjust

their goals and objectives in order to keep up with the competition.  A competitive market is one
in which a large number of enterprises are engaged in direct competition with one another. A
dynamic corporate environment is one in which things are constantly changing. To be relevant in
a constantly changing market, organizations must constantly innovate and create fresh ideas,
products and services (BBC, 2022). Purpose of this essay is to examine the claim that only
through investing in human capital can a company competitive advantage in the industry in a
changing environment, which is based on strategic human resource management. Study
thoroughly analyzes the background of human resource management and strategic human
resource management, innovation, competitive advantages of a company operate in dynamic
environment, how investment in HR leads to innovation, how innovations help to gain in
competitive advantage and finally the significance of investment in human resources for gaining
competitive advantage.

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Table of Contents

1. Introduction..............................................................................................................................2

2. Strategic Human Resources Management................................................................................3

3. Innovation.................................................................................................................................5

4. Competitive Advantage............................................................................................................6

5. Importance of Human Resources for Sustainable Competitive Advantage.............................7

Discussion of Related Theories...................................................................................................7

6. Investments in Human Capital to Achieve Competitive Advantage........................................8

Training........................................................................................................................................9

Improving Working Conditions...................................................................................................9

Teaching New Skills....................................................................................................................9

7. Factors/Issues to Consider at Human Capital Investment......................................................10

8. Relationship Between Investment in Human Capital and Innovation...................................10

Asian Development Bank Survey..............................................................................................10

Further Studies and Findings.....................................................................................................12

9. Suggestions to Improve Innovation through Human Capital Investment..............................13

10. Conclusion..........................................................................................................................14

11. References...........................................................................................................................15

Table of Figures

Figure 1: Functions of Strategic Human Resource Management....................................................5

Figure 2: Ways to Increase Human Capital...................................................................................10

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1. Introduction

A company's success depends on its ability to attract and retain talented employees with unique
abilities, which may contribute to a sense of trust and unity among employees and management.
Business organizations are looking for new ways to compete and ensure their survival in the
business world as a result of the development of a set of difficulties in the knowledge economy.
So, the notion of competitive advantage based on human capital is essential for enterprises at all
levels, whether local, regional, or global. New ideas, evolution of existing ideas, and
contributions to help organizations extend their present market share and maximize value may all
be attributed to competitive advantage due to human capital. It is possible for businesses to
achieve long-term sustainability and future continuity by gaining an edge in the market via the
use of highly skilled human resource (Alnidawi , et al., 2017).

2. Strategic Human Resources Management

It is essential to understand the background of strategic human resource management. An

organization's long-term plan for accomplishing its business goals via its personnel is dealt with
by the field of human resources management (HRM). First and foremost, a company's
competitive edge is derived from its human capital; second, people carry out the complete
strategy; and third, a systematic methodology should be used to determine where the company
needs to be or how it reaches there. Overarching tactics are used to establish HR plans that are
connected both vertically and horizontally to the company's entire business strategy. Planning
and implementing human resources are only two examples of the many aspects of human
management. A wide range of topics are covered, from the general health of a corporation to the
specific needs of individual workers (Michael , 2006) in the area of human resource
management.

Strategic HRM focuses on acts that separate the company from its rivals (Purcell, 1999). As
stated by Hendry and Pettigrew (1986), the term "strategic HRM" has four meanings: a strategic
approach to the design and administration of personnel systems, based on an employment policy;
workforce strategy, and frequently backed by an "ethos" of employment; linking HRM actions
and policies to a certain specific business strategy; and perceiving the people of the company as a
strategic resource to create "competitive advantage." When it comes to broad organizational

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concerns including structure and cultural shifts, resource allocation to meet future demands,
unique capability development, knowledge management, and change management, strategic
human resources management (HRM) takes a comprehensive approach. Both human capital and
process skills, or the capacity to just get things done in an efficient manner, are addressed. In
general, it covers any important human resource concerns that have an impact on or are
influenced by the organization's strategic goals. There are strategic considerations involved in
HRM, such as selecting the right executive leadership and establishing healthy patterns of
employee interaction, according to Boxall (1996).

Strategic HRM is based on the idea that it is better to have an agreed-upon and well-understood
foundation on which to build people management strategies over the long term. It has been stated
by Lengnick-Hall and Lengnick-Hall (1990) that the notion of attaining competitive advantage
via HRM is underpinning this reasoning in a firm. Strategic HRM provides a viewpoint on how
essential challenges or success factors connected to people may be handled, and strategic choices
are taken that have a large and long-term influence on the behavior and performance of the
business. By ensuring that the company has the qualified, dedicated, and highly motivated
personnel it needs to create long-term competitive advantage, strategic human resources
management aims to develop strategic competence for the business as a whole. So that company
goals and employee needs may be satisfied via the formulation and execution of coherent and
realistic HR policies and programs in an ever-changing environment, it aims to give a sense of
direction. Strategic HRM, according to Dyer and Holder (1988), should offer 'unifying
frameworks that are at once broad, contingency-based, and integrative'. For strategic HRM to be
successful, it must take into consideration the interests of both workers and owners and managers
alike. HRM as defined by Storey (1989) will concentrate more focus on human relations part of
personnel management, emphasizing lifelong learning and communication, as well as a sense of
belonging and control over one's own work/life balance. Consideration should be given to the
ethical implications of the proposed solution.

There are two approaches to human resources management: "hard strategic HRM" and "soft
strategic HRM." Hard and soft aspects of HR should be considered equally in strategic HR
management. All organizations have a goal and must guarantee that they will have the necessary
resources and that they utilize them wisely in order to accomplish that objective. There are also

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human issues that should be taken into account while implementing strategic HRM. When
developing a strategy for an organization, leaders need to keep the interests of all employees in
mind, according to Quinn Mills (Quinn , 1983). The problem is that in many businesses, hard
considerations will take precedence over soft ones, leaving the latter in the backseat (Michael ,
2006).

Figure 1: Functions of Strategic Human Resource Management

Source: Aline Sampras (2020)

3. Innovation

Competitiveness in today's world is strongly dependent on innovation. This means that

businesses must always explore for new methods to innovate since old solutions don't always
work. Many people confuse the terms "innovation" with "creativity." They're similar, but not
identical. It is crucial to employ creativity in business since it encourages the development of
new ideas. This newness is essential to the process of invention.  A new concept must also be
practical. Not all innovative ideas come from creative thinking, and not all feasible answers to
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challenges come from creative thinking.  If one wants to boil it down to its most basic terms: an
innovative product, services, business model, or strategy. Customer service improvements and
new features for an existing product are examples of small-scale innovations that do not need
large technological breakthroughs or whole new business strategies. Innovations in the
workplace may be encouraged through a variety of approaches. Creative problem-solving, for
example, may be used when the root cause of an issue cannot be determined. Implementing a
design thinking mindset is an excellent way to spur new ideas for products and services
(Michael, 2022).

4. Competitive Advantage

Companies in a competitive industry must either carefully study and incorporate developments
or be inventive themselves in order to thrive. Competitive advantage can only be achieved by
businesses that provide new ideas. The need to locate new sources is exacerbated by the dynamic
nature of the market and the shifting dynamics of the competitive landscape. In Porter's view,
gaining a competitive edge via low-cost labor or large-scale economics is a thing of the past.
Currently, innovation is the most significant factor. The ability of nations to innovate and their
investments in invention are now the foundations of modern international trade theories. The
winner is the one who can come up with innovative means of producing or distributing items,
and who can bring in new ones. Productivity, cost reduction, and growth are the goals of many
companies. By using new technologies and strategies, these businesses are able to lower their
expenses, boost their output, and stand out from the competition. As a consequence of the
competitive advantage gained via innovation, more people are employed, earning more money,
and enjoying better economic conditions. The ability to gain a competitive edge and hold onto it
over the long term is what innovation provides. A company's growth may be accomplished
through improving its productivity and profit margin. As a result, critical aspects are more likely
to be satisfied. Inventing something fresh is now an absolute need. Creating new values is the
only way to get an edge over rivals in a changing market environment (Deniz , 2015). Human
Capital is now widely regarded as the most crucial competitive advantages in the majority of
businesses. One of the company's intangible assets is its human capital, which includes all of the
company's employees' skills. These competences include a wide range of talents, education, and
experience, as well as potential and ability. When an organization understands how its human

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resources contributes to its performance, it is considered possible for it to be assessed and
managed efficiently in order to devise future competitive strategies, executives must focus on
developing the organization's human capital (Memon, et al., 2009).

5. Importance of Human Resources for Sustainable Competitive Advantage

A dynamic and complicated competitive environment has produced a great deal of uncertainty
for businesses, but uncertainty also presents opportunity. This has been shown to be the case by
Hitt and colleagues in 2002 (Michael, et al., 2002). It's important for companies to keep an eye
on their human resources since their rivals are continually looking for better employees. Capacity
to establish a distinctive team is the most cost-effective strategy to generate a sustained
advantage. Influenced by the method in which corporations manage their employees, their
performance. People think that a company's performance may be improved by employee
involvement, empowerment, and job design (Memon, et al., 2009). Examples of these include a
production system centered on teams, thorough training for employees, and performance-based
incentives. A company's most valuable asset, its people, may provide it a competitive edge via
effective human resources management, often known as "human capital management” (Richard,
2001). Technology and physical resources, on the other hand, are more easily imitated and
transferred than other competitive advantages (Memon, et al., 2009).

As a result, one of the most important ways that firms may differentiate themselves is via the
development and nurturing of their human resources (Yazdani, 2008). Employees may be a
crucial source of competitive advantage if they are valuable, difficult to replicate, and above
average. Recent study suggests that human capital elements including, education, experience,
and abilities, as well as the influence of leadership, have a direct impact on a company's success.
Knowledge becomes a vital factor in gaining a competitive advantage in the new economic
environment, and the human aspect has risen in prominence as a result. There has never been a
greater need for an organization's human resources to play a role in attaining an organization's
competitive edge. A firm's competitive advantage comes from creating an environment that
provides employees with knowledge, motivation, and engagement that is tough for its rivals to
copy (Memon, et al., 2009).

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Discussion of Related Theories

According to the resource-based theory of organization, competitive advantages can only exist in
conditions of organizational resource heterogeneity and organizational resource immobility.
These assumptions separate the resource-based model from the classic strategic management
model. In order for a resource to give a sustained competitive advantage to an organization, four
criteria must be assigned to resources: (a) the resource must contribute positive value to the
business; (b) the resource should be unique or uncommon among current and future rivals; (c)
the resource must be somewhat easily replicable; and (d) the resources cannot be replaced for
another resource by a competitive organization. Thus, because of the variety of resources, the
immobility of resources and the fulfillment of value needs, scarcity, imperfect imitation, and
non-substitution, resources and capabilities may be a source of long-term competitive advantage
(Lengnick-Hall & Lengnick-Hall, 1990).

When it comes to long-term competitive advantages, Barney (1991) argued that the resource-
based approach shows that firms cannot hope to obtain sustainable advantages since such
advantages can only be found in the exceptional and non-fungible resources already existent in a
company, such as human resources, which may be a competitive advantage in and of themselves.
In strategic management, resource-based theory is getting a lot of attention right now. Internal
examination of the company is a critical area for SHRM researchers to investigate how firms
strive to build human resource as a competitive advantage. Since the talents of an organization's
members are seen as a resource that may give a resource for a sustainable competitive advantage,
the resource-based perspective of the unique competence of an organization is related to utility
studies of employee value (Schuler, et al., 2001). Human resource advantages may be achieved
via resource-based SHRM, according to Buller and McEvoy (Buller & McEvoy, 2002). As an
objective, we want to build our strategic capabilities. As a result, the strategic alignment of
opportunities and resources is achieved, as well as additional value being gained through the
proper allocation of resources. As part of SHRM's continuous research, it seems that HR
practices must be integrated into the organization's strategy creation phases. To show the reality
that plans are not generally possible, but rather rely on having the necessary employees to
execute them, a resource-based method may be used during the planning phase of strategic
management to examine a specific set of human resources (Fieras & Tarik , 2021).

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6. Investments in Human Capital to Achieve Competitive Advantage

Investing in human capital may be done in a variety of ways. Employers have the option of
investing in collective human capital in the form of general or specialty training, which allows
employees to gain broad knowledge that can be used across a variety of industries. A greater
predicted future return on investment is the outcome (Mura & Sleziak , 2014).

Training

Training was basic conventional method of a human capital investment. Training provides
people with skills and confidence they need to succeed in the workplace. Employee retention and
productivity are both boosted when companies invest in their employees' education and training.
This is due to the fact that individuals place a high value on the possibility of personal progress. 
Nevertheless, training is just one method, even if it gains from being prominent and well-known.
Employers may help their employees advance their careers by supporting their personal
development and well-being, which go hand in hand. Employees benefit from ongoing coaching,
wellness perks, and development opportunities, which in turn enable them perform better and
much more sustainably, producing value for the firm (Maggie , 2021).

Improving Working Conditions

Investing in specialized human capital is a second option for human resource investment.
Investing in specialized skills and competences for a certain profession is the focus of this
investment. Another way the business may invest in its people is by enhancing working
conditions via the use of more effective and creative safety equipment and tools (Mura & Sleziak
, 2014). Employee health may also be improved by a high-quality social program.

Teaching New Skills

The third way to invest in human resources is to enhance and broaden company knowledge,
skills, and talents via high-quality corporate training. Investing in human resources in any of the
ways listed above is aimed at helping employees grow both personally and professionally by
teaching them new skills and fostering a more positive attitude toward the business and its goals
(Josef , et al., 2016). Investments in human capital should be evaluated using the same criteria as
those for fixed capital, but also considering the nuances and peculiarities that have an impact on
the whole investment process.

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Figure 2: Ways to Increase Human Capital

Source: BetterUp Web (2021)

7. Factors/Issues to Consider at Human Capital Investment

Consider the concept of strategic planning for human resources and two criteria: first, the
viability of investment that answers essential issues about resources' availability, efficiency, time
factor, money spent and the like. This is an important consideration. The investment's eligibility
is the second requirement. Afterwards, the investor reaffirms that the investment was the right
one. After considering the suitable tactics and methods, as well as the time and risk involved in
investing in human resources for the organization, a final decision will be arrived at. If a
corporation is considering investing in human resources, it must also take into account that the
amount of money that can be spent, as well as its projected return on investment from
management, capital costs, and an appropriately specified time horizon, are all factors that must
be taken into account (Josef , et al., 2016).

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8. Relationship Between Investment in Human Capital and Innovation

Asian Development Bank Survey

A survey by Asian Development Bank (2020) on the relationship between investment in human
capital and innovation emphasizes the need for employee training and development. The World
Bank Surveys, which include a large number of emerging Asian nations, contain slightly fewer
specific indices of innovations and human capital. An essential but often-overlooked corporate
characteristic when analyzing innovation is the link between a company's capacity to innovate
and also its human capital, as measured by the educational attainment of employees, employee
training, as well as industry-specific expertise of the top management. It's also being investigated
whether providing employees with training becomes more significant when companies confront
operational restrictions owing to a lack of suitably qualified people. They discovered that
companies that give even modest formal training to their staff are 7.5 & 7.7 percent more likely
to develop to launch a new product and apply a new procedure, respectively.

Firm-level training may refresh or enhance workers' expertise and more significantly, offer them
with specialized information that they wouldn't have gained otherwise. When the number of
employees with at least a high school diploma rises "very little," the odds of releasing a new
product go up by 0.042 percentage points. When a company's top management has more than 15
years of experience, the odds go up by 1.5 percentage points. Medium and big companies, on the
other hand, report new products and processes at rates of 4.6, 7.4, and 11.8 percent higher than
small companies, according to the study's results. Investment in Research and development
increases the likelihood of developing a new product or method by 34.8 percent and 38.4
percent, respectively, for companies that make R&D a priority. A new process and product
innovation is around 3.2 percent more likely to be reported by companies who export than those
that solely market domestically. Additionally, they looked at whether enterprises claiming a lack
of skills were more likely to engage in innovative activities if they received employer-sponsored
training. Training is linked to increases in the chance of launching the new product by 6.6% for
enterprises that do not suffer serious or very serious skills restrictions, and 12.4% for those that
do. Employer-sponsored training, according to the findings, may be a way to compensate for the
limitations caused by a poorly educated workforce (Sameer & Rosa, 2020).

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This study has found that a firm's human resource proxied by the proportion of employees with
college education, professional experience, and organization training are positively and
substantially linked with the chance of participating in product innovation, as well to a lesser
degree in process innovation, showing that various parts of human capital contribute to different
forms of innovation. Innovative ideas are more likely to be sparked by a well-trained staff. More
than 8% of new products and processes may be introduced by companies that give even little
training to their personnel. Firm-level training may refresh or improve workers' expertise, and
more significantly, supply them with unique information that is not obtained in general education
(Sameer & Rosa, 2020).

Further Studies and Findings

A study of Yitmen (2011) examined the link between intellectual capital management and the
drivers of competitiveness and innovation in a particular industry in Turkey, and established a
causal route where the management of the intellectual capital is positively linked to the drivers of
competitiveness and innovation. Strategic competitive advantage (SCA) is decided by an
organization's internal resource and its competitive position in the industry in which it operates
(Hamadamin & Atan, 2019). Thus, Boxall and Purcell (1999) suggested that SHRM practices
may provide firms with a distinct competitive edge if they were implemented. In addition to
external resources, strategic HRM practices have a significant impact on an organization's
success. When it comes to the organization's performance, human resources are recognized as a
vital resource that may be used alongside other key resources. The dynamic capacities of an
organization (Elliott, 2009), intellectual talents, human capital, and creativity are only a few of
the characteristics that academic writers have identified as having an impact on SCA.

Human resources must be built in such a manner that the company may take use of the implicit
knowledge contained within them to obtain an advantage over its competitors, according to
writers like Srivastava, Franklin, and Martinette (2013). As a result, implementing a
representative administration structure is important for gaining a competitive edge (Wright, et
al., 2001). For the organization's interest in strategic positioning, strategic concepts and
management offer room for growth in strategic thinking and management. Consequently, these
firms begin to build passion for how they might equip their Human resource department with
skilled and quality management, which adds to achieving an edge (Fieras & Tarik , 2021).

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According to resource-based thinking, it is critical to establish HR strategies that promote
employee commitment above short-term financial benefit since doing so is critical to achieving
successful results. Since the 1970s, strategic HRM has evolved from an active position in the
organization's management function to one that is more strategic in nature and focuses on
adaptability and integration. Human resource management must be tailored and incorporated into
the organization's overall strategy in order for it to be considered a strategic approach. In order to
get a SCA, the existing method has to be changed since it is readily replaced or replicated. It
seems that workers in today's corporate sector are having significant success in cultivating a SCA
(Emeagwal & Ogbonmwan, 2018).

9. Suggestions to Improve Innovation through Human Capital Investment

Solution-oriented and focused on human needs are the hallmarks of design thinking. Strategic
planning and design may be done utilizing the findings of observation and study. A company's
ability to develop and diversify its revenue streams via the introduction of new products and
services, as well as the enhancement of existing ones, is attributed to innovation. The
competitiveness and sustainability of a country's long-term development depends greatly on the
amount of innovation at the firm level. Training & human capital, regarded as the skills,
knowledge, and experience of a workforce, are widely accepted as one of the fundamental parts
of innovation inputs. Human capital is critical to both frontiers and catch-up innovation because
it increases a company's ability to take in and develop new information and expertise. When it
comes to deploying technology and products that have previously been developed elsewhere,
companies still require a team with the necessary skills and expertise. Increasing the pool of
human resources is more beneficial in the long run than policies like as tax incentives for R&D
and direct public investment, but these measures may spur innovation in the near term as well
(Sameer & Rosa, 2020).

Disparities in HRM theory emphasize several elements of managing organizational relationships

that reflect various national or industrial settings. Strategic management has traditionally seen
competitive advantage as being 'determined' by the competitive dynamics in an industry, and
firms would have to make decisions to adapt (cost-leadership strategy, differentiation). In a
world of hyper-competition & coopetition, strategic management theories now support the notion
that a competitive advantage should be built (Lajili , et al., 2020). However, the essential premise

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from all those preceding theoretical strategic models is, of course, the efficient utilization of
employees to accomplish corporate objectives. When it comes to achieving this aim, the worker
should use all of their 'resources', which include their physical (creative), mental (emotional),
productive (and interpersonal) components. To manage a contemporary knowledge worker, these
themes are essential and will continue to shape the application of the principles of human
resource management. (Fieras & Tarik , 2021).

10. Conclusion

Concluding the essay, companies that have well-trained personnel are more likely to be
innovative (Sameer & Rosa, 2020). Assets such as human capital have a significant influence on
competitive advantage and help to elevate a company's quality of life. The company's long-term
viability and success may be achieved via the development of a strong human capital asset. In
order for a firm to remain competitive, it must have a strong human capital advantage. In the
long run, investments in human capital are more sustainable than other forms of capital since
human capital increases in value over time and customers cannot replicate this particular
competitive advantage (Emeagwal & Ogbonmwan, 2018; Memon, et al., 2009; Lengnick-Hall &
Lengnick-Hall, 1990). The article concludes that long-term competitive position in a challenging
environment can only be achieved via innovation stemming from human capital investment, and
not through other short-term techniques.

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