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HRM for Strategic Advantage |
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This remarkable similarity of strategies is a result of the widespread popularity of reactive stances. Pfeffer's book, "Competitive Advantage Through People" is all about using the power of the workforce to develop competitive advantage through proactive human resource strategies.
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Pfeffer has identified a number of practices and policies that successful firms have used to develop their human assets. Among the major spin-off benefits of these practices are low overall labour costs, which does not necessarily mean low wages. On the contrary, Pfeffer shows that successful companies pay higher than average wages, attracting better than average job seekers. This allows them to demand better than average performance from their employees.
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The new strategy hinges on everyone adding as much value and quality as is possible. High wages, high hopes, high expectations, high productivity and low turnover - equals low overall labour costs and lasting competitive advantage.
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Pfeffer, Jeffrey. Competitive Advantage Through People: Unleashing the Power of the Workforce. Harvard Business School Press. Boston, MA. 1994.
Pfeffer begins by debunking Porter's famous "five forces" framework, which describes the competitive forces which supposedly determine a company's ability to earn above-average returns. He goes on to illustrate how a company's only source of sustainable competitive advantage is its workforce, and describes the alternative management practices which can bring the full potential of this advantage to the competitive battlefront.
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This book is a rich source of advice and insight for executives in today's highly competitive and constantly changing marketplace, and should be required reading for managers in unionized workplaces.
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