APPLICATION OF VRIO FRAMEWORK FOR ANALYZING HUMAN RESOURCES’ ROLE IN PROVIDING COMPETITIVE ADVANTAGE*
Keywords:
Human resources, VRIO framework, Value, Rarity, Inimitability.Abstract
In modern economic theory, employees are treated as most significant resource and due to their attributes marked as human resources. Usually, significance of human resources has been explained through their role in creating sustainable competitive advantage. Successful realization of human resources role assumes fulfilment of conditions within so-called VRIO framework. VRIO framework means that human resources have the following characteristics: value, rarity, inimitability, and organization. If human resources are valuable they may provide competitive equality. If they are also rare, they may provide current competitive advantage. If they are hard to imitate, they may provide sustainable competitive advantage, but only within the context that supports their effective and efficient usage. This paper points out the significance of human resources for creating competitive advantage, viewed from VRIO framework elements and analyses the extent to which initiative for using human resources’ potentials for competitiveness improvement is present in the companies in Serbia.Downloads
Published
12.04.2013
Issue
Section
Human Resources
License
The journal retains published articles’ copyrights, but they are simultaneously licensed under the Creative Commons Attribution License (CC BY-NC-ND), which allows individuals’ to share the relevant papers as long as authorship and publication in this journal are duly acknowledged.
How to Cite
Pesic, M. A., Milic, V. J., & Stankovic, J. (2013). APPLICATION OF VRIO FRAMEWORK FOR ANALYZING HUMAN RESOURCES’ ROLE IN PROVIDING COMPETITIVE ADVANTAGE*. Tourism & Management Studies, 575-586. https://www.tmstudies.net/index.php/ectms/article/view/447