HRM & Industrial Relations Practice Questions - ICSB Chartered Secretary HRM & Industrial Relations Exam

In the context of SHRM models, what does the 'Resource-Based View' (RBV) of the firm suggest?

HR should focus solely on minimizing labor costs to improve competitive positioning A firm's competitive advantage lies in its unique, valuable, rare, and inimitable human resources External environmental factors are the sole determinants of organizational success Organizations should standardize all human resource practices across industries

Correct Answer:

A firm's competitive advantage lies in its unique, valuable, rare, and inimitable human resources

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