How can human resources management be instrumental in helping a company create a competitive advantage?

Human
resources play a key role in creating a competitive advantage for many different types of
company. Especially in the "resource light" new economy, the main value in some
companies lies in the ideas and talents of creative and innovative people rather than in capital
or other tangible assets. The innovative ideas and designs of Steve Jobs for Apple or Bill Gates
for Microsoft or Warren Buffett for Berkshire Hathaway were the keys to the successes of those
companies. What this means is that attracting and retaining top talent is the key to success in
many industries.

Human resource management, though, is about more than just
the stars at the top ranks of a company. At every level of a company's workforce, workers can be
more or less productive. A strong human resources department can facilitate finding the best
people for every role, providing them with the training to constantly hone and update their
skills, and providing a positive work environment which improves productivity and...