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There is resource-based theory of the firm, which is based on the
notion that a firm's HRM system can constitute on source of competitive advantage. A resource can be considered to be a source of sustained competitive
advantage if it meets the criteria of non-substitutability, inimitability, rarity
and value. Whilst some commentators argue that the practices used to manage human resources are a potential source of sustained competitive advantage, others argue that it is the human resources themselves that meet the four resource criteria: 'it is through the human capital pool and employee behaviour that human resources can constitute a sustained
competitive advantage.' HR practices, they argue, are possible to imitate across
organizations, although their effect may vary across contexts.

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