The Essence of Strategic Leadership: Managing Human and Social Capital

Michael A. Hitt · R. Duane

406 citations0/0 files storedJournal of Leadership & Organizational Studies

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Leadership and Management in Organizations Innovation and Knowledge Management Human Resource and Talent Management

Abstract

A new type of strategic leadership is required to help firms successfully navigate the dynamic and uncertain environment in which they compete today. The strategic leadership needed in 21 st century firms is involved with building company resources and capabilities with an emphasis on intangible human capital and social capital. Human capital is the firm's repository of valuable knowledge and skills; social capital provides access to critical resources. Both are significant contributors to achievement of a competitive advantage. Leaders must effectively manage these important resources for the firm. Management of these resources involves evaluating current resource stocks and making changes such as adding (e.g., developing or acquiring externally) and deleting (e.g., layoffs) human resources and external relationships. To create value, the resources must be configured to develop capabilities that can be leveraged in ways to create competitive advantages. The dimension of strategic leadership we describe here is called effectuation. This new type of approach to leadership has important implications for management scholars and practitioners.

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References

1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1990Absorptive Capacity: A New Perspective on Learning and Innovation 1988Social Capital in the Creation of Human Capital 2000Social Capital in the Creation of Human Capital 1998Social Capital, Intellectual Capital, and the Organizational Advantage 1997The Tacit Dimension 2002Absorptive Capacity: A Review, Reconceptualization, and Extension

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