STRATEGIC HUMAN RESOURCE DEVELOPMENT IN HIGH-REGULATED FINANCIAL SERVICES: AN INTEGRATIVE RESOURCE-BASED VIEW MODEL FROM A FUTURES BROKERAGE FIRM

Abstract This study develops an integrative strategic human resource development (HRD) model grounded in the Resource-Based View (RBV) to enhance sustainable organizational performance in high-regulated and high-risk financial service industries. While prior research has investigated compliance, service quality, risk management, technology utilization, and corporate reputation independently, limited studies have examined their strategic integration within a unified HRD framework. Using a qualitative case study approach in a futures brokerage firm in Indonesia, data were collected through in-depth interviews with five senior branch leaders and HR decision-makers. Data were analyzed using Miles and Huberman’s interactive model, and trustworthiness was ensured through source triangulation and cross-informant validation. Findings reveal that sustainable performance improvement emerges from five interconnected HRD pillars: compliance capability, service infrastructure, risk governance capability, digital enablement, and reputational capital. These dimensions collectively strengthen strategic HR competence aligned with VRIN characteristics—valuable, rare, inimitable, and non-substitutable—thereby generating sustainable competitive advantage. This study contributes to strategic HRM literature by operationalizing RBV in a high-regulated financial intermediation context and proposing an integrated HRD architecture applicable to regulated service industries.