BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Strategic Fit
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Strategic Flexibility
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The Best Fit Approach
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Best Practice Approach
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Detailed explanation-1: -The best fit approach is in line with contingency theory. It emphasizes that HR strategies should be congruent with the context and circumstances of the organization. ‘Best fit’ can be perceived in terms of vertical integration or alignment between the organization’s business and HR strate-gies.
Detailed explanation-2: -The ‘best fit’ approach “argues that firms must adapt their HR strategies to other elements of the firm’s strategy and to its wider environment. What constitutes a good HR strategy will depend on the specific context” (Boxall & Purcell, 2011:63).
Detailed explanation-3: -Universalistic or ‘best practice’ approach to HRM relates to the viewpoint that there is a set of best HRM practices and their adoption is going to generate positive results regardless of the circumstances associated with organisations.
Detailed explanation-4: -Strategic fit expresses the degree to which an organization is matching its resources and capabilities with the opportunities in the external environment. The matching takes place through strategy and it is therefore vital that the company has the actual resources and capabilities to execute and support the strategy.