PLEASE RESPOND TO THIS, I MUST COMPLETE A PEER REVIEW ON THE BELOW. Thanks
Please demonstrate critical thinking abilities. No fewer than 100 words for post.
For this response, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA (6th edition). The list of references should be physically positioned at the end of the postings.
1.Compare/contrast the essential differences between the best-fit and best-practices perspectives. How do these perspectives impact an organizationâ€™s competitive advantage?
In order for organizations to remain competitive or ahead of the rest of the industry they must stay innovative and acquire the talent that will allow for this. HR is given the task to align talent with the organizations goals using a strategic approach. Organizations use reward systems in order to attract and retain the talent it needs. â€œThis is definitely going to add to the competitive advantage of the organization. The reward system includes, bonuses, additional time off, increased pay and many other innovative practices been practiced by the HR department for the staff members who have excelled in their work falling in their specific domainâ€ (Upadhye, 2016). There are two strategic perspectives used which are â€œBest Fitâ€ and â€œBest Practiceâ€.â€œOne model â€œbest fitâ€ argues that HR strategy will be more effective when it is appropriately integrated with its specific organizational and environmental contextâ€ (Boxall & Purcell, 2000). This means that the reward system it utilizes is customized to fit the organizations policies and strategies. â€œBest Practices argues that universalism is best for all organizations regardless of its strategy. â€œIt believes that a bunch of HR practices certainly including the reward system ropes Organizational business strategy. This in turn leads to highly committed and motivated employees leading to enhanced competitive advantageâ€ (Upadhye, 2016). Best Fit supports the view that the employees tend to work with a firm that tends to recognize and reward the performers. If the organization offers incentives and additional perks that its competitors do not along with the basic salary, it will have a better opportunity to attract quality employees. The reward system should be able to differentiate between the good performers and the bad ones. The reward system should be such that it makes an arrangement to encourage the good performers and assist the way out for the poor ones, giving the organization a competitive advantage. (Upadhye, 2016).
Boxall, P., & Purcell, J. (2000, June). Strategic human resource management: where have we come form and where should we be going? International Journal of Management Reviews, 2(2), 183-203. Retrieved June 6, 2017, from http://eds.b.ebscohost.com.pegleg.park.edu/eds/pdf…
Upadhye, N. (2016, June). Strategic Reward System- Analyzing the gap between “Best Fit” and “Best Practice”. INTERNATIONAL JOURNAL FOR EMERGING TRENDS IN ENGINEERING AND MANAGEMENT RESEARCH, II(II), 1-5. Retrieved June 6, 2017, from http://www.ijetemr.org/wp-content/uploads/2016/07/…