Contrast the best-fit with the resourced based approach to human resource strategy.
Globalisation and the rapid growth in technology and communication changed the competitive environment of companies, because they compete against foreign firms, both domestically and abroad (Gómez-Mejía et al. 2007 and Wright, P. 2008) and nowadays the global presence by itself is not enough to guarantee global competitive advantages (Gupta and Govindarajan 2001). In order to be profitable, companies are using new innovative technologies to provide qualitative low-cost solutions and are trying to manage their human assets more effectively (Wright, P. 2008). In other words especially people and the management of people are increasingly seen as key factors of competitive advantage (Boxall and Purcell 2003, Pfeffer 1994, 1998, 2005).
On the one hand many multinational organisations are conducting business in global markets, that’s why their workforce is distributed world-wide to meet their needs or to gain sustained competitive advantages. On the other hand certain problems can appear for managing human resources across selected cultures (Rima Česynienė, 2008), different rules and guideline (Pucik 1992) may be needed or the firm is facing restrictive immigration quotas. However, in our decade of fast moving globalisation in all areas it is very important for strategic planning to remain successful. Moreover it’s built nowadays especially on the capabilities and potential available through a company’s human resources.
This paper will discuss different Human Resource Management approaches, such as the best-fit and the resource-based view. On the basis of the theoretical background the essay will argue about, which might be the most suitable approach for managing people in the changing global economy.
To analyse the particular Human Resource Management (HRM) approaches and to evaluate their impact on globalisation,... [continues]
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