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BEST FIT VS. BEST PRACTICE 11.5 Competitive Strategy PaperAndrew McGuireIndiana Wesleyan UniversityMGT-470: Total RewardsJanuary 27, 2015Instructor Dwane ThomasI have read and understand the plagiarism policy as outlined in the syllabus and the sections in the Student Bulletin relating to the IWU Honesty/Cheating Policy. By affixing this statement to the title page of my paper, I certify that I have not cheated or plagiarized in the process of completing this assignment. If it is found that cheating and/or plagiarism did take place in the writing of this paper, I understand the possible consequences of the act/s, which could include expulsion from Indiana Wesleyan University.
BEST FIT VS. BEST PRACTICE 2Best Fit versus Best PracticeStrategic human resource management (HRM) has been consumed with researching two specific models of how a company should make strategic choices in labor management – ‘best fit’ and ‘best practice’. In this paper I will discuss the differences between the two.The best fit approach refers a company using HRM to their particular strategies and adapting to their environment referring to workforce character and business strategy. By using the best fit approach the HRM can become more flexible to the response change of the company’s growth, maturity and renewal/decline. A good example of this would be employing part-timers, recent graduates, and applying training systems. This will ensure that the operation cost will be reduced while achieving its goal (Boxall, P. and Steeneveld, M. (1999).