Final answer:
The Bargain Laborer HR strategy emphasizes cost-effective human resource management by promoting from within, aligning with the insider-outsider model and following the principle that wage and benefit costs should not exceed an employee's marginal productivity.
Step-by-step explanation:
The question refers to a human resource management strategy known as the Bargain Laborer HR strategy, which is aligned with the insider-outsider model of the labor force. This HR strategy suggests that prioritizing internal labor markets and promoting employees from within an organization can be less costly than hiring externally and can help to minimize labor costs. Insiders, or current employees, are crucial for maintaining operations, familiarity with procedures, and for training new employees, which reinforces the concept of an efficient and knowledgeable workforce.
Furthermore, it connects to the principle that a firm will not pay more for a worker than the value of their marginal productivity to the firm. Firms focusing on retaining insiders and optimizing hiring practices to minimize turnover and maximize hiring relative to the organization's size are applying these theories in their strategic HR practices. This approach can lead to higher employee satisfaction and productivity, which is essential for the firm's success.