Polycentric, Ethnocentric, and Geocentric Approach to...

1. (Chapter 2) What is the difference between a polycentric, ethnocentric, and geocentric approach to international management? What key factors should a firm consider before adopting one of these approaches? Polycentric approach to international management is the policy involved hiring and promoting employees who are citizens of the country that host and operates the company. The polycentric approach is best used in order to maintain low hiring costs. Communication is easier and companies run smoother due to the fact the employees are all related in their geographic location. Ethnocentric approach is a staffing policy that is used in companies that has primarily international strategic orientation. While polycentric maintains†¦show more content†¦6. (Chapter 4) What is meant by the idea of economic freedom? What factors are used in the Economic Freedom Index? For managers, what role does the Economic Freedom Index play in analyzing the potential of a country? Economic freedom is the key to greater opportunity and an improved quality of life. It’s the freedom to choose how to produce, sell and use your own resources without restriction. Economic freedom is what make’s this world function and is it’s backbone to maintain a sense of strength and diversity. The Economic Freedom Index is a series of 10 economic measurements created by â€Å"The Heritage Foundation.† Its goal is to measure the degree of economic freedom. Factors that are used in measuring economic freedom for the index are, property rights, government spending, business freedom, labor freedom, financial freedom, trade freedom; each freedom is scored from 0-100; 100 being the most free. For managers, analyzing and researching a countries economic freedom is imperative in choosing a geographic location for a company/business. A nation with low economic freedom for instance, will entail more of a struggle to produce and function as a self-owned company while a country like Singapore for instance that hold a great amount of freedom, a company can prosper in it’s own way becauseShow MoreRelatedLiterature Review of Recruitment and Selection in International Human Resource Management1779 Words   |  8 PagesRecruitment and Selection in International Human Resource Management Introduction Staffing is one of the main functions on Human Resource Management, refer to International Human Resource Management perspective, staffing will be more important on the managing by the headquartered company to their subsidiaries in order to gain more competitive advantage for them. 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