Impact of Evolving Values on Hrm Practices of Multinational

The People’s Republic of China (PRC) has changed remarkably since 1949. The country was closed to Westerners until 1978, when a number of modernizations were introduced and an open door policy was initiated to move the country from a ‘command’ toward a ‘socialist market’ economy (Warner and Joynt, 2002). Western businesses subsequently flooded into the country to take advantage of cheaper labor and materials costs, and acquire new markets. The first foreign venture was established in April 1980 and by 1985, more than 2,300 joint ventures and multinational corporations (MNCs) had been formed. They brought with them modern technology and management innovations, including new ideas about how human resources should be handled.