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Revised Business Questions & Answers
Q. The business practice of hiring workers in another country is known as:
ANSWER: 4. Outsourcing
ANSWER IN DETAIL
The practice of hiring workers across international borders is known as Outsourcing.
There are a number of reasons why businesses choose to outsource, including cost savings, access to skilled labor, and efficiency. Businesses that outsource often do so to countries where labor costs are lower.
This allows them to save money on wages and benefits. In some cases, businesses also outsource to take advantage of skilled labor that is not available in their own country. For example, a company might outsource its IT needs to India, where there is a large pool of talented workers.
Finally, businesses sometimes outsource to improve efficiency. By working with a specialized firm that is located in a different time zone, they can keep their operations running around the clock. Outsourcing can be a controversial practice, but there are a number of reasons why businesses choose to do it.