The economy is primarily export in nature, focusing on agricultural products, such as dairy, meat, forestry, fish, and wool, with tourism now playing a significant role. Similarities between I-O psychology in New Zealand and in the USA outnumber differences. The practice of I-O psychology is also similar across the two countries. In fact, there is surprisingly little lag time in the adoption of human resource management innovations in New Zealand, given its small size and geographic remoteness. The speed with which New Zealand firms adopt overseas developments is probably a result of the presence of regional offices of the large, international consulting firms, frequent visits by academics and other professionals, and a culture which values overseas travel.
Overseas travel plays an important role in many New Zealand managers' and professionals' lives.
New Zealand executives often attend courses at top overseas business schools. Sabbatical policies for academics in New Zealand are among the most generous in the world. Here at the University of Waikato, for example, one accrues a year's sabbatical for every 6 years of service. Most undergraduate degrees are of 3, rather than 4 years duration, and students' course work is far more focused on their particular major, with less breadth of subjects than is found in liberal arts degrees. Master's degrees are usually 2 years of study, and typically include a major research project, equivalent to 1 full-time year.