Global Business Cultural Analysis Of Austria
Austria is a non-coastal country which is located in the center of Europe having the population of around 10 million residents. Austria has very limited natural resources, and it mostly rely on its neighboring country named Germany in both export and import terms. Though, despite these apparent handicaps, this country has a very high living standard as well as a robustly developing economy. Austria has existed in the present developed and healthy state since the 1955 which indicate its eminent history. The capital of Austria named Vienna having the literacy rate of 99 percent is a magnet for the brightest and best intelligentsia throughout the world. Austria is a blessed country with a bright and auspicious future, as it is ideally situated in Europe to take advantage of the enlargement and developments going in it. Moreover, Austria also has the highly developed and advanced infrastructure and the required human capital that is needed to act as a bridge between the Eastern and Western Europe.
Austria is a lucrative business destination having a healthy and promising business culture. Austria has developed substantial strength in the particular business areas such as in the biotechnology, precision engineering and banking and finance. The major industries of the Austria have a tendency toward high hierarchal levels as well as managing the business in the strictly predefined boundaries. The organizational charts that are used in the Austrian companies are devised to reflect the actual management style that is being implemented in the businesses rather than merely attracting the stakeholders, as well as frequent visitors. The concept of social partnership or ‘Sozialpartnerschaft,’ that promotes the co-determination and dialog between the industries, as well as general public, is taken as a distinguished feature of the Austrian business community. Therefore, all of the professions, trades and industries have particular bodies and institutions that work in total unison and harmony to conduct and promote good relationships with the labors. However, high ratios of trade unions don’t not result in the unrest of these industries as everything is done in its exact order within this country. In fact, it increases the co-operation and co-determination of the employees in working with the subsidiary companies within the Austria.
In sum, Austria is the perfect place for the businesses to start the business operations in the country keeping in view the high living standards and disposable incomes of the general public. It is also concluded in the light of above discussion that the businesses are highly managed and organized to nurture a strong and positive competition in the industries of the country.