Change and Continuity in Contemporary Business at Denmark - Essay Example

?Change and Continuity in Contemporary Business Executive Summary The economy of Denmark is perceived to be small and free which is reliant on international business and is influenced by globalisation. The economy of Denmark is characterised by strong Gross Domestic Product (GDP), well structured administrative policies, low rate of unemployment, comfortable life style and low income inequality. Denmark is reliant on international trade and due to globalisation the country has experienced numerous changes in contemporary business policies. The objective behind changes is to reap the benefits of globalisation. In Denmark, there are several internal and external influences which impact on the business. Denmark has flat organisational structure and informal work culture that facilitate in creating a comfortable working environment. The people of Denmark are straightforward in nature and wish for morality and honesty. The cost of living is quite high in Denmark due to its high salary structure. Furthermore, Danish managers generally have good understanding about satisfying the employees’ requirements. These are major internal aspects which influence on the business of Denmark. The external influences on businesses in Denmark include its strong regulatory system, good economic condition and stable political state. The tax structure in Denmark is comparatively high as the government of Denmark spends considerable money on social welfare activities. Globalisation has also influenced Denmark in numerous aspects. Globalisation is an unavoidable phenomenon which has both positive as well as negative influence on Denmark. On one side, globalisation has generated new prospects for contemporary business, but it also brings in challenges for organisations with respect to requirement of skilled workforce and capability for coping up with the competitors. However, Denmark is quite capable to manage the challenges of globalisation and take advantages of it. The influence of globalisation has been found on employment market, administrative policies, educational system, trade policies and business decision making. Denmark has effectively responded to globalisation’s impact. Due to globalisation, Denmark has reformed the monetary strategies. It has also reorganised the administration by reducing number of states and developing new regulations. Denmark’s entrepreneurship policies are also affected by globalisation with constant focus on entrepreneurial teaching and education. In order to maintain its position in the international economy, Denmark has close relationship with numerous international organisations. The immigration policies of Denmark have also changed considerably with increased focus on Danish language. The government has developed many new educational strategies in order to increase the competitiveness of people. Nevertheless, Denmark requires constant reformation of policies and strategies to get complete benefits from globalisation and tackle every challenge effectively. The government needs to ensure education for every Danish citizen. There is need for upgrading the educational curriculum. Furthermore, the government of Denmark must spend more on research and development functions to preserve the competitiveness of organisations. Strong regulations and effective policies are significant for Denmark to maintain its position in the world as a wealthy nation and retain the desirability of foreign companies. Table of Contents Executive Summary 2 Introduction 5 Literature Review 5 Critical Analysis 11 Conclusion and Recommendations 21 References 23 Bibliography 29 Introduction The report has been developed for analysing the contemporary business in Denmark. The aim of this report is to generate understanding about various internal as well as external factors of Denmark which can influence the business. The report includes position of Denmark in the world economy and influence of globalisation on its policies and decision making. Furthermore, the report also focuses on the effectiveness of Denmark in response to globalisation and other significant aspects. The report also describes certain areas of Denmark which can be improved. Industry and high performance farming segment are the roots of Denmark’s economic strength. Apart from this, Denmark is a wealthy nation, having one of the most significant commercial navy convoys internationally. Denmark is also considered as a big exporter of hydrocarbon. It has good educational system, strong economic condition, well-developed regulatory framework and it maintains good business relationship with other European nations and international organisations (Grzincic & et. al., 2009). Literature Review There are numerous primary internal and external influences which have an impact on the contemporary business scenario in Denmark. The major internal influences are work culture, desire of people, leadership style and living style which impact on the business in Denmark. Apart from that, the external influences on Denmark are regulation system, economy, taxation system, political system and globalisation. Work Culture Work culture in Denmark varies from organisation to organisation. There is no sole work culture followed in Denmark, but in certain states work culture appears to symbolise the practise of emigrants working in Denmark. Danish business generally follows the flat organisational structure and informal work culture. Majority of organisational decisions are conversed in forums where all employees have equivalent opportunity to give their opinions. The lack of strong hierarchical culture is one of the extreme advantages in Denmark. It not only facilitates in comfortable working situation, but also makes it helpful for employees to concentrate on jobs and duties, rather than designations and positions. The informal working nature generates a specialised and social culture which permits employees to develop individually as well as skilfully (Danish Chamber of Commerce and Oxford Research, 2010). Desire of People The desire of people is an internal influence which impact on the business of Denmark. Danes are very direct communicators and desire frankness and morality. In business meetings, Danes usually desire for getting straight to the real subject. It is simply their style of communication. The people of Denmark are considered as quite family friendly and thus wish to pass time with their families on day off, festivities and leisure times. With respect to any conflict, people wish to solve through negotiation (Communicaid Group Ltd, 2009). Leadership Style Leadership style places great influence on decision making in business. Danish managers believe that their part in organisation is to solve issues and to help employees by providing them guidelines. Danish managers concentrate on fulfilling the requirements of employees in their organisations. The smaller decisions are taken by departmental head and strategic business decisions are made by general managers in organisations in order to react effectively to the market circumstances. In Demark, it is expected to take the advice from relevant stakeholders as well as group members because organisations desire to make the stakeholders aware regarding any decision (Asparuhova, 2011). Living Style The cost of living is quite high in Denmark as compared to other European nations. The expenses on vehicles, restaurants and inns are quite high. The reason for high cost of living in Denmark is that the country provides comparatively high wages to the skilled and the unskilled employees. According to a survey in the year 2009, on 73 global capitals, Copenhagen, i.e. capital of Denmark was ranked first with respect to gross pays. Even after deduction of health related expenses and income taxes the salary level is high in Denmark. In comparison to other nations of OECD, Denmark has the lowest income inequality. The difference in salaries between top level managers and bottom level employees is lesser in Denmark than other nations (Danish Chamber of Commerce and Oxford Research, 2010). The following table will describe the purchasing power index of Copenhagen along with other international cities: Source: (Danish Chamber of Commerce and Oxford Research, 2010). Regulation System Regulation system is a part of Denmark’s activist restructurings to withstand the optimistic economic and social performance. In Denmark, initial strategies for regulatory features and generalisations were recognised in early 1980s as a part of inclusive deregulation plan to renovate the economy. Denmark aims at eliminating such regulations which are injurious for competitiveness in industry. Over the years, the governing system of Denmark had shifted from deregulation to a sort of tight-lipped regulations. During 1990 to 2000, the government of Denmark had taken numerous initiatives to develop the quality of new regulation and cope up with the governmental program more efficiently. The initiatives of government have gradually extended regarding reduction of directorial burdens on organisations and inside the management (OECD, 2009). Economy Denmark has small and open economy which is highly reliant on business with other nations. The foreign trade represents majority of gross domestic product (GDP) i.e. almost two third of GDP. Approximately, 75% of total foreign trade of Denmark takes place with the European Union (EU) nations (Pedersen, 2006). On an average, Denmark enjoys comparatively high GDP per capita than other European nations. The globalisation policies of Denmark implies boost in research and development and higher education which has assimilated in economy (OECD, 2008). However, Denmark had faced economic slowdown in 2007 because of obligatory capacity restrictions, corroding competitiveness and relaxing property boom. The economic slowdown was further intensified in 2008 by international economic crisis as volume of exports reduced. Denmark has gone through an unparalleled economic reduction and is still in the way of recovery (OECD, 2012). The following graph will show the GDP per capita trend of Denmark from 2000 to 2011: Source: (Trading Economics, 2012). Taxation System Denmark has comparatively high tax rate which assists government to spend on social welfare activities. While in other nations people have to pay for several services, in Denmark government funds for those services due to high taxes. Thus, the tax burden in Denmark is higher compared to other nations (Danish Chamber of Commerce and Oxford Research, 2010). In Denmark, almost 52% of revenue of government arrives from taxes. With comparison to individuals, the business organisations need to pay lower tax. The business tax rate in Denmark is high compared to average tax rate in other European nations. According to a report of the World Bank in 2009, Denmark was placed in 13th position with respect to taxation system internationally (Grzincic & et. al., 2009). Political System The political system of Denmark follows democratic principles i.e. Danish people choose the government through vote. The government of Denmark is headed by the Prime Minister as well as other ministers in specific regions (Mathiasen & et. al., 2008). Furthermore, Denmark has completely approved the globalisation as a new condition of business and that of working principle. The political reform to protect the wellbeing of the country is followed by initiatives to turn the country into an important growth, knowledge and enterprise based nation (Andersen, 2009). Globalisation On account of globalisation, numerous Danish organisations started to progressively operate business in foreign nations and numerous foreign organisations have established themselves in Denmark. In 2003, the worth of foreign direct investment in Denmark was amounted to almost DKK 350 billion. Denmark usually does not draw foreign investors through special funding incentives; rather it is attractive due to knowledgeable and highly motivated employees as well as stable economic and political situations. Apart from that the location of Denmark also acts as an external influence because Denmark’s geographical position acts as a natural channel between Europe and Nordic nations (Pedersen, 2006). Critical Analysis Impact of Globalisation on Denmark Globalisation provides huge prospects for Denmark to renew the economic development and secure future affluence. Globalisation not only generates new business prospects, but also nurtures new group of Danish organisations and industries. Globalisation resulted in outsourcing of Danish employments to developing nations such as China and India, thus is considered as a major challenge for Denmark. Therefore, globalisation requires changes in policies in order to secure the investments and the employments. Globalisation acts as a platform for Denmark to renovate the development basis and improve numerous industries (Clausen, 2004). The Danish government had offered inclusive strategy for Denmark during globalisation. The aim of Denmark is to preserve its position as one of the prosperous nations internationally with strong social consistency. Globalisation not only represents prospects for contemporary businesses but also challenges Denmark in numerous ways. The major challenges faced by Denmark due to globalisation are need of educated workforce and requirement to maintain pace with the new demands of people. The objective of Denmark with respect to globalisation is to ensure that it becomes advantageous for all (Ministry of Foreign Affairs of Denmark, 2006). Influence on Employment Market Denmark is well equipped to take advantage of globalisation. Denmark has flexible employment market combined with high level of income. According to a global survey, Denmark is considered among top players globally in employment market. The Danish employment market was highly unionised which resulted in low organisational flexibility and incapacity to entice knowledge wealth from foreign countries. Globalisation has influenced the structure of business organisations and they started to adapt and reconfigure with the changing pace of business. In order to increase the competitiveness of organisations the European e-action policy had been developed for encouraging inexpensive and quicker access of employees with high skill (Andersen & Bjorn-Andersen, 2001). Influence on Administrative Policies The former administrative system of Denmark was quite old to cope up with the requirement of globalisation. Thus, Danish government had started to reorganise the policies of administration which can be well fitted with the modern business environment and society. The process of improvement of administrative policies in Denmark had started in late 2002. In geographical position, the number of metropolises had been decreased from 271 to 98. The 14 states which were present previously became 5 regions. These changes resulted in fewer and larger administrative units at both metropolitan as well as regional level. From administrative perspective, the task of state had been strengthened and the capability to levy taxes on business was reduced. On an average, several new regulations had been implemented because of the influence of globalisation (Bentzen & et. al., 2007). Influence on Education Policies In higher education system, the internationalisation has turned into one of the most significant subjects of Denmark. Although higher education policies in the Nordic nations (such as Denmark, Sweden and Norway among others) are chiefly devised at domestic level, changes in the education are associated with the influence of globalisation and IT revolution. Internationally inclusive approaches of education are common in preparing syllabus and research plans in Denmark; however there is also tendency towards regionalisation of the education material and functions of teaching (Fagerlind & Stromqvist, 2004). In recent years, Danish national educational policies have undertaken intense transformation operationally and structurally. This transformation is accredited to multinational creativities and discourses. The positioning of universities and colleges in Denmark has also reformed due to challenges of globalisation through broad knowledge formation (Jensen, 2010). Influence on Trade Policy Owing to globalisation, more and more contemporary businesses take part in the international trade. Globalisation has influenced the pattern of trade between nations. Due to globalisation, the OECD nations have changed the attitude from protectionism to openness in trade (Milner & Judkins, 2004). Denmark had also followed free trade policies due to influence of globalisation, but amended farming to encourage the creation of export supplies for which they appeared to have competitive edge. The commercial market of Denmark relies on imported products and international trade. In EU, Denmark supports a liberal trade policy. In comparison with other European nations, Denmark is much liberal (Aggarwal, 1985). Denmark has retained a stable exchange policy since 1980. The country satisfies and even surpasses the economic union standards for joining the European Monetary Union (EMU) (Bloomsbury Information Ltd, 2012). Influence on Decision Making Globalisation is driven by technology and incorporation of international economy and business. These are trade decisions and influence of globalisation on these decisions varies widely from nation to nation. Globalisation has resulted in changes in decisions regarding policies of government in order to align with the globalised world. In Denmark, the decisions of government regarding administration structure, economic policies and education system among others have been impacted significantly. Denmark’s reaction to globalisation is apparent from the changes in management decisions of Danish business organisations. Denmark, unlike other nations, had confronted with challenges of adaptation with both society and modern business in order to attain competitive position and market demands. These challenges have made significant changes in Danish organisations with respect to outsourcing. Denmark is dependent on international outsourcing and it has utmost level of outsourcing among other Scandinavian nations (i.e. Norway, Sweden and Denmark). About 90% of large organisations in Denmark involve in outsourcing. Among other tasks, the skill administration and IT processes represent maximum amount of outsourcing in Denmark. Danish business organisations have approached outsourcing with increased readiness to adapt with the international business environment quickly and self-reliantly (Gove, 2009). The other influences of globalisations on changes in decision making in contemporary businesses are to improve the skills of employees with respect to language and cultural understanding. Majority of Danish executives expect their employees to have professional skills in business and wish for devising greater knowledge regarding cross culture as it can impact on the business performance. Apart from it, managers also desire for changes in organisational structure and work territories. These symptoms are sign of growing competition where virtually every business aspect is put to global trials in terms of abilities and service value which require constant change in business decision making. Globalisation has resulted in implementation of new ICT system which helps contemporary businesses to communicate fast and cheap than before. Indeed, global expenses of handling communication and transportation are becoming negligible which is compelling Danish business organisations to change their way of decision making with respect to sales and production of goods. Hence, it has become more beneficial for contemporary businesses in Denmark to use the special advantages of globalisation in the domestic market (Clausen, 2004). Effectiveness of Denmark’s Response to Globalisation Globalisation has made the economy of Denmark more effectual and industrious. Global markets provide customers with more selections and assist in minimising expenses of products and services, thereby maintaining inflation in scrutiny. The integration of global economy generates huge monetary gains to Denmark each year. Likewise, gains from globalisation are also great in other developing nations making millions of people free from poverty (Ahearn, 2012). At the same time, globalisation and rapid technological improvement do not always provide benefits to contemporary businesses. It can generate stress and anxiety because contemporary businesses have to face new competitors which can also strive for gaining higher market share. Shift in the organisational and policy structure levies expenses and generates a constituency that opposes the process of global integration. Resistance of globalisation can be strengthened by insights that foreign competitors gain advantage from biased trade practices. Besides, increasing trade with developing nations can cut down the salaries of low-skilled employees. Taking everything into consideration, globalisation offers considerable net advantages to contemporary businesses, but it also generates extensive financial harms that are borne by particular social groups (Ahearn, 2012). In comparison to other nations, the performance of Denmark’s economy is quite healthy. Denmark has high productivity and GDP, low unemployment rate, higher expenditure by government on public and social services and remarkably constricted income distribution. Specific challenges faced by Danish businesses are stickiness of employment market and broader situation of credit market turbulences ascending from mortgage real estate crisis in the United States. In response to globalisation, Denmark had developed policies in order to reinforce competitiveness of business and social consistency (OECD, 2008). The following graph will describe the unemployment rate of Denmark from January 2000 to January 2006: Source: (Pedersen, 2006). Monetary Policy: Due to globalisation, several traditional macroeconomic tools have disappeared and effectiveness of other tools has been reduced significantly. International capital market makes it challenging for government of Denmark to effectually regulate the money supply and interest rates and therefore is inclined to weaken the efficiency of domestic monetary policy. Additionally, due to globalisation, the exchange rate administration at national level has also become susceptible for business organisations in Denmark to notional capital movements (Pedersen, 2006). Entrepreneurship Policy: Traditionally, the entrepreneurship policy of Denmark was intended to make favourable conditions for entrepreneurship. As a response to globalisation, Denmark accepted broad range of packages for encouraging entrepreneurship through abridging access to finance, providing lessons on entrepreneurship and reassigning technology. The entrepreneurship policy of Denmark displays huge breadth and is frequently observed by benchmarking entrepreneurial acts and elements globally. Generally, the entrepreneurship policy of Denmark is evaluated as progressive which is a consequence of its healthy business environment. The administrative influence on entrepreneurship in Denmark is low and thus, the country is quite successful in entrepreneurial actions. In the year 2005, Denmark had developed “Globalisation Council” with the task of counselling government in the perspective of international business (OECD, 2008). The following graph will describe the enterprise start up rate of Denmark in comparison with other nations: Source: (OECD, 2008). Foreign Policy: In developed nations, globalisation generally does not lead to loss of attractiveness; as an alternative it results in reflective structural changes. Danish market has suffered less from higher competition from other nations of Asia and Europe. Denmark follows dynamic foreign policies which are united with central worth of democracy. The foreign policy of Denmark aims at developing global security and constancy in order to certify better economic progress and affluence. Due to increased globalisation, multidimensional cooperation has become greatly important for Denmark in order to maintain its competitiveness in the world. Thus, Denmark performs actively and helpfully with international organisations such as World Trade Organisation (WTO), United Nations (UN), EU, and North Atlantic Treaty Organization (NATO) which are cornerstones for Denmark’s global engagement. The reason of this engagement is to enhance the effectiveness of business organisations in Denmark and it helps to make Denmark’s opinion to be perceived by other multinationals (Ministry of Foreign Affairs of Denmark, 2009). Immigration Policy: Denmark has reacted inversely to the stemming challenges of immigration which is arriving owing to globalisation. Denmark is attractive for immigrants due to its exclusive arrangement of government spending on social welfare, low unemployment rate progressive current account and high GDP. Denmark is recognised as a low income disparity nation in the world. Besides, it is quite easy for people in Denmark to commence new business and its market is also integrated globally (Daemmrich & Kramarz, 2010). Traditionally, Denmark had net migration because of high level of unemployment. Due to globalisation, the immigration policies have become accustomed to the new situations. The necessity to make use of Danish language has been made stringent. Danish immigration policies have the highest obstacles for naturalisation compared to other Nordic nations (Ersboll, 2010). In coping up with the policy of neutrality, Denmark has made several immigration policy reforms. The reason is that Danes are highly anxious about the sustainability of their benefits in the face of globalisation pressure. Education Policy: In order to maintain its attractiveness in the age of globalisation, Danish government has introduced several educational improvements. The objective is to certify Denmark’s constant development and affluence. In the year 2006, in reaction to globalisation, the government of Denmark had developed policies for education of Danish civilisation. The new educational policies of Denmark concentrate on training and lifelong skills development of people. A high level of educational accomplishment and prospects for constant learning are among most significant requirements for strong competitiveness for everybody so that they can be able to actively involve in the business and the society (Hedegaard, 2007). Conclusion and Recommendations Globalisation represents benefits as well as challenges for Denmark to increase the prosperity and improve the economic performance. For organisations, it provides prospects regarding high efficiency and growth of productivity and for customers it provides wider selection of products and services. The economic, political, legal, social and educational structure of Denmark is well equipped to reap the benefits of globalisation. The main strength of Denmark which is found from the above analysis is that the country has flexible employment market, low income disparity, healthy economy and low level of unemployment and high industry competitiveness. Areas for Improvement Although Danish policies are strong, improvements and modification in certain areas are needed in order to grasp the full welfare of globalisation and to effectively address the challenges. The educational criteria in primary as well as secondary schools must be developed on essential topics. The government must have clear duties to ensure that that all young students complete the requisite educational programmes in order to cope up with globalisation and its changing needs. New and attractive educational syllabus must be developed and supervision to the students as well as teachers must be strengthened. The other aspect of improvement in Denmark is research and development activities. The research and development is a vital part of contemporary business which helps to develop new products and services. Thus, the government of Denmark must spend considerable amount on research and development activities through restructuring of public sector organisations. There is need for allocating large amount of money on long-term projects which can help Danish organisations to become among the most innovative, internationally. Close relationship between organisations and the universities can help to foster research and development and introduce new knowledge and skills for enhancement of business. Entrepreneurship is a vital aspect for improvement in any economy. In Denmark, the students of primary schools and secondary schools must be provided with opportunities to develop their creative skills. Developing new programmes can help to generate entrepreneurial performance among young people. Beside, entrepreneurs and new businesses should have access to experienced guidance for high growth opportunities. Introduction of new financial products can help contemporary businesses to have better access to finance. Government can also reduce the administrative influence on companies by developing easier registration methods such as internet governance. Robust competition and openness of market can reinforce innovation; however, the competition must be fair and transparent. 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