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…
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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
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