World Travel Guide

City Guide  - Stockholm  - Business
Business

Business Profile: Sweden has a long industrial and manufacturing tradition stemming from its mineral resources and the largest economy in Scandinavia. Offices around Sergelstog and Hamngatan manage one of the most powerful economies in Europe, one that has adapted to the decline in its traditional engineering base by diversifying into telecommunications and other ideas- and design-led industries, especially mobile communications and information technology (IT). In 2000, an IDC survey put Sweden ahead of the US as the world's leading IT nation. Among the countries of the Organisation for Economic Co-operation and Development (OECD), Sweden devotes the highest percentage of its GDP to research and development.

Stockholm accounts for just under 10% of national employment in Sweden and over 50% of major Swedish companies, such as Ericsson, Electrolux, Ikea, Saab and Volvo, have offices there. Roughly 75% of the Swedish information and electronics industry is located in the Greater Stockholm area. Greater Stockholm also has the highest concentration of commercial and other research activity in Sweden and both industrial production and the new company formation rate is the highest in the country.

However, the public sector remains the single largest employer in Greater Stockholm, as many state enterprises are located in the capital. Unemployment in the city is currently low at 4.4% of the labour force, against a national average of 5.6%. Stockholm's place in the top ten of international congress and conference venues also indicates its position in the global trade circuit. The city is a natural centre for the expanding trade with the new market economies of the Baltic republics. Most local factory and warehouse space is located in the suburbs, outside the central island areas.

Business Etiquette: Swedes pride themselves on their co-operative, egalitarian spirit in the workplace. In theory at least, issues of status and hierarchy are far less important than in many countries; most people use their first names in the workplace and elaborate deference is definitely out of fashion. Management style is consensual rather than authoritarian. And, of course, since Stockholm is the capital, it sees itself as setting the tone and pace for the rest of the country. But however relaxed Swedes are about power and authority, they are strict timekeepers; punctuality is expected at work and play. They also stick to the point: personal chat is generally left until the real business is done. Standard working hours are 0900-1800 but flexible hours are common practice.



Copyright © 2001 Columbus Publishing
    
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