Navigating Global Challenges: The Importance of Compliance in International Business

The supply chain law is a significant concern for businesses that work with international suppliers, as it requires a huge effort to ensure compliance with human rights standards. While some companies, like Böhler in Kapfenberg, may already have systems in place to meet these requirements, others may need to make major changes to their operations.

In terms of workforce composition, many companies have a mix of workers and employees, with a small percentage dedicated to administration. Research and development activities are often integrated into production processes, especially when working with large customers on prototyping and product development.

Austria’s dual training system provides a valuable resource for training the next generation of workers. By investing in apprenticeships and ongoing training programs, companies like SBO are able to cultivate a skilled workforce and retain employees for the long term. Despite high tax and labor costs in Austria, businesses like SBO are able to remain competitive by focusing on technology and quality leadership. By emphasizing innovation and product differentiation, they are able to offset the impact of high personnel expenses.

The energy transition presents new challenges for many industries, but companies like SBO see opportunities for growth in emerging markets like geothermal drilling, carbon capture, and hydrogen production. By leveraging their expertise in materials science and steel manufacturing, they are well-positioned to capitalize on these evolving industries. The recent conflict between Russia and Ukraine has had minimal impact on businesses like SBO as their operations in Russia are limited and they have complied with international sanctions. While global events can create uncertainty, companies that diversify their operations and remain adaptable are better positioned to weather geopolitical challenges.