Political stability and work attitude are key for Swiss competitiveness
In the study “Power Up Switzerland”, Deloitte examined the most important areas of action in which companies and the state can boost Switzerland’s international competitiveness. This study is based on the assessments of more than 400 Swiss executives – many of them board members – from various industries. It focuses on, among other things, the most important values and political institutions that make Switzerland an attractive business location and safeguard its future competitiveness.
Political stability and work attitude are key
For all industries, future competitiveness depends most heavily on two factors: Number one is the country’s political stability and number two is the employees’ attitude towards work (see chart). In the past, various studies and indices have repeatedly ranked Switzerland as one of the most politically stable and low-risk countries in the world, which is linked, among other things, to concordance, direct democracy and the strong rule of law. The local work attitude is often associated with high levels of motivation, a focus on quality and attention to detail.
Diversity as a further factor of success
Following political stability and work attitude, diversity is cited as an essential success factor for Swiss competitiveness in most industries. Diversity is important due to the different language regions and the relatively large percentage of immigrants in the country. In addition, industries such as business services, tourism, pharmaceuticals, information and communications technology and the construction industry have a diverse workforce and are strongly internationally oriented. This is why diversity is so crucial for competitiveness in these sectors.
Political sovereignty and direct democracy are also important
In contrast, the retail trade and consumer goods industry as well as the financial sector consider Switzerland’s political sovereignty to be more important than diversity. In the transport and logistics sector as well as in the manufacturing sector, direct democracy ranks third among the most important values and political institutions for Switzerland’s competitiveness. Other key success factors that emerged from the study are concordance, collegiality and consensus culture as well as the militia system, which, as noted above, serve to underpin political stability. These values and political institutions also landed at the top of the rankings in some industries and are therefore important for Swiss competitiveness.
Companies face major challenges in human resource management; however less than half of the boards have a talent strategy.
The forward-looking board of directors