Business
Business Profile
Cardiff’s formerly industry-dominated economy has shifted radically in recent years towards the service sector, which now employs more than 80% of the workforce. One of the main growth areas is financial services, which employs around 37,000 people in the city. Cardiff’s formal position as political, administrative and commercial capital of Wales further reinforces this transformed economic profile. The coming of the National Assembly has brought many new jobs to the area. Business tourism – including conferences and conventions – is another expanding market, as is the high-tech media sector.
This massive growth in the service sectors, along with re-industrialisation centred on incoming international electronics and motor components firms, have been highlights of the South Wales business environment in recent years. They have created much new employment in the Cardiff area, where unemployment rates are now lower (at 2.8%) than in Wales overall (4%) and the UK as a whole (3.3%).
The biggest single manufacturing employer in Cardiff is the Matsushita Corporation, and overall, industrial jobs occupy 10% of the local workforce. The British government (through the Welsh Office and the Welsh Development Agency) and the European Union have attracted many national and multinational companies to Wales with generous incentives.
The regeneration of Cardiff Bay will eventually provide 1.35 million sq metres (14.5 million sq ft) of both commercial and industrial space and 31,000 new jobs through 1.8 billion Pounds of investment. It has already attracted high-profile businesses, including the European headquarters of NCM Credit Insurance. Major commercial developments have also been taking place in the city centre, notably the new Callaghan Square complex. Commercial activity primarily takes place in the city centre, at Cardiff Bay and at Llanishen, although there are several business/industrial estates on the outskirts of the city, including Ocean Park on the site of the old East Moors Steel Works and the new Pengam Green complex.
Business Etiquette
As in most modern urban centres, the nine-to-five mentality is no longer prevalent, with many employees working much longer hours. All public-sector organisations are bilingual but most private companies conduct business in English unless all parties speak Welsh. Overseas visitors should be prepared to speak English during meetings, if necessary through an interpreter. It is common practice to shake hands in greeting and to use ‘Mr’, ‘Ms’ etc. plus surnames, until both parties agree to use forenames. Professional or honorary titles should be acknowledged. Punctuality is expected for business meetings and suits are customary for both men and women; men should also wear a tie. It is advisable to carry business cards.
Business meetings in the UK can be fairly formal affairs, depending on their level. It is common for lunches and dinners to form part of the process and visiting business people are often entertained out of working hours by their hosts. However, it is more usual for the party doing the ‘selling’ to provide the hospitality, rather than the ‘buyer’. The exchange of gifts is not usually necessary but often the ‘seller’ will present them. It is also common for staff to socialise out of working hours at a local pub or wine bar, particularly towards the end of the week both during the lunch hour and immediately after the working day is over.
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Business