Question

describe in 200 words The Benedictine Monastery of Admont. Long-Term Financial Orientation. PLEASE TYPE

Answer 1

Long-Term Orientation is a concept where individuals, companies work towards the future with the aim to get benefits in the long term.Geert Hofstede a Dutch social psychologist developed this concept . Long-term orientation means a person is willing to delay short-term material or social success in order to prepare for the future. If a person has this cultural perspective, it means he values persistence, perseverance and is being able to adapt.

The Benedictine monastery of Admont in Austria had been economically active for over 940 years. The monks tended to think in centuries rather than in quarters. But the monastery's business director had to make a decision in a much shorter time frame. The monastery employed approx. 600 people in its forestry, wine-growing, energy, real estate, services, and industrial businesses. The largest subsidiary of monastery -an industrial manufacturer of wooden floorboards faced severe challenges in 2015, including a highly fluctuating demand and a increasing pressure on margins due to low-cost competition from Asia. The business director had to decide how to proceed with the loss-making company keeping in mind his responsibility towards the monastery and its higher purposes. He provided pastoral care and fostered regional development through the creation of jobs.