Intellectual Capital
With a unique combination of high-quality and low-cost skill-set, Serbian workforce is widely regarded as a strong business performance driver.
Serbia has fostered extensive relationships with western economies for decades. A list of blue-chip companies maintaining strong ties with local partners is topped by Siemens, Alcatel, Fiat, IKEA, and many others. Throughout years of cooperation Serbian workers have received specific know-how and adopted advanced technology applications and rigorous quality control standards. Having vast experience in both manufacturing and management, local staff requires minimum training to adopt cutting-edge technologies and assembly processes.
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The quality of the local labor force is best reflected in robust industrial productivity. Over the 2004-2008 period, annual productivity growth averaged as much as 11%.
Essentially, highly qualified staff in Serbia is widely available. The number of engineers, managers, and other specialists is sufficient to meet the growing demand of international companies. Labor supply is comprised of about 1.85 million employed and 770,000 unemployed, while increasing by app. 27,000 university and 2-year college graduates and 75,000 high school graduates yearly. Apart from the employed, unemployed and graduate students, there is also a significant number of Serbian experts, returning to the country after gaining top-quality expertise in international companies around the globe.
The labor market in Serbia has become truly vibrant as a rising number of international investors have opened their businesses in the country. International as well as local head-hunting agencies operate in major Serbian cities, offering a full range of consulting services, including executive search, staff training, and salary surveys.
Since 2003, universities and colleges in Serbia have produced about 27,000 graduates, 1,000 Masters of Science, and 400 PhDs annually. Of the total number of graduates, technical universities account for approximately 30%. Leading institutions in this field, e.g., School of Electrical Engineering or School of Mechanical Engineering in Belgrade, are recognized internationally for their expertise. High-quality technical education is largely based on elementary and high schools, offering an advanced curriculum in technical sciences.
Management education in Serbia is provided through joint graduate and post-graduate courses organized by local universities and renowned western business schools such as the French HEC, British Sheffield University and Heriot-Watt University.
In addition, international elementary and high schools are widely available in Serbia. They offer curricula in English, German, and French, including internationally recognized examinations.
