Intelectual Capital
With a unique combination of high-quality and low-cost skill-set, Serbian workforce is widely regarded as a strong business performance driver.
Unlike most transition countries in Central and Eastern Europe, Serbia fostered extensive relationships with Western economies for decades. A list of blue-chip companies maintaining strong ties with local partners is lead by Siemens, Alcatel, General Motors, 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. The skill level of local labor force is reflected in high industrial productivity increasing at 11.4% over the past five years.
The quality of Serbia’s intellectual capital is based on its educational system generating well- educated, fast-learning, multilingual, and IT literate people. Technical education is particularly strong, thus high school students perform among the best in international competitions in mathematics, physics and IT. In recent years the number of university graduates grew by almost 14% annually averaging 14,370, while 1/3 of all students graduate from technical universities.
In addition to being highly efficient, human resources in Serbia are available at favorable prices. The costs of local labor force are among the lowest in South East Europe, and approximately 40% of those in the countries of Eastern Europe.
