Demographic changes are starting to have a significant impact on the socio-economic situation in Slovakia, as the country was recently ranked as having the lowest average births per adult female in the European Union. According to the Slovak statistical office, as of 2014 the number of inhabitants aged 20-25 had dropped by 18.5% in the preceding ten years. As a consequence, there is likely to be a shortage of young workers in Slovakia in the near future, and companies will have to focus on hiring from abroad.
There are many ways to address such a challenging employment-market scenario. On one hand, employers can focus on monetary motivation, but they may also choose to emphasise other aspects such as attractive benefits or flexible working arrangements.
There is an on-going tendency among Slovakian employers to offer more flexible working arrangements, especially in areas such as IT or engineering where accumulating a high-quality workforce is relatively difficult. These companies tend to offer the possibility of home-office work, flexible hours, and other benefits related to work-life balance. In industries where candidates are scarce, there is also pressure towards increased wage levels.
Strategies with which to build an attractive employer brand and a strong reputation to attract potential new workers are high on the agenda in Slovakia – time will tell how employers progress with their development.