Does the labour force progress threaten the development of Slovakia industry in the medium-term perspective?
Year: 2024
Type: article
Abstract: Research background: Population ageing is becoming a significant factor influencing technological innovation and the transformation of industrial models worldwide. However, labour supply shortages due to an aging population have led to a greater number of older workers within society. Purpose of the article: The aim of the paper is to define theoretical approaches and options for addressing the population ageing impact on the labour market with a focus on the industrial sector. The study examines the ageing Slovakian population demographic trend, the size of the labour force and labour force projections, all with a focus on the industrial sector of the Slovak Republic. Methods: To meet the objective, many statistical methods have been used to investigate ageing and the workforce size and structure in the industry sector. The Dynamic Economic and Reproductive Ageing Index methods were used to examine population ageing, the workforce and its volume, providing information on the dynamics of ageing in the Slovak Republic. Other methods used are the Labour Inflow, Outflow and Replacement Coefficient. They inform about the reproductive replacement of the labour force, the productive component and the projected volume of the labour force in the future. More specific future volume projections of the labour force were found based on the Boersch-Supan model. Findings & Value added: The results suggest that the Slovak Republic is experiencing population ageing, the dynamics of ageing is accelerating, the burden on the productive component is increasing over time, the size of the industrial workforce is increasing at a low rate and the industrial sector does not show a need for a larger volume of additional labour in 2028. The increasing population share in the post-working age may lead to increased pressure on social and health systems and public finances. Slow growth in industrial workforce size may indicate a constraint in the competitiveness and innovation potential of industry. The absence of additional labour needs by 2028 may indicate that industry is able to use existing resources efficiently or that automated technologies are coming to the fore, which may reduce the need for manual human labour.
Source: Ekonomicko-manazerske spektrum
Authors: Alexandra Hotkova, Martina Jakubcinova
Institution: Trencianska Univerzita Alexandra Dubceka V Trencine
Language: English
Subfield: Demography
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7081942480
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