Transformations  in
Business & Economics

STRUCTURAL CHANGES IN THE LABOUR MARKET IN THE CONTEXT OF DEMOGRAPHIC AND ECONOMIC DEVELOPMENT IN THE SLOVAK REPUBLIC
Martin Sramka, Adriana Grencikova, Jozef Habanik, Jaroslav Belas jr.

ABSTRACT: Ongoing changes in economies, as well as the changing structure of the labour market, are fundamentally determined by demographic or technological changes, which are supplemented by unprecedented influences such as the pandemic, the energy crisis, or a high rate of inflation. The aim of this study is to identify structural changes in the labour market in the Slovak Republic in the context of demographic and economic development. Mathematical-statistical methods, correlation analysis, linear regression, and elementary methods of formal logic such as analysis, synthesis, deduction and comparison were used to achieve this aim. It is important to emphasize that the demographic changes associated with the ageing of the population in the Slovak Republic are almost irreversible for the next few decades, and will significantly influence economic processes. Thus, the consequence of the decrease in the number of active workers may cause a threat to the sustainability of economic growth. On the basis of the analyses carried out, a possible labour shortage of more than 760,000 was identified on the labour market in the Slovak Republic by 2041. The introduction of smart technologies, and the substitution of work with technology can be an ideal solution to the shortage of workers on the labour market and the threat to sustainable economic growth. However, this will bring with it fundamental structural changes in the labour market related to the disappearance and emergence of new professions, whilst challenges will open up for human resources management, and for the scientific community, in terms of retraining, preparation of the workforce, and overall adaptation of the economy and society to the changing conditions and environment.

KEYWORDS:  gross domestic product, labour market, population ageing, structural changes, workforce, Slovak Republic

JEL classification:  E24, J11, J21.