Institute of Economics

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    Human resource practices in small businesses in Republic of North Macedonia
    (Institute of Economics – Skopje, 2023-04)
    Irina Piperkova
    ;
    Elizabeta Djambaska
    ;
    Aleksandra Lozanoska
    The primary objective of this paper is to identify human resource practices implemented by small firms, so as to better understand the specifics of human resource management in small businesses. An online survey was conducted among small businesses in the Republic of North Macedonia. The research findings4 reveal that small firms in North Macedonia use employee referrals as a recruiting strategy and a traditional selection process based on CV/interview analysis. Most of small businesses have some form of consistent and continuous compensation system, with employee performance as a main criterion for determining the compensation level. Employee training has been identified as one of the biggest challenges that small businesses face. Most small firms conduct employee training to improve job-specific skills for current job tasks. In addition, employee trainings are implemented on an ad hoc basis and largely depend on firms’ available financial resources, since high training costs remain to be an obstacle to small firms.
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    Growth accounting in the Republic of North Macedonia
    (Institute of Economics - Skopje, 2019-12)
    Djambaska, Elizabeta
    ;
    Growth accounting approach method is a useful technic which estimates the relative contribution of the factors of production to the economic growth rate and allow us to identify the current growth pattern. In this paper the focus is on the economic growth in the Republic of North Macedonia and the determination of the source of growth in the past two decades. The decomposition of the three basic factors labour, capital and productivity is calculated according to the Cobb-Douglas production function. The calculations are made for the whole 20 years period, first 1997 – 2017 and also for the group of five years period (1997-2001, 2001-2005, 2005-2009, 2009-2013 and 2013-2017). The results from the growth accounting in the Republic of North Macedonia shows that average growth rate in the past 20 years is 1.34%. Average growth rate of physical capital is 4.24% and of the labour is 1.28%. Contributions of physical capital to the growth rate in the Republic of North Macedonia is 1.40 percent points. Labour contribution is 0.86 percent points. The total factor productivity contributions to the average growth rate is negative -0.92 percentage points. The results of the calculations for the five years period confirm the low average rate of growth, and similar growth pattern of the average growth rate of capital and labour. The most concerning is the low and negative total factor productivity. This lead to the conclusions that economic growth in the Republic of North Macedonia is due to intensification of the labour. Hence, the growth is unsustainable in the long ran. Unsustainability of growth arise due to the low productivity of the production factors and the increased public debt which was made for financing the evidently low growth rate in the past. Recommendations are to focus on the investment in the physical capital, education, research and development, which will rise the quality of human capital and will increase total factor productivity.
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    Impact of Covid-19 pandemic on the mortality in Republic of North Macedonia
    (Institute of Economics - Skopje, 2022-04)
    ;
    The aim of the paper is to determine the impact of the Covid-19 pandemic on the mortality in Republic of North Macedonia. In terms of identifying the influence of Covid-19 on mortality changes, demographic and other features, as well as causes of death, are analyzed in pre-pandemic and in 2020-2021. The available data of State Statistical Office, Institute of Public Health and foreign data sources are used. The analysis shows great increase of the mortality, due to Covid-19 as well as non-Covid deaths. The provisional data for 2021 shows that total mortality is about 40% higher than in 2019. Besides that, significant changes in the demographic and ethnic structure of deaths happened in 2020 compared to 2019, accompanied with changes in the causes of death. One of the main impacts of Covid-19 in Republic of North Macedonia is the high excessive mortality.
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    Human resource practices in small businesses in Republic of North Macedonia
    (Institute of Economics - Skopje, 2023-04)
    Piperkova, Irina
    ;
    Djambaska, Elizabeta
    ;
    The primary objective of this paper is to identify human resource practices implemented by small firms, so as to better understand the specifics of human resource management in small businesses. An online survey was conducted among small businesses in the Republic of North Macedonia. The research findings reveal that small firms in North Macedonia use employee referrals as a recruiting strategy and a traditional selection process based on CV/interview analysis. Most of small businesses have some form of consistent and continuous compensation system, with employee performance as a main criterion for determining the compensation level. Employee training has been identified as one of the biggest challenges that small businesses face. Most small firms conduct employee training to improve job-specific skills for current job tasks. In addition, employee trainings are implemented on an ad hoc basis and largely depend on firms’ available financial resources, since high training costs remain to be an obstacle to small firms.
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    Recruitment and selection methods in SMEs in Republic of North Macedonia
    (Institute of Economics - Skopje, 2020-12)
    Valerija, Miloshevik
    ;
    ;
    Recruitment has become one of the most important human resource practices for firm’s performance. Leading firms in the world continuously develop proactive recruitment strategies that encompass various mechanisms and techniques to attract bigger applicant pool. Tight labor markets and fierce market competition impose greater challenges to SMEs. Hence, small and medium enterprises face additional challenges in recruiting adequate skills. A primary research was conducted among SMEs in the Republic of North Macedonia to examine their most practiced recruitment and selection methods. The findings reveal that SMEs apply a variety of traditional recruitment and selection methods, yet they need to develop more comprehensive recruitment strategy and seek additional alternative recruitment channels.
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    Importance of the agricultural sector for the economic development of the Republic of North Macedonia
    (Institute of Economics-Skopje, University "Ss. Cyril and Methodius", Republic of North Macedonia, 2019-07-03)
    Djambaska, Elizabeta
    ;
    This paper analyse the role and importance of the agricultural sector for the economic development of the Republic of North Macedonia. The focus of the research is on the indicators that present the agricultural sector as real GDP and gross added value in the agricultural sector in the Republic of North Macedonia, for the period from 2000 to 2016. General conclusion is that GDP growth in the Republic of North Macedonia in the analysed period arise from the household production and gross investment. Also, agriculture is one of the four dominant sectors beside trade, industry and construction that contribute to economic growth in the Republic of North Macedonia. The share of the agriculture, forestry and fishing sector in the real GDP in the Republic of North Macedonia is around 13%. The largest contribution from agriculture to the GDP of the Republic of North Macedonia arise from the Southeast, Pelagonia and Polog region. Therefore, measures and activities for stimulating economic growth should mostly be directed towards these regions. The relative share of the gross value added of agricultural production in the Republic of North Macedonia is around 10% of GDP and it considered to be important sector for economic development.