Talents and innovations: Case of Serbia

Abstract

This research focuses on talents and skills needed for companies' leap towards a higher level of innovativeness and competitiveness in the new digital era. We analyzed data collected through the online survey conducted among 84 companies that operate in Serbia. We did two correlation analyses. The first one observed determinant of innovation and digital transformation among surveyed companies. The results showed that R&D investments and management skills are correlated and significant for all observed digital transformation and innovativeness indicators. The analysis also showed that companies in Serbia are developing more sustaining than disruptive and radical innovations. The second correlation analysis presented the correlation between the indicator of future innovation and digital-driven growth and determinants of current skill gaps, skills in demand and an obstacle for talent development. We confirmed the correlation between the indicator and the skills gap in HR and Marketing business functions, both crucial for knowledge based-development and future business innovation-driven growth. Additionally, we confirmed correlation with analytical skills in demand and explained it through the fact that in the world where data presents new oil, skills that enable the company to transform data into useful business development information are crucial. Our results confirmed that investment in talents is important for future innovation development. We explained the lack of correlation with some skills in demand through the fact that companies in Serbia need more practical skills instead of soft skills for innovation and digital growth.