As summer jobs begin to wind down, November heralds a surge in hiring within the retail sector, coinciding with a month of promotions and discounts. Following that, December brings a peak in consumer spending ahead of the holidays.
According to the latest data from the Republic Statistical Office, Serbia employed 2.36 million workers in the third quarter of this year. However, this figure reflects a decrease of 1,498 employees compared to the previous quarter. On a more positive note, when compared to the same quarter last year, there was an increase of 4,910 workers.
Economists from the journal “Macroeconomic Analyses and Trends” (MAT) highlight companies’ hiring expectations for the next three months. In a September survey, 28.9% of companies indicated plans to increase their workforce, while only 0.5% anticipated reductions, marking a slight improvement from August.
Experts emphasize that hiring expectations have improved compared to both August and the corresponding month last year. However, Dragoljub Rajić from the Business Support Network notes that most companies in Serbia will focus on fulfilling their business plans until early 2025, with new hiring primarily occurring in conjunction with new business activities or expansion, typically seen in spring.
He explains that the structure of Serbia’s economy is heavily influenced by seasonal jobs and the time of year. As summer roles diminish, additional hiring in retail starts in November, driven by promotional events. December sees a significant increase in consumer purchases, necessitating workers in retail, transportation, distribution, as well as marketing and design, particularly for the influx of online advertisements.
Conversely, the construction sector is experiencing a decline in employment as many projects slow down around the holiday season. Rajić adds that outside of the mentioned sectors, new hiring in November and December is not typical.
In the past two years, inflation has significantly affected economic growth. While the country has managed to maintain some level of growth, few companies have offered high-quality technological products that have allowed them to expand into other markets.
Rajić warns that the true impact of inflation will only be felt now, forcing many companies to invest in addressing its consequences rather than in development. This situation is likely to reduce the capacity for further hiring, as one year of inflation could lead to two years of stagnation in business growth.
In summary, while seasonal hiring in retail is expected to increase in the coming months, the broader economic context suggests significant challenges ahead for many sectors in Serbia.
