Strategic management and management of personnel costs: employing young people in the Slovak Republic

This paper focuses on evaluating strategic management of the labor market through legislated active labor market measures introduced in the Slovak Republic to support youth employment. Based on the presented statistical data and managerial and legal analysis of the labor market in the Slovak Republic, with particular emphasis on the economic status of young people, two key parts of the adopted strategic document should provide better economic security for young adults. From the point of view of employers the initiatives are an attractive means for incorporating young adults into the economy, especially because this allows for increased active management of personnel costs that are directly related to compensatory incentives from the side of state agencies for employment of young people. This strategic management creates possibilities for employers to gain access to lower labor costs and to realize significant cost savings. Supporting data are presented graphically and at the same time the cost savings for employers are calculated. Overall, these two analyses demonstrate the practical effect of the new strategic measures on corporate management of personnel costs