BUSINESS REVENUE AND JOB RETENTION DURING COVID-19 CRISIS IN MANUFACTURING SECTOR IN SERBIA

Manufacturing companies in the Republic of Serbia had to react quickly to the changed business conditions during Covid-19 crisis, in order to adjust their businesses, as well as working conditions to the new circumstances. Since most of the employees in these companies cannot work remotely, maintaining production processes was challenged due to the restrictions imposed by the state and decreased demand for their products. New dynamic environment influenced differently various segments of manufacturing companies’ businesses, which affected companies’ business revenue and number and structure of its employees. This paper investigates the impact of Covid-19 on the manufacturing companies’ business revenue, and subsequently their employees and job retention schemes. It further explores the possibilities of effective crisis management in the Republic of Serbia, as well as readiness of manufacturing companies’ employees and management to adapt to the new working environment caused by the Covid-19 pandemic, in order to lessen its impact on the companies’ performance and profitability.