MONTENEGRO - THE HARD PEARL SHELL
A land of endless adventure and enchantment
editor
Vuk Koljenšić and Draženka Laketić
JOURNALISTS AT THE ADRIATIC
If there is a country where two extremes come together, and the sum of these two opposites is transformed into a harmonious whole, then this is Montenegro.
This is a country where salty Mediterranean air combines with the clean sharpness of mountain, air, a land where mountains and sea collide. This is a country where autumn can sometimes occur long before the end of summer, and winter often arrives at the same time as spring. In Montenegro, it’s possible to experience all of that on the same day if one is travelling from the far north of Montenegro to the Adriatic Sea.
Here, people are the warmest where it is coldest and the kindest people are those to whom life itself is not kind. That’s Montenegro for you. Montenegro has one colour in its name and a thousand colours in its beautiful landscape. Montenegrins have been welcoming tourists for centuries and are still learning much from those who come to visit, learning that they, themselves, must learn to appreciate every metre of its magnificence and beauty. A rich tapestry of life and history is located in just 13,000 square kilometres of natural beauty where everyone can find enjoyment and wonder, and almost everything they want from a perfect vacation. And this was also true back in history, during the time of Petrović when the first accommodation facilities for “outsiders” (tourists) were constructed, and in 1864, when the first hotel in Cetinje, “Lokanda”, was built.
The development of Montenegrin road infrastructure was accompanied by the construction of “khans” (hanovi), which were the characteristic resting places for travellers, and more recently, better connections between cities have also brought about greater movement of the local people.
The beauty of the coast had already brought about the construction of guest houses on the green beach of Herceg Novi, and since then tourism has developed rapidly and today it makes up almost a third of the country’s GDP. This makes Montenegro the leading country in Europe where tourism contributes the greatest share to its economy.
It took almost an entire century for Montenegro to reach the headlines of world-famous magazines, however, nowadays it is increasingly ranked in the Top 10 Destinations in the World, and in a very short period of time, Kotor reached first place on the famous Lonely Planet list, and subsequently became a magnet for tourists from all over the world. According to Motor locals, only a few years before this happened, a leading journalist from an internationally renowned magazine was on vacation in Kotor. He openly publicised his love and admiration of the place not only to his friends and family, but to colleagues and newspapers, and in so doing, he almost single-handedly popularised the place to the extent that it is now well-known, loved and revered all over the world. However, apart from journalists who spread the word about the incredible beauty of Boka, there are also grateful Montenegrins and social networks that transmit what the camera lens sees to all ends of the earth. As a result, the Bay of Kotor became known as the southernmost European fjord and now thousands of people visit and admire it every year. The now-famous Black Lake is a place where unclean and negative thoughts are cleansed by the purity and clarity of the water. And most importantly, whoever visits the country should not bypass one of the world’s most impressive constructions – the Tara Bridge. It is a symbol of men’s struggle with nature. Almost 100 years ago, a miracle was created with “opanci” also known as Montenegrin shoes, which bridged the seemingly insurmountable shores with the biggest wooden scaffolding ever used, at that time. The proportions of the five arches speak for themselves about the miracle of engineering that continues to hold and support the huge concrete structure more than 150 meters above the Tara River. The Tara River is known as The tear of Europe.
Every year thousands of people raise their adrenaline levels as they go down the Tara River in the traditional beechwood boats, looking upwards at the almost vertical cliffs from which sprouts gravity-defying vegetation from apparently naked stone. Dozens of glacial lakes are scattered between the mountains, and each of them has a name that tells a story. It is here that the fairies live who were responsible for shaping destinies, as well as devils who have caused torment and disaster. There are even places where saints are said to have squeezed water from stone. Only in the small town of Žabljak, the highest situated town in the Balkans, will a resting traveller be able to hear the stories and legends of the Tara River and its surroundings, tales that cannot be heard anywhere else in the whole country.
Montenegro can be magical, but it can also be cruel, however there are many areas that are still untouched and nature can still be seen in its raw beauty.
Almost half of Montenegro can be seen from the Lovćen mountain and if Montenegro had to be summed up in two words, savage beauty are the two most appropriate words. There is also a lot of wilderness, but wilderness isn’t really sufficient to describe the Montenegrin landscape. If the words savage or even wild describes everything we see, then beauty will describe everything we feel. The traveller will also experience a variety of different mentalities in Montenegro. As you travel along each of the borders you will experience helpful and neighbourly values, and from the colder north, you will encounter real human warmth, while going further south you will find that a more Mediterranean spirit is prevalent – calm with a melodious way of speaking and living.
The people of Montenegro are widely recognised as gracious hosts who go above and beyond the call of duty. In some remote villages, it is common place that the villagers will accept you as one of their distant relatives and you will leave feeling that you don’t owe them a single cent. Indeed, tourists and travellers came to the villages first, and mass tourism followed. The village people thought they had nothing to offer, when in fact they have everything. And this is exactly how the story of village tourism developed, aided by village communities who happily shared their everyday life with strangers, offering them food, drink and sustenance and simple life pleasures. This was the time when the farmer transformed into a host of the highest rank, providing authenticity and genuine hospitality both in terms of a unique ambience and healthy cuisine, both of which are hard to beat, and cannot even be glimpsed at in the expensive resorts. However, at the other end of the hospitality scale, there are now lots of expensive hotels located on the seafront, all with magnificent views. On a clear day, one can even see Italy. In these encapsulated resorts, guests are offered tranquility and peace in an abundance of luxury and world-famous franchises are showing increasing interest, fully believing in the potential that Montenegro offers. Connection by two local airports and the nearby Dubrovnik airport makes Montenegro easily accessible to all. Accessible air connections and social media are rapidly launching Montenegro into the lists of the most desired tourist destinations for travellers from all over Europe, the Middle East, and even North Africa. A combination of international travel promotions for Montenegro, an excellent representation at Expo 2020 in Dubai and enticing promotional road shows around the world display the most exquisite images to people in all parts of the world and ensure that Montenegro is a place to be put on their wish list. Those who come here for the summer season invite new friends on the following day, and tourists are starting to explore Montenegro in all four seasons. And when they ask if a week is a sufficient time to visit Montenegro? The answer is “Yes, but it takes a lifetime to research”.
THE ADRIATIC
This article was originally published in The Adriatic Journal: Strategic Foresight 2023.
If you want a copy, please contact us at info@adriaticjournal.com.
A journey into the slow-paced life of rural Montenegro
Ethno village Montenegro
editor
Vuk Koljenšić, Draženka Laketić
JOURNALISTS AT THE ADRIATIC
Montenegro is an ideal destination for those interested in rural and ethno-tourism, as it is home to a variety of traditional cultures and lifestyles. Visitors can explore the breathtaking mountain villages and charming rural towns, visit the traditional stone villages in the north, or admire the magnificent coastline, especially around the Bay of Kotor. There are also numerous traditional festivals and events that take place throughout the year.
One not-so-conventional competition happens in Etno selo Montenegro, where people gather to complete in lying down competitions. We sat down with the owner of the ethno village, Milonja Blagojević.
Where did the idea for the ethno village of Montenegro come from?
Just over a century ago, my great grandfather, Kojo, bought property and land where the ethno village of Montenegro is now situated. He had arrived with his two sons, Simeun and Vukosava, his daughter, Miladina, and our grandfather, Vukola, to start a life in farming and breeding livestock. As a boy, our grandfather planted a maple tree, which is now over 100 years old, and under whose branches the family rested after a hard day’s work farming the land. The same tree now provides tourists with shade and positive energy. Today, my brother Radonja and I, with our families and our parents, Stojan and Zork, have managed to preserve and maintain the traditional methods of food production and the handed down customs of over one hundred years ago. Our grandmothers, Grana and Miloslava, have also passed on traditional recipes for preparing food such as kačamaka, cicvara, pies, lamb under the bell, homemade bread, and numerous cheeses and dairy products – and we continue to pass these traditions and recipes on to our descendants.
Part of the village encapsulates the Nevidio Canyon, and we came up with an idea for hosting foreigners with whom we could share our appreciation of the beauty spots and landscape of Piva, the Canyon and all that the Piva Nature Park has to offer.
From Idea to Realization: How much effort and innovation is required for such a project?
The ethno village bears the same name as its mother country – Montenegro in fact, the country Montenegro gained its independence the day after our village was founded. The ethno village has proved an enormous success and won numerous awards, including the Ministry of Tourism award for the most innovative project in 2006 and the UNDP award for the best business plan in 2008. The recognition and awards have resulted in a rapidly growing public interest and an increased number of visitors every year, and in turn, the visitors have generated many innovative ideas and events for the area. The project has also received great media support with over 3000 newspaper articles, 150 guest appearances on various TV networks and over 5000 mentions in the Internet. From spring until autumn, the average number of tourists crossing the border to Šćepan Polje on the road that passes by the ethno village, is about 2000 per day, and if that is multiplied by the number of days in the peak season, the figure amounts to over 250,000 people crossing the border. Every year, the ethno village also hosts over 10,000 schoolchildren who visit the nature reserve and its surrounds. In addition, our family was the initiator of the Organic Production Program, and we also publish various books and brochures based on preserving our cultural heritage and traditions, such as A Guide to Medicinal Herbs from Piva, a traditional Montenegrin cookbook called Montenegro – from Field to Table, and one on the beauty and antiquities of Montenegro.
Despite a low start-up investment, and seemingly impossible financial calculations – we have managed through time, patience and preseverance to successfully achieve our boyhood dream.
By promoting rural tourism, do you think that Montenegro can offer quality attractions and places of interest in the north of the country as well?
As far as the variety of attractions available in Montenegro is concerned, we believe that the events and places of interest on offer is often more complete in the north, where businesses are mainly owned by families, and the families are actively involved in the products that they are promoting. This genuine family immersion in the “Montenegrin product” attracts an ever-increasing number of tourists to Montenegro every year. The tourists themselves have also developed a growing empathy with the country and are paying more and more visits to it, which makes us happy. The basis for the development of rural tourism is the unspoilt countryside and ruralism, which is even more pronounced in the north than in the south. Much of the coastline is now quite urbanized and developed, and travellers cannot experience the unspoilt landscape and sights related to the countryside and nature as they can in the north.
You are recognized around the world as a locality that organizes interesting competitions, in which the “lying down competition” is leading the way. Can you tell us more about that?
We often talk of the myth about Montenegrins being lazy in a humorous way, but now we have turned it into an actual manifestation in the form of a lying-down competition. This competition aims to send a message to the world that it is not so easy to lie down, and also to stimulate the curiosity of the general public about Montenegro and its culture. As a result of this competition, we received a lot of attention and interest from all over Montenegro, as well as from the region. It was one of our most successful promotions. In the ethno village, we also have cheese museums, music festivals, and a museum of postal traffic and telecommunications. We are also planning to extend the range of museums to other categories over the coming period.
Is there any funding for them from the state?
Up until now, we have had solid cooperation from the Ministry of Agriculture, who have provided us with machines for agricultural production. However, we believe that some support from the Ministry of Tourism could prove greatly beneficial, since together we could improve village and rural tourism for the betterment of the entire economy.
What are your plans for the future, what would you like to do and what is your vision?
Our overall goal is to amply satisfy our foreign and domestic guests. We want to continue to improve our tourism and hospitality business, and this is a perpetual process. This year we improved our cabins by redecorating the interiors and renovating the attic, in which we added a glass viewing area from where the whole village can be seen.
Our guests always return to us, and that is an excellent indicator that we are doing the right thing.
THE ADRIATIC
This article was originally published in The Adriatic Journal: Strategic Foresight 2023.
If you want a copy, please contact us at info@adriaticjournal.com.
NLB Smart POS app makes your smartphone a POS terminal
Cashless Payments
editor
The Adriatic team
NLB has launched an NLB Smart POS solution, the first application of this kind among Slovenian banks. Entrepreneurs can download it on their mobile device (a phone or tablet), and it becomes a mobile POS terminal accepting cashless payments. This new solution is aimed primarily at the micro and small business segment, which has so far been largely excluded from cashless payments.
The NLB Smart POS app can be installed on an NFC – enabled mobile device (Android phone/tablet version 10.0 minimum) with no additional equipment needed. All you need is the internet connection. This solution is designed primarily for micro and small entrepreneurs who do not find a traditional POS terminal worthwhile due to the scale of their business, as the new solution is more affordable than standard POS terminals. The installation and use of the NLB Smart POS solution has no fixed monthly costs, a fee is charged only per completed transaction.
“According to the European Central Bank, 73% of all point-of-sale payments in Slovenia in 2022 were made in cash. At NLB, we are striving to lower this percentage and make sure that digital payments have the same potential as cash. Digital payments bring many benefits to all stakeholders, including the state. The NLB Smart POS solution is a simple, secure and, above all, affordable solution for those entrepreneurs who have not yet accepted cashless payments, bearing no fixed monthly costs, a fee is charged only when a transaction is completed. This service presents an opportunity particularly for micro and small businesses and companies with, for example, large field teams, as they can offer their customers the option of cashless payments, thus improving the customer experience and increasing their turnover. We are convinced that the future of payments is digital, and we are happy to invite our customers to get ready for it as soon as possible,” said Antonio Argir, Member of the NLB Management Board responsible for Group Governance, Payments and Innovation.
The solution brings benefits to points of sale:
- The point of sale can use mobile devices they already have.
- This solution is flexible and user friendly, as the NLB Smart POS can be carried around and allows cashless payments to be accepted outside your business premises.
- The app is easy to install, you can simply download the NLB Smart POS app to your mobile device from the Google Play Store. Once the app is installed, the mobile device will function as a standard POS terminal.
- With this app the point of sale can safely accept cashless and contactless payments with VISA and Mastercard payment cards and cards digitized in mobile wallets (mobile phones and smartwatches, rings and bracelets).
- The Bank will make sure together with its Processing Centre that security standards are up to date and accurate (notifications will be sent to the point of sale).
- The use of NLB Smart POS is cost-effective, there is no fixed monthly cost, and it is safe and easy to use, both for the merchant and the end user.
- There is no need for any additional equipment or POS strips to print out the slip as is the case with standard POS terminals, because the POS outlet can send the POS slip to the customer digitally (either a text message to their mobile number or e-mail, or even using another channel, such as Viber, WhatsApp, etc.).
Businesses can always carry this solution with them and accept cashless payments whenever and wherever the internet connection is available. This is just the right solution for those whose work involves frequent moves from place to place (field sales), entrepreneurs who provide their services on their customers’ premises (plumbers, fitters, etc.) and other entrepreneurs who provide their services (hairdressers and beauty salons, fitness centers) and commercial activities or sell their products at markets and fairs.
A collaborative approach towards sustainable, data-driven and patient-centric future
Reimagining Slovenian Healthcare System
editor
Roche Slovenia
In a world marked by fast-paced innovation and increasingly personalized healthcare solutions, it is imperative that our healthcare systems keep pace. The healthcare sector, by its very nature, stands on the frontlines of societal change, continually adapting to shifting patient demographics, evolving health needs, and groundbreaking technological advancements. Yet, our core healthcare infrastructures often struggle to match the rate of these developments. As we face this new era of health care, Roche has set out on a mission: to facilitate a crucial dialogue amongst key stakeholders in the Slovenian healthcare system.
Roche Slovenia has initiated a collaborative approach and engaged with 18 key stakeholders in Slovenia’s healthcare ecosystem with aim catalyzing a profound transformation in the healthcare system toward a sustainable, data-driven, and patient-centered model. Using a thorough methodology that included comprehensive interviews, unbiased data collection, categorization of findings, validation of conclusions, and presentation of results, the researchers gained a comprehensive overview of the present and potential future of the system. These findings can serve as the basis for future discussions and recommendations.
Four core themes emerged from in depth interviews:
1. A Vision for Healthcare: Slovenian healthcare, despite its solid base, lacks a unified, long-term strategy, leading to disconnected operations and digital transformation roadblocks. A shared, enduring vision is vital for comprehensive transformation.
2. Serving Population Needs: Slovenian healthcare needs enhanced transparency in public health expenditure and a shift towards patient-oriented care. An effective healthcare network adopting international best practices, tailored to Slovenia, is essential.
3. Leadership: There exists a deficit in leadership skills in the public healthcare system. Enhancing soft leadership skills, utilizing data-driven tools, and encouraging decision-making at all levels are crucial.
4. Beyond Silos: The lack of cooperation impedes systematic progress in Slovenian healthcare. Promoting leadership, facilitating mindset shifts, and accelerating digitalization can help dismantle these silos.
Analysis identified 17 significant challenges, with five being most impactful if resolved:
1. Absence of a long-term vision and clear communication
2. Deficit in collaboration and mutual trust among stakeholders
3. Limited and unequal access to primary healthcare
4. Inconsistent leadership due to political interventions
5. System prioritizing outputs over patient outcomes
Tackling these challenges could lead to notable improvements, establishing the groundwork for further progress towards a more patient-centered, efficient, and cooperative healthcare system. Slovenia’s healthcare system is at a pivotal moment, necessitating innovation to meet changing societal and patient demands. The goal of this initiative is to catalyse systemic change that goes beyond incremental improvements. This task requires collaboration among all stakeholders, including patient associations, healthcare professionals, government bodies, academics, and industry partners.
The shared vision is to establish a sustainable, data-driven healthcare system meeting the needs of Slovenians, promoting collaborative problem solving and embracing innovation.
Roche stands ready to contribute its global resources and expertise to this transformation and wants to help establish a benchmark healthcare system for Europe. Cooperative effort is essential to evolve the system towards a sustainable, resilient, and patient-focused model that would benefit Slovenians and the wider society.
The Institute for Strategic Solutions also participated in the project as an interviewee.
Serbia and Slovenia: With the Talents of the Future for a Competitive Region
E-booklet
editor
The Adriatic Team
We present to you the e-booklet, which was made as part of our project "Serbia and Slovenia: With the Talents of the Future for a Competitive Region", together with the event we held in Belgrade at the end of May.
“The Balkan countries are witnessing a remarkable increase in financial exchange, revealing the growing economic collaboration in the region. However, the sustainability of this deepening economic connection heavily relies on the availability of talented and capable workforce that can drive productivity, innovation, and growth,” says Maja Dragović, from our editorial team.
Exploring the ways in which digital technologies are changing the field of human resources (HR) was the main focus of our project. We aimed to identify best practices for leveraging these technologies and consequently improving results. Professionals from the region gathered at a conference in Belgrade, where experts from the fields of human resources, education, economy, and technology highlighted trends and plans for implementing digital strategies that can increase employee engagement, productivity, and business results.
We express our gratitude to our partners for their collaboration and successful completion of the project.
The final product is an e-booklet, which we present to you HERE. We wish you a pleasant reading.
Retaining talent in the southeast Europe
NLB Group
editor
NLB Group
IN COOPERATION WITH THE ADRIATIC TEAM
In today's rapidly evolving and hyper-competitive business environment, organizations face a critical challenge: attracting and retaining top talent. In the Balkans the challenge is even bigger as the region has been struggling with the brain drain since the civil wars in 1990s. NLB Group, the leading banking and financial group with headquarters and an exclusive strategic interest in Southeast Europe, recognises the importance of nurturing its workforce. According to Vesta Vodopivec, Assistant of the Management Board of NLB, banks must emphasize their innovative culture, offer competitive compensation packages, and prioritize career development opportunities to attract the right talent. Creating a positive work environment, promoting work-life balance, and implementing effective talent retention strategies are also crucial.
How do you perceive the current dynamics in the labour market? What are the differences between the individual countries where you operate?
In terms of human resources, we are currently facing an unprecedented situation where there is a significant shortage of suitable and qualified workforce in the market. In Slovenia, we have been dealing with such conditions for the past few years, and recently, these trends have also been unfolding in the region. But this is not surprising due to the shifting demographic trends which are further exacerbated by significant emigration, as well as a lower number of graduates from relevant faculties.
How does NLB ensure flexibility for employees in the changing economic conditions?
One of the key measures through which we ensure flexibility is the option of a hybrid work model. This involves a combination of remote and office work in a ratio of 4:1, meaning that employees come to the office a maximum of once a week. However, even this one day is not mandatory if they agree it with their supervisor. At NLB, we strongly encourage remote work, particularly in positions where the nature of the work allows it. We believe that it significantly contributes to improving the quality of life for our employees, while at the same time it helps reduce the bank’s carbon footprint and look after the environment.
If you compare the recruiting process today and 15 years ago, what are the differences in the employee profiles you are seeking and the approach you are using?
The profiles we are seeking today are significantly different from previous years due to the transformation of the bank’s business model. In last few years, we have observed a growing demand for professionals in the IT and data science fields, specifically data scientists, data analysts and translators, data engineers, information systems analysts, software and process developers, and professionals skilled in optimizing user experience. These are general trends, as in all industries, not just in banking: digitalization, automation, and robotics are making these types of profiles increasingly important. Consequently, there is a shortage of these, both in Slovenia and elsewhere in the region.
For instance in 2013, we received up to 500 applications per advertised job opening whereas now the number of applications is much lower, and the candidates are not as suitable as they were in the past.
To successfully address this issue, NLB invests heavily in the education of its employees and enables them for transition into these new sought-after profiles. However, we also emphasize that without a fundamental reconsideration and adaptation of the national educational system, this problem will continue to grow.
What modern trends in the field of human resources do you use? Do they impact the bank’s competitiveness in the region? If so, how?
At NLB, we recognize the importance of being an employer of choice, which is why we annually benchmark ourselves against the best HR practices through the Top Employer certification. We have received this certification for eight consecutive years including 2023. However, the main direction of our HR policy is determined by the proposals and feedback we receive from our employees. We regularly organise focus groups to define initiatives for improvement. Employee engagement surveys are also a traditional practice for us. We conduct leadership competency assessments using the 360-degree feedback method and develop individual development plans to enhance our organizational culture.
Together with our employees, we have formulated three values that all employees strive for: “growing people,” which emphasizes our commitment to continuous learning and personal growth; “encourage entrepreneurship,” addressing our constant drive for innovation, and »improving lives«, with a focus on enhancing the quality of life in our region.
At NLB, we strive for constant progress, and therefore we prioritize the growth and development of all our employees. To this end, NLB has had an Educational Center for over 40 years because we believe that only motivated, healthy, and continuously learning employees can build the bank’s future.
How, in your opinion, can we attract future talents to the region? Does NLB address this issue? If so, how?
In my opinion, we can attract future talents to the region by creating suitable conditions, the prerequisite of which is the competitiveness of the regional economy. NLB invests significantly in talent recognition, primarily seeking talent among our employees. To this end, we have established a talent management strategy that aims to provide a clear, simple, and continuous process for identifying and developing promising individuals within the NLB Group and preparing them for key roles. Additionally, at the Group level, we focus on collaborating with universities to establish connections with potential future employees.
However, in addition to companies, governments also have a role to play in creating a stimulating work environment. I believe that we could attract “digital nomads” to the region, but governments would need to establish a favorable tax environment. The taxation of labour in Slovenia, according to OECD standards, is exceptionally high, which hinders our competitiveness. While taxation in the region may not be as high, there are other barriers that we need to address collectively.
Does NLB have any talent exchange programs between the countries in the region?
All members of the NLB Group have adopted a mobility policy aimed at promoting and encouraging mobility within the entire NLB Group. Since not all countries where the NLB Group operates are members of the EU, cross-border transitions can be somewhat challenging. Therefore, we rely heavily on virtual teams that work on specific tasks and projects. There is a wealth of knowledge in the region, so the NLB Group is establishing its competence centers outside of Slovenia. Specifically, we have established the NLB Digit IT center in Belgrade,formed the Card Competence Center in Skopje, while we have set up the Centre of Excellence in Robotics Process Automation in Sarajevo.
How does NLB promote work-life balance?
At NLB, we pay great attention to balancing family and work life, because we believe that only healthy and satisfied employees make good colleagues. In addition to the mentioned hybrid work model, NLB holds the Family-Friendly Company certificate with 25 measures, but we do not rest on our laurels and continuously introduce new measures. Our employees have access to several measures that allow them to take time off for personal life responsibilities, such as settling children into daycare, accompanying ninth graders on an information day, dealing with exceptional family situations, accompanying a family member to the hospital, and more.
We also place strong emphasis on the health of our employees. We regularly conduct online workshops called “Healthy Bank,” which cover relevant topics such as sleep, maintaining a healthy spine, relaxation techniques, and stress management. We provide external psychological support to employees who are under pressure due to personal or work-related difficulties.
This article was a part of the “Serbia and Slovenia: with the talents of the future for a competitive region” project.
The purpose of this project was to explore the ways in which digital technologies are changing the field of human resources (HR) and to identify best practices for leveraging these technologies and consequently improving results. As part of the project, an event was held in Belgrade where experts from the fields of human resources, education, economy, and technology highlighted trends and plans for implementing digital strategies that can increase employee engagement, productivity, and business results.
Opportunity for development
A culture of collaboration and learning
editor
The Adriatic team
Responsiveness, simplicity, and reliability are the values with which Triglav Group builds a collaborative and agile culture. To further strengthen it, they have also set mobility as one of their key business directions.
In Triglav Group, the largest insurance and financial group in the Adria region and one of the leading ones in Southeast Europe, they strive for a culture where employees transition between project teams, organisational units, and/or companies. This facilitates the efficient transfer of knowledge and best practices. Mobility, as they refer to this process, contributes to professional development and personal growth of individuals, and represents an excellent way to strengthen a culture of collaboration and learning.
Mobility is healthy
While many people prefer to stay within their comfort zone, most at least have some desire for personal and professional development. The opportunity for mobility presents an excellent chance for both. When an individual moves to a different company, they encounter different ways of working and thinking. They also have the opportunity to experience different cultures and meet new people. They may even contribute to the development of a specific project and the implementation of new practices from their field of expertise into another area of work, a different company, and so on.
Work and fun
One of the programs within the framework of mobility that has been running for over a decade in Triglav Group is the professional internship called “Spring School” or “Autumn School” (depending on the season of implementation). It is year to gain new knowledge and experiences and strengthen the connections within Triglav Group. The aim of this education program, which typically lasts for 14 days and takes place in Slovenia, is to systematically acquire and deepen the practical expertise of employees and transfer insurance knowledge within the region. The program encourages the sharing of best practices and ideas for improving work processes, as well as the exploration of new business ideas. Alongside the professional activities, the internship also provides opportunities for socialising, offering an environment for making new friendships and getting to know colleagues from Triglav Group. In addition to the professional aspect, there are also social programs and events where participants can discover Slovenian culture and attractions.
Both the participants of the internship and their mentors share the belief that investing in continuous education is necessary for a company to remain competitive and successful. As has been proven time and time again, the organisation’s greatest asset is its employees and the strong bonds between them.
The winning combination
Bringing knowledge and experience into one’s work environment is undoubtedly an advantage for everyone involved – both for the company where an individual completes an internship and the company where they work. For the former, it represents the promotion and transfer of good practices and work procedures. For the company where the individual works, it means gaining a different perspective on internal challenges and opportunities, as well as the implementation of potential new solutions and increased operational agility.
The participant themselves gains the most from the internship experience. They acquire new friendships, knowledge, and experiences, not only for their work but also for their life in general. The mentoring process is a two-way street, as both the participant and the mentor benefit and grow through the internship. Overall, the advantage of this type of mobility is that it allows for the exchange of experiences and knowledge among the companies within Triglav Group, which operates in six countries and seven markets, employing over 5,300 people. Mobility is indeed crucial for the company to acquire true ambassadors of a culture of collaboration and connection.
This article was a part of the “Serbia and Slovenia: with the talents of the future for a competitive region” project.
The purpose of this project was to explore the ways in which digital technologies are changing the field of human resources (HR) and to identify best practices for leveraging these technologies and consequently improving results. As part of the project, an event was held in Belgrade where experts from the fields of human resources, education, economy, and technology highlighted trends and plans for implementing digital strategies that can increase employee engagement, productivity, and business results.
Serbia and Slovenia: With the talents of the future to a competitive region
International event
editor
The Adriatic team
ISR, together with the Chamber of Commerce of Serbia and the Beep Institute, hosted the conference “Serbia and Slovenia: With the talents of the future to a competitive region”, which was held on May 29, 2023, in the premises of the Chamber of Commerce of Serbia in Belgrade.
The conference has brought together representatives of companies operating in the region, HR experts from Slovenia and Serbia, with the aim of exchanging experiences on modern trends in HR.
As part of the conference panel, there has been a discussion on the aforementioned topics, which are important for the development of human resources in the region, economic cooperation between Serbia and Slovenia, and the integration of the region into the European Union.
The participants in the panels were the highest representatives of the human resources development sector of leading companies operating in the region, experts in the field of work psychology and talent management, as well as organization management.
THE FUTURE IS NOW
Tushek Hypercars
editor
Mateja Edelbaher
JOURNALIST AT THE ADRIATIC
This optimal describes the mentality of Tushek Hypercars, a Slovenian company where research and the most innovative approaches are at the forefront of highly advanced and sophisticated hyper cars. The fact that in 2012 they started developing their electric drivetrain, which now powers their most advanced hyper car TS 900, is proof enough that they live for the future.
Aljoša Tušek, the CEO and Founder of Tushek Hypercars, once a very successful racing driver has always been intrigued by implementing the demands and knowledge of a professional racing driver into a sports car, so he decided to make his own supercar, drawing from his racing experience.
In 2008, he began to design the first supercar, the Renovatio TS 500 and with that model Tushek instantly earned a place in the global supercars market. The Renovatio TS 500 was also presented on the BBC’s famous TV show, Top Gear, where they were clearly impressed with the car, which was tested in the French Le Mans before the start of the famous 24-hour race.
In a way, Tušek says, it was the earliest proof of a successful model from a price-performance point of view, as it was very light and manageable, as well as balanced in price for a supercar, priced at around 250,000 euros in 2008.
The next model, the TS 600, secured Tushek’s position among handmade hyper cars on the global market. It was a big success – the UK magazine Auto Car named it one of the four best super sports cars of the year in 2014 and it still remains in the top 10 list of supercars.
Tushek’s goal has always been to have the best car on the market; they have only sold their prototypes so far, as they have never been satisfied enough with any model to go to the production line. The TS 900 plug-in hybrid is the first model where they plan to produce two dozen cars. They presented it at Top Marques in Monaco, and met with a lot of demand. It comes in a road friendly and a racing version. Its popularity is such that it’s one of the top played high performance cars in leading worldwide video games such as Asphalt9 and Grid Legends.
Thinking and working 10 years in advance
At Tushek, they started thinking about the electrification of driving early on, as they quickly saw the direction in which the automotive industry was heading. They began with the development of their electric drivetrain system in 2012, because, as Tušek says, they always try to work ten years in advance.
Their electric drive unit TUSHEK DIRECT ELECTRIC DRIVE (TDED) is the result of Slovenian technological know-how and was developed on the basis of engines used in advanced lightweight aviation. Starting from such high-power aviation engines, it took over 6 years of development to reach the 2018 patented drivetrain, currently one of the best automotive electric drive units on the global market.
As Tušek points out, with electric drives, the most important compromise is between the range and the weight of the batteries. This is precisely where the efficiency of the drives developed at Tushek prevails as one of the best in the world. In fact, their drivetrain is capable of operating with only 10 KW per 100 km during normal driving, with the batteries weighting only 65 kilograms in the TS900 Hybrid.
The development of their hypercars, as well as the drivetrain, depends on the development and use of new materials for the drivetrain and battery casings, which must be ultra-light and at the same time ultra-durable. Thus, they started collaborating with the Faculty of Polymer Technology from Slovenj Gradec, in the development of special materials for battery casings that are capable of withstanding extremely high stress.
Strictly limited to just 12 units the TS 900 RACERPRO is designed to provide the best performance for the most demanding racing drivers. With a power to weight ratio of 1.13 hp : 1 kg, the RacerPro includes only what is needed for the highest performance on the race track.
The future is electric
Internal combustion engines are coming to an end, and they will probably last the longest in hyper cars and auto-motor sports. The engine sounds that people are used to now will be replaced by new ones. As Tušek jokes, now electric cars sound similar to “small UFOs”, but in the future, he adds, they will be a matter for each individual manufacturer to decide as part of the design of the car.
At Tushek they are focused on development and are investing heavily in testing new materials and developing electric drivetrains that will power their hyper cars entirely in the future. But, due to the expected delay in the transformation to electric cars in auto-motor sports, they are currently betting a lot on their hybrid TS900, which is, as they say, a technological revolution on four wheels, that shows the real use of new technologies. It creates new driving dimensions made possible by hyper-hybrid technology and a drive that has many patent-protected solutions.
However, since they do not see the future in hybrids, but in fully electric cars, according to Tušek, they are now focusing on the development and production of a fully electric hyper car, codenamed TS X000. He claims it will be a completely different hyper car, compared to the ones we are used to seeing on the roads now. It is still a mystery, how much horse power it will have, but Aljoša Tušek hinted, that it might have more than 2000.
So far, they have made a proof of concept for their all-electric car, and they want to test the new TS X000 for the first time on a racetrack towards the end of 2023. They plan to break into the global market in 2024, and then start with small-scale production of the car. Their goal is to create a model of the car that can be produced over a long period.
A lot od research, testing and new radical approaches, stemming from Aljoša Tušek’s racing experience and his feel of the car, were infused in TS 900. Powered by an Audi based, 4,163 cc dry-sump FSI V8 engine, to which Tushek added its compressor, and squeezed out 550 kilowatts of power and 690 newton meters of torque. It is installed centrally in the rear of the car, where, with the help of a Hollinger sequential gearbox, it drives the rear wheels. It combines the best of both worlds, as the internal combustion engine is joined by two compact electric motors on the front axle, each driving its own wheel, developing a power of 480 kilowatts and a torque of 1,000 newton meters, which is available throughout the entire rev range.
Development partners of the automotive industry
Tushek has become a development company as they invest 90 percent of their time in development, meaning that their R&D department is growing fast, but they have practically no production. They see their future in development, designing and assembling their own cars, and using certain parts from companies that are pioneers in their fields. Most of the cars are and will be the result of Slovenian know-how.
The development and patenting of their electric drivetrain has enabled them to establish partnerships in the automotive industry, that will financially support further growth and development. They also see the future in cooperation with the automotive industry, Tušek says, where they are currently a development partner to a global car manufacturer.
A lot of research, testing and new radical approaches, stemming from Aljoša Tušek’s racing experience and his feel of the car, were infused in TS 900, Powered by an Audi based, 4,163 cc dry-sump FSI V8 engine, to which Tushek added its compressor, and squeezed out 550 kilowatts of power and 690 newton meters of torque. It is installed centrally in the rear of the car, where, with the help of a Hollinger sequential gearbox, it drives the rear wheels. It combines the best of both worlds, as the internal combustion engine is joined by two compact electric motors on the front axle, each driving its own wheel, developing a power of 480 kilowatts and a torque of 1,000 newton meters, which is available throughout the entire rev range.
THE ADRIATIC
This article was originally published in The Adriatic Journal: Strategic Foresight 2023.
If you want a copy, please contact us at info@adriaticjournal.com.
A dire decade ahead?
Business environment
editor
Domen Prašnikar
JOURNALIST AT THE ADRIATIC
In the last four decades, the world recorded relatively favourable conditions for growth as the demographic picture was still robust. The free market and globalisation were effectively lowering prices and raising standards, and in the last 20 years, in particular, we had historically low interest rates.
However, the next decade is going to be different. We will begin to see the first signs of the effects of an ageing population, the process of deglobalization, and geopolitical battles for dominance over financial and raw material flows. This will result in rising inflation and high levels of debt. Central banks will have the extremely demanding task of striking a balance between maintaining the credibility of currencies with a suitably high interest rate on the one hand, while ensuring appropriate growth and a suitable level of employment on the other.
Currently, after the Covid-19 shock, we are recording high GDP growth and increased profits in companies that are creating “reserves” for difficult times. Systematically, the economy is under-indebted, as is the population, but the excessive increase in public debt caused by inefficient spending of public money is concerning. Due to full employment and excessive inflation, central bankers are being forced to raise the price of money and thereby lessen demand. It seems that the bankers will tighten their belts all the way until “something breaks”, and then the tables will turn, and Central Bank delay will only increase volatility. It is very likely that there will be a decline in economic activity in the future and that inflation will continue beyond the target of 2%, therefore we must prepare very prudently for a period of stagflation.
The price of goods is a result of the balance between supply and demand. Governments can intervene in the market and regulate prices, as is currently happening with energy products. However, in the long term, this only distorts reality and does not allow for increased investment in the much-needed energy infrastructure, which would potentially allow prices to fall in the EU. The proverbial ECB can print money, but it cannot print oil, gas and electricity. Therefore, we can predict that with the reduced purchasing power of the population and fall in the value of assets, demand will decrease due to pessimistic sentiment and thus prices will slow down initially; however, in a later phase, with the delayed reaction of central banks demand will rise again and with limited resources, the inflationary cycle will restart. In this decade, we can therefore expect several waves of inflation with higher interest rates.
Companies should not rely too much on their governments for help
In the Covid-19 situation, based on the assumption of zero interest rates, all countries readily handed out helicopter money which helped to weaken monetary policy, and this fiscal measure prevented bankruptcies and a drop in GDP. This time around, however, the situation is more insidious, with increased interest rates and already heavily indebted government coffers. Will countries dare to borrow heavily again in order to help companies? Less likely than before, since the manoeuvre is less effective each time around. They will, hopefully, help in a more targeted manner. However, governments will not help zombie companies that do not have perfect business models and who exist only because of access to cheap money, for example, various developing technology companies with ideas that do not bring prevailing profit.
The health of Slovenia’s economy is basically good and there will be fewer problems at the aggregate level, but we can expect problems in those production companies where they are not able to pass on the increased prices to customers i.e companies with no pricing power. In production companies where the EBITDA margin is extremely low or for established traders who are over-indebted, for whom the increased Euribor will soon begin to squeeze and erode cash flow and liquidity. All companies will at some point record a drop in orders, including service companies, which are generally more resistant to higher energy prices and increased Euribor, at least in the short term.
Global PMI indices are historically low. The first major layoffs in the USA have begun, orders are falling in Germany, and we all know that we are “importing” a global recession to Slovenia, albeit with a certain time delay. It is difficult to raise business resilience rapidly in companies, however the EU has several grant schemes that will help companies make investment decisions, which may prove to be one of the main “solutions” for companies in the coming years.
Companies need to improve their financing structure
Banks raise interest rates on deposits to a very limited extent, while lending rates are already significantly higher due to the effect of higher Euribor and higher mark-ups. Banks have limited the offer of fixed interest rates for long-term loans, and it is no longer so easy to refinance. With short-term revolving lines, it is still possible to get a fixed interest rate, but it is now at a higher level than 6 months ago. No one has a crystal ball, and we don’t know how far the ECB will raise interest rates, so the dilemma of whether to speculate or to decide on a peg arises. It seems sensible to “fix” at least part of the debt as soon as possible so that the company knows with at least some certainty what the financing costs are.
Irrespective of the future movement of Euribor, companies will still have the need to improve their cash flow. They will have to go through all bank and non-bank financing offers such as SPS direct financing of companies via various schemes or SID bank special long-term loans, however, some companies will also need an EGP guarantee if they don’t have quality mortgages to offer as insurance. Favourable loans to companies will be available from certain banks that are backed by a SID portfolio guarantee or those who can factor in their receivables, and where extremely fast access to fresh liquidity is possible, albeit from more expensive sources such as equipment leasing, private loan funds, inter-company financing, periodic tenders of the SRRS fund or newly emerging funds for the ownership support of young growing companies.
In addition, companies can check the offers of private funds with partial equity and/or mezzanine financing, both of which provide a more stable long-term source. Furthermore, quite a few (family) businesses may already be flirting with exit strategies due to the age of the founder, and future uncertainty may also be a key trigger for equity sales. Unfortunately, the optimum time and the highest valuation ratios are probably behind us. The stock market indices have also fallen from their peaks, but it still may be more prudent to sell the company within the next year for a “normal” market purchase price, than to think about rehabilitation in 3 years, if the future is still as uncertain as it is today.
Domen Prašnikar is an experienced professional in the field of financial consulting and demanding restructuring cases. In 2014, Domen founded his own consulting company, Valior d.o.o., which primarily focuses on Slovenian small and medium-sized enterprises, to which he offers a broad range of business and financial consulting services. As a member of the Turnaround Management Association, he is familiar with trends and the world’s best practices in the field of company restructuring. He is excellent at finding alternative solutions and managing complex situations. Together with his team he designed a benchmark methodology for measuring and managing business resilience adapted to Slovenian companies to guide company management in developing strategies and solutions for long-term business stability in conditions of increased uncertainty.
THE ADRIATIC
This article was originally published in The Adriatic Journal: Strategic Foresight 2023.
If you want a copy, please contact us at info@adriaticjournal.com.