Open innovation of new emerging small economies based on university-construction industry cooperation

This research is to analyse the existing cooperation between universities and the construction industry and to investigate what is the most effective model for long-term cooperation between an academic university and the private construction sector. The current article describes the human resources management tools to be used by employers to create interrelations between the paid salaries and productivity, thus providing both individual and corporate results. The suggested different tools contribute to keeping employees satisfied and motivated, simultaneously properly balancing productivity and individual earnings. The researchers conclude that it is necessary to create a new model for personnel selection and a new approach to stimulate motivation and maintenance within the construction industry. In order to respond to the needs of the sector for professionals and the required increase of the qualifications of the mentioned specialists, it is necessary that the country improves the level of education of the future professionals for the construction industry and changes the system of testing their professional qualifications, which means cooperation between the educational institutions and the industry. The suggested cooperation model by authors may provide a general guideline for further detailed researches and its implementation may help similar-sized economies to make possible national adjustments. The implementation of this model in bigger and/or developed economies should be justified by separate additional research.