Abstract
Сonsideration of the dynamic changes from the socio-economic environment, social entrepreneurship plays an essential role in the labour market as it creates new jobs, contributes to the improvement of the economic and social position of vulnerable groups in society, and stimulates economic development. The financial crisis from 2008 and the current health crisis, which generated a significant economic crisis and the specific social context existing in each member state, constitute the leading causes that led to a slow convergence rhythm of the labour market at the European Union level. Unemployment and non-employment have a significant impact on the people affected by poverty and the disadvantaged people. A coherent, systematic and sustainable approach to social entrepreneurship is required to generate significant change at the European level. Innovative solutions to current economic, social and environmental challenges are needed since the private or/and public sectors do not fully meet the communities’ existing needs. The aim of the paper is to analyze how social entrepreneurship contributes to the reduction of the unemployment rate, by meeting the objectives set out in the Europe 2020 Strategy, to create a sustainable and inclusive social market economy, and to improve social cohesion. The quantitative method, based on the data found in various international journals, statistical reports and electronic databases, was used by the authors to accomplish the objective of the paper. The paper illustrates that social entrepreneurship is a complex process in which resources are used in an efficiently and effectively way, new skills, competences, and knowledge are accumulated, which turn into social and economic innovation, having a positive impact on productivity and the creation of highly skilled jobs, as well as maximizing the opportunities which lead to social change. Keywords: Social Entrepreneurship, Unemployment, European Union, Education.
Highlights
Сonsideration of the dynamic changes from the socio-economic environment, social entrepreneurship plays an essential role in the labour market as it creates new jobs, contributes to the improvement of the economic and social position of vulnerable groups in society, and stimulates economic development
To reduce the harmful effects of unemployment, it is imperative to create professional retraining programs aimed at facilitating the individual's insertion into the labour market, including those belonging to vulnerable groups, and to implement public policies aimed at strengthening the link between employment and social protection
The Europe 2020 strategy set out targets in five areas, namely employment, education, research & development, poverty and social exclusion, climate change and energy to achieve the objective of “increasing productivity and competitiveness and creating a sustainable social market economy” (European Commission, 2010):
Summary
Сonsideration of the dynamic changes from the socio-economic environment, social entrepreneurship plays an essential role in the labour market as it creates new jobs, contributes to the improvement of the economic and social position of vulnerable groups in society, and stimulates economic development. Public and private policies designed for entrepreneurship imply all stakeholders' involvement, the creation and permanent updating of the labour market dynamics databases, and the use of the latest financial instruments. In this respect, “several issues such as poverty and human welfare have motivated various firms to conduct business with an embedded social drive” (Huda et al, 2019). The Europe 2020 strategy set out targets in five areas, namely employment, education, research & development, poverty and social exclusion, climate change and energy to achieve the objective of “increasing productivity and competitiveness and creating a sustainable social market economy” (European Commission, 2010):.
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