International Scientific Journals
of Scientific Technical Union of Mechanical Engineering "Industry 4.0"

For the last ten years, Industry 4.0 has been available to address the industry’s shortcomings. Therefore, Industry 4.0 has met some challenges and limitations. Consequently, we have entered the era of Society 5.0 and Industry 5.0. Smart factories and robots are driving up business productivity and growth, focusing on sustainability and resilience. This paper analyzes Industry 5.0 and its implementation challenges based on the competence profile of employees. The content and effects of entering Industry 5.0 to align with the competency profile of employees in the Era 5.0 were systematized. Industry 5.0 is transforming paradigms and bringing about resolution, as it shifts the focus away from technology and instead emphasizes the potential for progress through fruitful collaboration between humans and machines. In a business context, the advancements in technology necessitate the implementation of Industry 5.0 to secure competitive advantages and foster economic growth and development. Firstly, we discuss the definition and features of Industry 5.0 from the competency point of view. Secondly, we present two of the most recent and significant competencies—the entrepreneurial and green competencies. The question of their significance and necessity in the context of Industry 5.0 for industrial development on one hand, and for career development on the other hand, is discussed. On this basis, some conclusions and recommendations aimed at business and academia are made. It can also serve as a basis for further research in the field of skill development and workforce transformation in the face of the deep transformation framed by the green and digital economy.

In the last decades innovations are defined as main priority. Overtime they become an instrument for achieving economic growth and social progress, increasing life standard and aiding in resolving difficult economic problems. The integration, globalization and concurrence define the goal of business organizations to become more innovated, adaptive and flexible in order to never stop developing, gain concurrence advantages and preserve their market share. They always have to take into consideration the constant changing conditions, the turbulent business environment and the increased consumer requirements for end products. In response of this necessity a new innovating model has been created and implanted, better known as open innovation. This relatively new modern concept shows significant potential for developing and by doing this it finds a place in the business practice. By proving its effectiveness through achieving positive results, the open innovation is established as a successful and useful model for innovation, outlining different per spectives and new routes for developing business organizations.