diff --git a/tests/stress_tests/CMakeLists.txt b/tests/stress_tests/CMakeLists.txt
index 7bed0cf1bff..a2c328b16c3 100644
--- a/tests/stress_tests/CMakeLists.txt
+++ b/tests/stress_tests/CMakeLists.txt
@@ -4,6 +4,13 @@
 
 cmake_minimum_required(VERSION 3.13)
 
+set (CMAKE_CXX_STANDARD 11)
+set (CMAKE_CXX_EXTENSIONS OFF)
+set (CMAKE_CXX_STANDARD_REQUIRED ON)
+if (CMAKE_CXX_COMPILER_ID STREQUAL "GNU")
+    set (CMAKE_CXX_FLAGS "-std=c++11 ${CMAKE_CXX_FLAGS}")
+endif()
+
 if (CMAKE_BUILD_TYPE STREQUAL "")
     message(STATUS "CMAKE_BUILD_TYPE not defined, 'Release' will be used")
     set(CMAKE_BUILD_TYPE "Release")
@@ -12,7 +19,8 @@ endif()
 # Define directory where artifacts will be placed
 set(OUTPUT_ROOT ${CMAKE_CURRENT_SOURCE_DIR})
 
-find_package(InferenceEngineDeveloperPackage REQUIRED)
+# Search OpenVINO Inference Engine installed
+find_package(OpenVINO REQUIRED)
 
 set(OpenVINO_SOURCE_DIR "${CMAKE_CURRENT_SOURCE_DIR}/../../")
 
diff --git a/tests/stress_tests/README.md b/tests/stress_tests/README.md
index cc8a2911d16..b1258878640 100644
--- a/tests/stress_tests/README.md
+++ b/tests/stress_tests/README.md
@@ -32,27 +32,13 @@ one at a time to mitigate memory statistics pollution. You can use
 
 ### Building Tests
 
-Stress tests should be built in 2 steps.
-
-1. Build `openvino`
-
-Build `openvino` as usual but with `-DENABLE_TESTS=ON`.
-
-2. Build `stress_tests`
-
-Stress tests depend from the Inference Engine Developer Package located in the
-`openvino` build directory.
-
-In the command line snippet bellow, it is assumed that the Inference Engine
-Developer Package CMake module can be found in the directory `build` under
-`openvino` repository root.
-
+To build the tests, you need to have OpenVINO™ installed or build from source.
+Before build the tests, open a terminal, set OpenVINO™ environment, and after that
+run the commands below:
 ``` bash
-(
-export OPENVINO_BUILD_DIR=$(git rev-parse --show-toplevel)/build
-mkdir -p build && cd build && \
-cmake -DInferenceEngineDeveloperPackage_DIR=$OPENVINO_BUILD_DIR .. && make -j$(nproc) \
-)
+source <OpenVINO_install_dir>/bin/setupvars.sh
+mkdir build && cd build
+cmake .. && make -j$(nproc)
 ```
 
 ### Preparing Test Data
diff --git a/tests/stress_tests/common/CMakeLists.txt b/tests/stress_tests/common/CMakeLists.txt
index 32a1ca455a9..4a1890a226c 100644
--- a/tests/stress_tests/common/CMakeLists.txt
+++ b/tests/stress_tests/common/CMakeLists.txt
@@ -9,6 +9,7 @@ file (GLOB_RECURSE HDR *.h)
 
 add_library(${TARGET_NAME} STATIC ${SRC} ${HDR})
 
+include(${OpenVINO_SOURCE_DIR}cmake/developer_package/compile_flags/os_flags.cmake)
 target_include_directories(${TARGET_NAME} PUBLIC ${CMAKE_CURRENT_SOURCE_DIR})
 
 add_subdirectory(${OpenVINO_SOURCE_DIR}/thirdparty/gflags
diff --git a/tests/time_tests/CMakeLists.txt b/tests/time_tests/CMakeLists.txt
index 3b963d0c56f..5e872c53f6f 100644
--- a/tests/time_tests/CMakeLists.txt
+++ b/tests/time_tests/CMakeLists.txt
@@ -4,6 +4,13 @@
 
 cmake_minimum_required(VERSION 3.13)
 
+set (CMAKE_CXX_STANDARD 11)
+set (CMAKE_CXX_EXTENSIONS OFF)
+set (CMAKE_CXX_STANDARD_REQUIRED ON)
+if (CMAKE_CXX_COMPILER_ID STREQUAL "GNU")
+    set (CMAKE_CXX_FLAGS "-std=c++11 ${CMAKE_CXX_FLAGS}")
+endif()
+
 set (CMAKE_BUILD_TYPE "Release" CACHE STRING "Choose the build type")
 
 project(time_tests)
@@ -11,16 +18,7 @@ project(time_tests)
 set(OpenVINO_SOURCE_DIR "${CMAKE_CURRENT_SOURCE_DIR}/../../")
 
 # Search OpenVINO Inference Engine installed
-find_package(InferenceEngine)
-
-if(NOT InferenceEngine_FOUND)
-    # Define directory where artifacts will be placed
-    set(OUTPUT_ROOT ${CMAKE_CURRENT_SOURCE_DIR})
-
-    # Search OpenVINO Inference Engine via InferenceEngineDeveloperPackage_DIR
-    # in order to provide backward compatibility with old OpenVINO packages
-    find_package(InferenceEngineDeveloperPackage REQUIRED)
-endif()
+find_package(OpenVINO REQUIRED)
 
 add_subdirectory(src)
 
diff --git a/tests/time_tests/README.md b/tests/time_tests/README.md
index b8c7d77509a..94e3566b7ee 100644
--- a/tests/time_tests/README.md
+++ b/tests/time_tests/README.md
@@ -15,21 +15,11 @@ the commands below:
 
 1. Build tests:
 ``` bash
+source <OpenVINO_install_dir>/bin/setupvars.sh
 mkdir build && cd build
 cmake .. && make time_tests
 ```
 
-If you don't have OpenVINO™ installed you need to have the `build` folder, which
-is created when you configure and build OpenVINO™ from sources:
-
-``` bash
-cmake .. -DInferenceEngine_DIR=$(realpath ../../../build) && make time_tests
-```
-For old versions of OpenVINO™ from sources use `-DInferenceEngineDeveloperPackage_DIR`:
-``` bash
-cmake .. -DInferenceEngineDeveloperPackage_DIR=$(realpath ../../../build) && make time_tests
-```
-
 2. Run test:
 ``` bash
 ./scripts/run_timetest.py ../../bin/intel64/Release/timetest_infer -m model.xml -d CPU