View from the Ground
Despite the volatile economic and geopolitical situation in Russia, the labour market is coming out of its crisis. 2018 began with a drop in unemployment, while companies started to hire actively. The FIFA World Cup and local projects (such as elections and sanctions) increased the demand for temporary staff and competition increased among employers in this segment. Attention should be drawn to the growing salary gap between highly-skilled professionals and other jobseekers. Today, employers want to attract and retain valuable professionals. According to our estimates, this trend will continue. The decrease in the labour pool of available workers also affects the general state of the labour market. As for the State policy measures to increase the retirement age, programmes for active longevity etc. – the results will be seen in the longer term.
Alex Shteingardt, Managing Director, Hays Russia
After two years of recession, Russian GDP expanded by 1.5% in 2017. The IMF forecast growth will remain at around this rate for 2018 and 2019.
As part of the explanation for the return to growth was higher oil export revenue, there was little change in employment levels in 2017. The unemployment rate (ILO definition) did however decline slightly to 5.2% and has subsequently edged lower in 2018.
There is not much sign of an acceleration of earnings growth. Average monthly accrued wages rose by 6.5% in 2017, down slightly from the year before.
Key skills in demand
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- Security Engineers
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