Russia's Central Bank reports record staffing shortage

Staffing levels in Russia in the third quarter of 2024 hit a record low for the entire history of observations.

Source: Central Bank of Russia 

Russian manufacturing enterprises producing investment and consumer goods continue to experience the most acute staffing shortages. 

Plans among Russian companies for hiring in the fourth quarter have also become more cautious, although they still intend to increase the size of their workforce.

The number of enterprises facing staffing deficits continues to rise, and it remains unclear what might reverse this trend, especially in light of the decision to increase military personnel.

At the same time, symbolically, the capacity utilisation of enterprises in Russia declined to 80.4% in the third quarter, close to the record high of 80.7% at the end of 2023.

Economic activity in Russia is on the rise again after slowing down over the past four months. The business climate indicator, calculated by the Central Bank of Russia based on survey data, increased once more in October.

Background:

• Russian food service establishments are facing a "catastrophic" staffing shortage amid a demographic crisis and the outflow of migrants.
• There is a significant lack of personnel for defence enterprises in Russia, with such factories seeking tens of thousands of new employees.

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