Russian businesses stop hiring new employees en masse
In the first three months of 2025, Russian companies reduced the number of open vacancies by 15% compared to the same period in 2024, offering a total of 2.3 million jobs.
Source: The Moscow Times
Details: Data from hh.ru and the Bank of Russia show that while unemployment remains low (2.4%), demand for workers is declining. The largest reduction in vacancies is observed in human resources management (-31%), consulting (-26%) and logistics (-25%). In the fields of science, education and production, the number of job offers is growing.
It is noted that the shortage of personnel persists in high-tech industries and the defence industry.
Experts attribute this to the high key policy interest rate of the Central Bank (21%), which has increased the cost of loans for businesses, and inflation, which forces companies to index wages. The average salary in the country increased by 20% to RUB 77,200 (US$ 812), but businesses are cutting staff costs as they face declining profits.
Background:
- In February, the Russian Small Business Index (RSBI) fell to 51.7 points, its lowest level since early 2023.
- Since the beginning of the year, the volume of road freight has fallen by a third in Russia.
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