Russian companies raising wages

RUSSIA / FSU POLITICS - In Brief 30 Apr 2019 by Alex Teddy
Korn Ferry has shown that most Russian firms plan to increase wages in 2019. The working population is falling therefore employers are obliged to bid for workers. Topline inflation is currently 5.2% and wages hikes are forecast to average 4.5%.In the tech sector labor is a seller's market not a buyer's market. In electronics, for example, wage rises are to average 11.6%. Banks project a 5.3% increase in their wages and by contrast in mining it will only be 4.3%. The national projects will cause wages to rise in particular sectors such as tech and construction. Difficulty importing things has led to wage rises in the tech sector. Real wages have fallen several years in a row. Many people are in debt. It is thought that the salary increases will go towards paying off debt in many cases. Wages increases are targeted at higher skilled workers. According to HeadHunter 38% of wage increases are aimed at senior specialists. Only 8.5% of firms plan to shed staff. Most intend to keep a stable workforce and a few are looking to expand.

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