Russian Job Market Faces Slowdown Amid Economic Pressures

The Russian labor market is experiencing a cooldown, with a new survey showing that the number of companies planning to expand their workforce has dropped significantly since the end of last year. Meanwhile, those considering job cuts have seen a slight increase, according to findings released on Thursday.

Conducted by job sites Rabota.ru and SberPodbor, the survey involved over 300 professionals across Russia, revealing that only a quarter of respondents intended to expand headcount from September, a notable decrease from 56% at the end of last year. Additionally, around 12% of companies are planning layoffs this autumn, up 4 percentage points since last year.

Alexander Veterkov, deputy CEO of Rabota.ru, attributed the trend to economic correction and cooling, identifying construction and finance as the first sectors likely affected by high borrowing costs. Conversely, sectors like IT, manufacturing, and cybersecurity continue to offer competitive salaries and stable employment opportunities.