"Over half of Ural residents accept unsolicited employment"
In sunny Yekaterinburg, an online get-together all about recruitment, dubbed "Ural's HR: Cultural Code of Hiring," took center stage. Gurus analyzed the ongoing employment market situation and the wishes of job hunters. They also delved into strategies employers could use to keep talented folks on board.
Economical Conundrums in the Job Market
Dmitry Sergienkov, bigwig at HeadHunter, pointed out that the nation's economic growth has taken a nose dive, slicing its rate in half. This steep descent was likely caused by the tightening of fiscal policy, making loans pricier and squeezing the amount of free cash flow. As a result, corporate investments in people have started to shrink, impacting both demand and supply within Russia’s labor market.
At present, the Bank of Russia has its eyes set on cooling down the economy while keeping inflation under control. Over the past few years, state subsidies have decreased, and taxes have gone up. All these factors play a crucial role in the hiring process.
It's clear that governmental support is dwindling. If the authorities continue to supply cash into the economy, they may just cause inflammation without improving matters… With the current situation, all stimulus is vanishing, and the economy is drifting back towards its historical growth rate of 1-2%. This reality has an impact on employers when they come to the decision of hiring staff, though it remains one of their main investments, Sergienkov highlighted.
According to the head of hh.ru, it's expected that in the next nine months, the GDP growth will not surpass 1.5-2%, which is about half of what it was for the last two to three years. Normally, the workforce is faster to react to such fluctuations than it might appear in numbers such as inflation rates, GDP growth, and the like.
For the past two years, recruitment elites have been struggling to keep up with the relentless demand for human resources. But luckily for them, things have started to turn around recently. The number of job postings has taken a dip, but job seekers’ interest hasn’t waned even one bit.
Currently, unemployment remains at a low ebb, and specialists predict a labor shortage between 2 to 4 million people over the next five years. Most of this shortage will consist of middle- and high-skilled professionals.
Beyond the monetary climate, the workforce is also shaped by the sentiments of employees. As per the hh.ru director in the Urals, Oksana Sidletskaya, a whopping 70% of Ekaterinburg residents feel secure at work. When choosing a job, local folks weigh factors such as salary, office location, the diversity of projects, and an employer's values.
For 81% of Ekaterinburg specialists, salary tops the list of considerations when choosing a position, and a half-hundred Hoo residents consider how the company regards its employees. Forty-two percent of job-seekers ponder over the ease of commuting to their workplace.
Sidletskaya also mentioned that younger generations appreciate a good work-life balance. For nearly half the respondents, professional respect from their supervisor is essential during working hours. And 42% of candidates emphasize that they're after positive vibes and minimal stress from their job.
Indeed, it's vital to earn not just money, but also satisfaction from one’s work. Yet, 51% of Ural residents are ready to sweat for the paycheck, even if they don't jive with the job. On the other hand, 23% of workers aged 25-34 and 35-44 refuse to tolerate workplace irritants, even for a generous salary, Sidletskaya adds.
The primary issues affecting job seekers' intentions are low salaries for job vacancies and doubts about one's own abilities. To integrate fresh blood into the company, mentorship programs and active HR involvement are crucial. A major perk when selecting a vacancy is the presence of DMS programs, a lack of overtime, and a human-oriented management system, where employees feel their efforts are valued.
Previously, experts from the Association of Recruitment Agencies (ARA) shared their insight on how companies retain specialists during a worker shortage. They emphasized that fostering a corporate culture free of toxicity, tracking rising stars' career trajectories, and lending a hand in their development are all effective strategies.
- Dmitry Sergienkov, from HeadHunter, noted that the economic growth rate in the nation has sharply declined, and this might be due to the escalating cost of loans and reduced corporate investments in people, affecting both the demand and supply within the labor market.
- Considering the current economic situation, Gurus at the "Ural's HR: Cultural Code of Hiring" event underscored that governmental support could be dwindling, as the Bank of Russia targets curbing inflation while striving to stabilize the economy.
- Sidletskaya, head of hh.ru, stated that higher education and self-development, salary, office location, diversity of projects, and an employer's values are crucial factors that shape the workforce in Ekaterinburg.
- Despite the decreasing GDP forecast for the next nine months and the ongoing labor shortage, employers should focus on fostering a human-oriented management system, offering mentorship programs, and actively involving HR to attract new talent and retain existing staff.
