The inscription on the ATM reads: "Temporarily Not Operating." The slowdown in salaries growth will be one of the key aftereffects for the labor market caused by financial crisis. It will affect the variable component of remuneration, mostly the bonus portion.
Photo: Alexander Miridonov
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The Staff Famine Gave Way to Famine of Staff
The slowdown in salaries growth will be one of the key aftereffects for the labor market caused by financial crisis. It will affect variable component of the remuneration, mostly the bonus portion. The companies have frozen budgets aimed at the search of new employees, and, for top managers, fining a new job won’t be easy.
The fall of Russia’s stock market has been the first sign of economy’s overheat that could be followed by the equally vital events, for instance, in the field of the labor payment, said the report of UNITI personnel center. Ekaterina Ukhova from Ernst & Young forecasted that, if the global economic crisis materially affects Russia, the growth in salaries, which has turned into the common practice in the recent years, might become even negative.
According to Russia’s statistics committee Rosstat, the salary averaged 17,780 ruble in August, 33.1 percent up on year. The August growth rates were above the average pace of the first eight months of this year. But the increase was notable even if taken for that period - the salaries stepped up 29.4 percent from January through August in Russia vs. 25.9 percent a year earlier.
In today’s environment, personnel agencies have assumed the watch-for standing. “Due to the crisis, the companies tend to freeze budgets for personnel search, quite often terminating recruitment for new projects. Besides, the partial suspension of projects related to development and investments resulted in the abrupt decline in demand for top managers,” said HeadHunter President Yuri Virovets.
www.kommersant.com
All the Article in Russian as of Sep. 24, 2008
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