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Russian companies manpower support drops to record low — Central Bank

The staff deficit is the most acute in companies manufacturing products of investment and consumer purpose in the processing sector

MOSCOW, April 17. /TASS/. Manpower support of Russian companies fell to the lowest since the first quarter of 2020 and throughout the history of observations in the first quarter of 2024, the Bank of Russia said.

"According to estimates of companies, the staff shortage problem aggravated in the first quarter of 2024 compared to the prior quarter in the economy in general and in the majority of key sectors. Human resources support declined in the first quarter of 2024 to the lowest (-28.2 points) from the first quarter of 2020," the regulator said, adding that this indicator fell record low throughout the history of observations (from 1998).

The staff deficit is the most acute in companies manufacturing products of investment and consumer purpose in the processing sector.

"In view of the significant staff shortage, some companies either have to limit growth of production volumes or motivated the staff to work over time for an extra fee," the regulator informed.

According to the poll, companies in main sectors of the economy have plans to increase the headcount. "Hiring expectations of companies are peaking in industry, agriculture, commerce, transportation and storage, and the services sphere," the Bank of Russia added.