Daily Archives: October 16, 2008

Unemployment on the Rise in Putin’s Russia

The Moscow Times reports that Vladimir Putin’s Russia Russia is, amazing, facing both massive unemployment and staffing shortfulls at one in the same time:

Massive layoffs have not started, but companies and employees are preparing themselves for the possible consequences of the financial crisis and a slowdown in growth across most sectors. The white-collar labor market, which only a month ago faced a strong undersupply of qualified staff, making it possible for candidates to demand high salaries and compensation packages, is now turning in the other direction. As most Russian companies stop gearing for continuing growth, fewer new jobs are available, and existing jobs are becoming more valuable. “Now it’s a more favorable market for employers, and the companies that will receive the most benefits will be the Russian companies,” said Tremayne Elson, managing director at Antal, a recruitment agency. “They’ll be able to get a better selection of people, for cheaper.”

Continue reading