Analysts predict Russian labor shortage to reach 2–4 million workers by 2030

A new analysis of Russia’s labor market finds the country is facing a growing labor shortage, the newspaper Kommersant reported on Monday. According to experts from the consulting company Yakov & Partners (previously the Russian branch of McKinsey), the shortage will reach 2–4 million people by 2030.

The analysts expect up to 90 percent of the unfilled positions to be “key jobs” that require intermediate qualifications.

Between 2018 and 2023, according to the report, the number of job openings posted by Russian employers increased by a factor of 1.8. Moreover, the shortage is only accelerating, with August 2023 seeing a record-setting 1.2 million job postings.

According to Yakov & Partners, the lack of workers has led to an increase in offered salaries that outpaces GDP growth, inflation, and the consumer price index.