While some tension in the job market has eased, Russia’s labor shortage persists. With unemployment at record lows, competition for qualified specialists is intensifying, notes Anastasia Gorelkina, Deputy Chair of the Board of the Siberian Business Union conglomerate and a member of the Board of Directors of KAO Azot.
According to Gorelkina, this systemic shortage stems from an aging population, migration, the outflow of skilled workers, and a fundamental misalignment between the professional training system and the actual needs of the market – particularly in industry, construction, transportation, and IT.
Addressing this challenge requires a multi-pronged approach. Solutions include enhancing labor force mobility, restructuring professional education, incentivizing retraining programs, and reintegrating groups that have left the labor force. On a corporate level, businesses can invest in human capital through targeted training, corporate universities, and technologies that improve labor efficiency. The government’s role is to make scarce professions more appealing by supporting higher wages, developing targeted, practice-oriented education, and creating better conditions for youth employment.
“Human capital is now a key economic resource,” emphasizes Gorelkina. “The knowledge, skills, and competencies of employees directly determine the competitiveness of both companies and entire industries. In an era of technological transformation and digitalization, the ability to adapt, learn, and innovate is what ensures sustainable development. While financial and material capital remain crucial, long-term growth is impossible without a qualified workforce,” she told Invest Foresight.