Russia Experiences a 13% Reduction in Personnel Reserves in 2024
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Say goodbye to those jobless woes, folks! According to findings by the analytical service of audit and consulting group FinExpertiza, the share of jobless individuals who want to work but can't find employment dropped to a staggering 6.5% of the current workforce by 2024, as reported by TASS.
So, what's going on here? Well, the job market is heating up, and the demand for workers is increasing. The reserve pool, consisting of officially unemployed individuals, non-ready job-seekers, and potential workers not actively looking for employment, saw a significant dip. Here's a breakdown of the numbers:
- Officially unemployed individuals dropped from 1.9 million in 2023 to an impressive 1.4 million in 2024.
- Individuals who'd like a job but aren't quite ready yet saw a 7.6% decrease, dropping to 637,000.
- Those not actively seeking employment also dipped, falling to 2.3 million.
The drop in the reserve pool can primarily be attributed to a decrease in officially unemployed individuals. Their proportion in the reserve pool structure fell from 43% to 40%, but it's worth noting that the number of other 'reserve' unemployed also declined.
As for the number of job-seekers per open vacancy, the stats show that there were three potential candidates for every open position in 2023. By 2024, that figure dropped to a more manageable 2.5.
Now, let's talk about regional differences. Some regions saw a surplus of potential workers, while others struggled with high unemployment rates. For instance, in the Amur and Tula regions, there were two vacancies for every potential worker. On the other hand, regions like Ingushetia, Dagestan, and Chechnya had upwards of 293 potential workers per open vacancy!
Interested in breaking down the top 10 regions with the highest unemployment rates? Here they are: Dagestan (7.6%), Moscow Oblast (5.7%), Moscow (4.7%), Krasnodar Krai (3.3%), Rostov Oblast (3.2%), Sverdlovsk Oblast (3%), Irkutsk Oblast (2.6%), Novosibirsk Oblast (2.4%), Kemerovo Oblast (2.2%), and Tatarstan (2.2%). However, St. Petersburg boasted the lowest labor reserve-to-employed ratio at a mere 2%.
Now, the million-dollar question is, why are we seeing this shift in the job market? To answer that, we need to take a closer look at Russia's demographic and economic landscape. As previously reported by DK.RU, Russia is currently experiencing a "demographic autumn", where the population is aging, and birth rates are sinking. In 2024, the number of births hit one of the lowest points in modern Russian history.
With these insights in mind, it seems that a recovering economy and population trend changes are contributing to the shrinking labor reserve pool and an improving job market in Russia. But, to dive deeper and gain a more comprehensive understanding, one would need to consult official Russian statistical agencies like Rosstat, labor market studies, or international organizations monitoring Russian economic and labor conditions. Keep an eye out for future updates as the job market continues to evolve!
In the context of the improving job market and shrinking labor reserve pool, finance plays a significant role as businesses may have increased revenues due to the high demand for workers, potentially leading to more job opportunities. Moreover, as the demand for workers increases, businesses may require more financial resources to accommodate more employees, thereby impacting the overall business landscape.
