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Russia: Economic and Employment Outlook

by goinglobal.com

Russia is considered an emerging market, and therefore, trends in employment are
changing and are affected by many factors. It is important to note the Moscow market
and the Russian labor market in general may differ in employment trends, salary
levels, position requirements and other aspects of job opportunities. These differences
will be seen between Moscow and St. Petersburg as well. For example, in general,
salaries in St. Petersburg are lower than in Moscow, and, while there is no significant
need for lawyers, accountants and economists, there are many opportunities for
specialists in pharmacy, engineering and sales. Other Russian cities will also vary
in employment needs. Another example is Vladivostok, in the far eastern part of the
Russian Federation, where there is a great need for workers in specific areas such as
shipyards, but no need for lawyers, psychologists and managers.

According to a recent analysis, 10 percent of Russia’s population is employed in
the agriculture sector, 32 percent in industry and 58 percent in services. The major
industries in Russia are resource industries – oil and gas, metals and mining, and
timber, with headquarters of leading companies in Moscow. However, the most popular
professions in Moscow are in sales, finance and accounting, and personal assistance.
The most popular industries are trading, banking, consulting and teaching, and

The largest employers in Moscow at present include Alfa-Bank (banking),
Rosno (insurance), Luxoft (information technology), Vympelcom and Megafon
(telecommunications), Ingosstrakh (insurance), Auchan (retail), and Sberbank and
VTB 24 (banking). There are also major industrial (oil and gas, metals and mining)
players such as Gazprom, Novatek, Severstal, Rusal and Novolipetski kombinat.
Eleven Russian companies appear in Financial Times’ most recent “Global 500”.

Following the breakup of the USSR, there was a large increase in the numbers of
economists and lawyers. In the near future, Russia will need more engineers, as well as
chemical, technical and biotechnological specialists. Sales managers will continue to be
in demand as well as marketing/brand managers and advertising managers. Industries
such as information technology, telecommunications and real estate will also continue
to be in demand. There are current opportunities in Moscow for quality engineers
(especially in heavy industry) and technical specialists.


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