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Russian businesses have significantly scaled back their recruitment efforts in early 2025, with job openings falling 15% compared to the same period last year, Russian newspaper Izvestia reported on March 24, citing data from employment service hh.ru.The total number of vacancies in Russia stood at 2.3 million at the beginning of 2025.The outlet connected the development to financial challenges Russian companies face as the central bank imposed record interest rates to curb the soaring inflation brought about by Russia’s massive wartime spending.Despite unemployment remaining low at 2.4%, the Russian Central Bank reports a decrease in new job openings, saying that “an increasing number of companies are reporting optimization of hiring plans and salary increases.”Research from the Russian Central Institute of Labour (CIT) shows sector-specific declines in the January-February period compared to last year: accountant positions fell by 13.3%, HR specialists declined by 9.6%, and cashiers dropped by 9.1%.According to data from hh.ru cited by Izvestia, business-related sectors have experienced the most pronounced slowdown. Vacancies in human resource management plummeted 31% year-on-year, while consulting and investment positions fell 26%, and logistics jobs decreased 25%. Science, education, manufacturing, and service industries continue to show growth.Certain industries, particularly those related to high technology and government defense contracts, still face personnel shortages.Companies are cutting back hiring due to difficult financial conditions related to high interest rates, Lyudmila Ivanova-Shvets, an associate professor at Plekhanov Russian University of Economics, told Izvestia. With the central bank maintaining its key rate at 21% annually for the third consecutive time on March 21, corporate credit costs have consistently exceeded 25%.Instead of bringing on new talent, businesses are intensifying workloads for existing employees through internal job-sharing, increasing productivity requirements, and offering additional pay for expanded responsibilities, reported Izvestia. Many organizations are also focusing on internal mobility and upskilling current staff.Meanwhile, the median offered salary in Russia rose nearly 20% from 65,400 rubles ($778) in January-March 2024 to 77,200 rubles ($919) in the same period this year.Trump says efforts to end Ukraine war ‘somewhat under control’ just hours before deadly Russian drone strike on Kyiv“I don’t think there’s anybody in the world that’s going to stop (Putin) except me,” Trump said shortly before three people were killed in Kyiv by Russian drones.
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