Russian companies battle against talent squeeze
The rising cost of finding, retaining and remunerating staff is a major challenge for human resources departments in Russia today, with just under one-half of survey respondents expecting to see associated costs increase in the next three years. The demand for experienced managers, for example, is increasing, often outstripping supply, and this situation is likely to be exacerbated by Russia’s declining population.
Survey respondents identified a competitive salary scheme as the most important factor for nurturing talent and financial incentives, such as regular salary reviews and bonus schemes, are most likely to make an impact on job candidates.
Kurt Marx, principal at Neumann International said: "Retention of key talent is the most important aspect of human resources policies in Russian companies and money plays a crucial role. Most candidates still make their decisions predominantly based on the salary offered."
Other key findings of the report include:
• Russian corporate boards will devote an increasing amount of time to talent management issues. Two-thirds of those surveyed believe that they will spend more time addressing talent management issues in the next three years, compared with the last three. As a result, the role of Russian human resources departments is changing rapidly to meet such demands. They are playing a more strategic role, rather than simply providing administrative functions.
• Some companies are looking to recruit from overseas to combat the shortage of skilled employees in Russia. In our survey, 26% of respondents expect the proportion of senior executives they recruit from outside Russia to increase, while 49% expect this number to remain the same and 16% say this will decrease. Firms in the energy and natural resources sector are most likely to hire employees from abroad (75%), while 23% of those in financial services and 24% of those in IT say they will.
• General management and sales and marketing are some of the hardest positions to fill. Just under half of those surveyed said their business finds it hard to attract talented employees for general management positions, while 39% believe there is a lack of skilled employees for sales and marketing. The ability to think strategically will also be a skill very much in demand, with 38% saying strategy and business development is a difficult role to fill. The findings are similar for those companies based exclusively in Russia.
• Language and cultural issues are the main barriers when recruiting employees from abroad to work in Russian organisations. While some Russian companies are actively looking overseas in their search for talented employees, language barriers remain a problem. The survey panel cited language barriers (36%) and cultural understanding (31%) as the two factors most likely to hinder the recruitment of employees from overseas.
About the report
Bridging the talent gap in Russia is an Economist Intelligence Unit executive summary, commissioned by Neumann International. The Economist Intelligence Unit’s editorial team conducted the survey on which the analysis is based and wrote the report. The survey consisted of 193 senior executives of companies based in western, central and eastern Europe, all of whom operate in Russia or have knowledge of the market. The survey included companies of varying sizes and a wide range of industries.
About the Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business–to–business arm of The Economist Group, which publishes The Economist newspaper. The Economist Intelligence Unit provides geopolitical, economic and business analysis on more than 200 countries, as well as strategic intelligence on key industries and management practices. With over 300 full–time professionals in 40 offices around the world, supported by a global network of more than 700 contributing analysts, the Economist Intelligence Unit is widely known for its unparalleled coverage of major and emerging markets. More information about the Economist Intelligence Unit can be found at www.eiu.com.
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