More and more enterprises are facing difficulties in finding both qualified and unskilled personnel, and the number of job seekers according to the number of resumes on job search sites is further declining. This is stated in the NBU report on the topic: “Macroeconomic and monetary review, April 2024,” the regulator’s press service reports.
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“The increase in the number of new vacancies on job search sites indicates a strong demand for labor in early 2024. At the same time, according to business surveys, more and more enterprises are faced with difficulties in finding both qualified and unqualified personnel. The number of job seekers, measured by the number of resumes on job search sites, has further declined,” the document says.
This may be a consequence of both the resumption of employment and limited labor supply, including through mobilization and migration.
Due to the mismatch between labor supply and demand, pressure to increase wages increases from both job seekers and employers. An increase in the minimum wage at the beginning of the year had an additional impact. Rising wages, significant amounts of budget spending on military personnel, indexation of pensions (since March) and increased payments tied to the minimum wage contributed to an increase in household income, which, in turn, supports consumer demand.
