Ukraine’s businesses seek more workers amid growing vacancies, NBU Reports
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There is a noticeable increase in businesses actively seeking new employees, with a growing number of vacancies and some companies, particularly in trade and services, anticipating staff expansion compared to 2023, Ukraine’s National Bank reported on Facebook on March 1.
Companies nonetheless often fail to find specialists with the necessary skills due to structural distortions in the labor market.
“The problem of finding qualified personnel was relevant even before the full-scale war, while conscription and significant migration further complicated this process. Therefore, the unemployment rate is declining slowly,” said the central bank.
Growing competition for skilled workers is pushing companies to gradually raise wages not only in nominal terms but also in real terms, i.e. above the inflation rate. According to the regulator’s estimates, in 2023, real wages in Ukraine grew by an average of 3.5%.
The NBU forecasts a further decline in unemployment and a rise in wages. Demand for skilled workers will only increase, especially if the security situation improves.
“The country’s reconstruction will require new workers, so companies will actively compete for employees, including both for defenders returning from the front and for forced migrants,” the central bank concluded.
“This competition will continue to stimulate the growth of real wages.”
The 50 largest IT companies in Ukraine laid off almost 11,000 specialists in 2023.
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