A Significant Labor Market Deficit Observed in Ukraine.

The labor market in Ukraine is experiencing a chaotic situation. The number of vacancies will soon exceed the number of resumes. Not all companies looking for employees can fill the vacancies. To find workers, employers are forced to raise salaries, but this is not possible in every company.

According to the staffing portal, the average salary in 2024 increased by 9.5%. Currently, Ukrainians earn an average of 19,553 UAH. Compared to August 2023, salaries increased by nearly 18%. According to the State Statistics Service, the average salary increased by 22.5%.

Salaries increased the most in public catering and hotel business - by 44.1%, construction - by 44%, and water transport - by 42%.

The NBU also confirmed these data. Real wages increased by 17.7% in just the first quarter of 2024. This wage growth continues into the second quarter. The reason for this growth is mobilization and migration. According to the UN, the number of migrants abroad is growing rapidly. In addition, the participation rate of men in the labor force continues to decline.

In August 2021, the number of new vacancies was 60.6 thousand, and resumes - 96 thousand. Three years later, in August 2024, the number of vacancies increased to 88.1 thousand, and resumes fell to 63.5 thousand.

Thus, over three years, the number of vacancies increased by 5.8%, and resumes decreased by 9%. This takes into account the occupied territories and war.

If earlier security was the main factor limiting the development of employers, now the main problem is the shortage of workers. This is particularly noticeable in the banking sector. At present, there are 3.7 thousand vacancies and only 2.7 thousand resumes known. That is, there are more job offers than those interested in working.

The NBU notes that announcements in the fields of security, construction, and labor make up a significant share compared to last year. But in the IT field, there are significantly fewer offers, as well as in the fields of education, design, art, and culture.

Source: OBOZ.UA