Russia — is one of the world's labour markets
One of the most attractive factors for foreign investors in Russia is its workforce. This fact was recently confirmed by the World Economic Forum. In the 2016 survey Russia surpasses countries like China and India known for their cheap and efficient labor forces. Our Russian lawyers can provide you with information about the employment legislation in this country.
Russia's position in the survey on human capital
Russia together with Brazil, India, China and South Africa form the association of the five largest emerging economies in the world, also known as the BRICS countries. The World Economic Forum recently conducted a survey on the human capital in these countries and on a worldwide level, confirming the fact that Russia has one of the most competitive labor forces within the association and at international level.
On a global level, Russia ranks 26th when it comes to its ability of preparing and integrating employees, which has raised the country on the first position in the BRICS ranking. According to the report, Russia came 26th out of 124 economies surveyed at international level, while China came only 64th.
What are the attributes of the Russian labor force?
The report shows how countries foster the development of their citizens’ skills and was conducted on five different groups based on the employees’ ages. The first criteria to be taken into consideration was education from the earliest stages and up to professional trainings offered by companies. In the case of Russia, the results have shown it was the only country using people’s talent to its full extent.
Russia’s strongest point is offering a good education on all levels which has transformed its labor force into a real asset. The education provided by employers is also among the best in the world, according to the report, as it consists in professional trainings and courses at the workplace for young employees. The only aspect Russia needs to consider in terms of employment is creating a more competitive labor market where highly-skilled professionals are sought.