Executive Search in Russia and Latvia– 2015 Outlook
Sanctions Disrupting The Economy in Russia
The state of executive search in Russia and Latvia is under pressure in 2015 from sanctions imposed both internally and externally.
Economic sanctions that the Russian government imposed against importing goods has paralyzed local and western importing companies as well as logistics, warehousing, wholesaling and food retailing companies.
The sanctions imposed against Russia blocked possibilities for Russian banks to borrow in the interbank market. That stopped banks’ ability to supply credit to local companies.
Based on this, many western and local companies operating here announced staff reductions and significantly reduced the budget for staff search.
A number of companies – those most most sensitive to the imposed sanctions — have closed offices in Russia.
Despite this, there are some companies currently hiring and offices being opened here, even now. They, of course, face very good news: there are plenty of professional, well skilled and inexpensive candidates on the market here.
In Latvia, the economy is very much dependent on the economic situation in both Western Europe and Russia and currently reflects the situation there.
Latvian companies serving European & Russian trade (food retail, logistics etc.) are suffering from reduced turnover.
Most qualified and ambitious professionals have left for work assignments in Europe or Russia.