The number of companies that plan to raise salaries this year grew to 36 percent from 31 percent in 2018, according to Grant Thornton survey conducted among medium and large companies. Wage growth may accelerate to 8-9 percent y/y in 2019. Over one-fifth (23 percent) of medium and large employers plan to open new positions this year versus 17 percent y/y. 60 percent of surveyed firms claimed the lack of qualified employees as a strong barrier to their development, which increases the wages pressure.
“The growth of wages, although it has a positive effect on consumption, becomes dangerous for companies and the economy, if for a long time it is much higher than the increase in work efficiency,” Grant Thornton noted.