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Estonia: Salaries are increasing

Estonia: Salaries are increasing


Estonia’s GDP grew by 2.2% in 2015, and the growth rate is expected to rise to 2.8% in 2016. Unemployment is expected to remain at the previous year’s level, at approximately 6.5%.
 
The size of the working-age population is decreasing due to emigration and population ageing. According to a survey conducted by CV-Online, Estonians are particularly interested in moving to Finland, Sweden and the UK in pursuit of better wages and international work experiences. Due to the decreasing size of the working population, salaries have increased by 5% in general and as much as 10% in certain, more competitive fields. High labour costs have encouraged companies to invest in machinery and new technologies. This trend slows down the growth in the number of new jobs.
 
Agu Vahur, CEO of CV-Online Estonia characterises the competition for talented staff as tough due to the shortage of labour force. More and more companies are ready to devote more attention to recruitment, digital services and their conduct and visibility on social media. “Companies focus on building their reputations as employers in order to attract more talented candidates, cut down rotation and increase well-being at work,” Mr Vahur says.
 

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