The economic situation in Latvia is likely to continue its positive development in 2016, and GDP is expected to rise from 2.6 to 3%. The growth is slowed down by geopolitical tensions and sanctions against Russia, which curb food exports from Latvia to Russia.
The size of the working population is decreasing due to emigration and an unbalanced age structure, and unemployment will reduce to approximately 9%. According to a survey by CV-Online, the preferred destinations of Latvian working-age emigrants are the UK, Germany and Norway, and the most common motivators are better wages and international work experience.
The need for competent labour force will become even more acute in the future, which will be reflected in wages. The general wage increase is 5%, but in sectors where the demand for talented staff is great, wages could go up by as much as 10%.
Aivis Brodiņš, Business Manager at CV-Online Latvia, says that Latvian companies focus on building their reputations as employers in order to attract more talented candidates, cut down rotation and increase well-being at work. He points out that recruiters are looking for creative ideas and out-of-the-box thinking. Due to the shortage of labour force, there is a clear demand for innovative recruitment campaigns and services in Latvia.
Competition for talent is tough, and companies are ready to invest in recruitment and digital services and to improve their presence on social media channels more than before, Brodiņš says
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