Labor task: human capital is becoming a key resource of the economy

The labor market has become more complex due to the shortage of personnel that developed after 2020, however, this has made human capital a key success factor, experts interviewed by Izvestia believe. With the increasing role of high technologies and intangible assets, the qualifications and motivation of employees are becoming crucial for the sustainable development of organizations. Elvira Nabiullina emphasized in September that tensions in the labor market have now begun to decrease. Nevertheless, there is still a shortage of personnel in Russia due to a combination of demographic, political and economic factors. How companies and the state can support investments in human capital — in the Izvestia article.

Human capital in the labor market in 2025

Until 2020, the labor market as a whole was calm: recruitment agencies easily covered the emerging needs for employees of any qualification, with the exception of blue-collar workers, said Ekaterina Kashtanova, Associate professor of the Department of Personnel Management at GUU. According to her, among the reasons that human capital has come to the fore in the economy is the shortage of personnel caused by the coronavirus pandemic and anti-Russian sanctions, which led to the withdrawal of foreign companies from Russia.

— High technologies, information services and high—tech industries are now dominant - it is people with unique competencies who are becoming the key driving force of progress. Traditional resources — raw materials and capital — remain important, but their effectiveness directly depends on how they are managed by specialists," says Natalia Dolzhenkova, Executive Director of ELMA.

She added: processes are becoming more complex in almost all business sectors. Automation, robotics, and AI take over routine operations, but at the same time create demand for people who are able to design, maintain, and develop these systems. Engineers, data analysts, IT specialists, and researchers are in demand.

Thus, human capital, with its creativity, critical thinking and ability to innovate, is the main advantage. This provides companies with flexibility and adaptability to rapidly changing market conditions.

— In addition, as the knowledge economy develops, intangible assets such as intellectual property, brands, and reputation become increasingly valuable. They directly depend on the qualifications, experience and motivation of employees, making human capital not just a factor of production, but a determining element of the success and sustainable development of the organization, Ekaterina Kashtanova is sure.

Nevertheless, human capital does not always correspond to the structure of the country's economy, says Farida Mirzabalayeva, associate professor of the Basic Department of the Russian Chamber of Commerce and Industry "Human Resource Management" at Plekhanov Russian University of Economics. According to the expert, the need for working capital has increased — during the transition to a market economy, the number of middle-level employees has decreased. This was due to the fact that working professions began to be considered less prestigious and more difficult.

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Why is there a shortage of personnel in Russia?

As the head of the Central Bank, Elvira Nabiullina, noted at the Moscow Financial Forum on September 18, the regulator is now seeing signs that labor market tensions are decreasing slightly.

As Izvestia wrote earlier, in May-June, the number of vacant places reached 1.8 million against 1.7 million unemployed people, which indicates a shortage of personnel. In 2025, on average, unemployment in Russia remained at a minimum level - by the end of the first half of the year, it had dropped to a minimum of 2.2%.

The reason for the lack of labor resources is a combination of demographic, political, and economic factors. In particular, in 2022, many companies froze hiring - then there were fewer positions in the labor market. However, in 2023, the situation began to change: businesses began to look for new ways, actively recruit employees again, and rebuild departments.

Now employees are increasingly leaving companies that do not offer flexibility in work, competitive salaries and career opportunities. And economic factors, such as inflation, force employees to look for better deals.

Also, the skills of candidates and the demand of employers often do not match — the rapidly changing demands on the labor market often outpace the education and retraining system. At the same time, the situation is complicated by a regional disparity — the shortage of personnel in the regions and the concentration of jobs in large cities make it difficult to fill vacancies across the country, experts said.

The labor market currently does not have the number of qualified specialists that is needed, said Tatiana Ushkats, an expert at the RUDN University Faculty of Economics. As a result, this leads to a decrease in the volume of products and services, which, in turn, slows down the economy. The expert added: in order to attract qualified specialists, the employer is forced to raise wages, but this increases the cost of production and reduces the profitability of companies. That is, prices are rising, but the quality of goods and services is not changing.

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How companies can invest in human capital

Investments in human capital today should be considered not as expenses, but as strategic investments.

— One of the best practices is to create continuous learning systems within the company. These can be both corporate universities and individual development trajectories using external programs and educational resources. If an employee sees growth opportunities within the organization, his motivation remains high, and the likelihood of leaving decreases," emphasized Natalia Dolzhenkova from ELMA.

In addition, businesses can create a culture of openness and innovation. In other words, employees need to be provided with modern tools that allow them to work more efficiently and switch to more complex and creative tasks. It's also important to encourage a willingness to come up with ideas, experiment, and take responsibility—within a reasonable risk, of course.

Now, including from the state side, it is possible to make scarce professions attractive, Ekaterina Kashtanova from GUU is sure. According to her, in this case, it is possible to introduce tax and social benefits for employees and employers. In addition, housing and transportation packages can be created for those moving — allowances, mortgage discounts, relocation subsidies make moving to a scarce region a real solution. It is also important to improve working conditions and provide flexible working hours — this is possible due to convenience and work—life balance.