Russia will plug brain drain with foreign labor by 2030 - report

Russia is said to be facing a labor force crisis and it is set to lose 17 million skilled workers by 2030. So it may try to plug the hole with foreign labor. But it has a lot of work to do to become more attractive to foreigners.

­The gloomy forecast has been based on the annual Hays/Oxford Economics Global Recruitment Report 2011.

To become a country attractive to foreigners seeking jobs, Russia should follow the example of Singapore, says Alex Shteingardt, managing director of Hays Russia.

He believes that Singapore “is one of the best examples on how to attract a foreign workforce,” even though it does not portray itself as such.

“But they do eventually offer better benefits – housing or special taxation rules which I think Russia can be adopting.”

Watch RT’s Lindsay France’s interview with Alex Shteingardt.