Employers slash wages instead of laying off workers

Russian employers have begun cutting employee salaries while retaining them in their positions. According to RBC, companies are opting against layoffs because the costs of recruiting and training new staff turn out to be significantly higher.

To optimize expenses, businesses are employing various measures to impact their payroll funds.

• Full or partial cancellation of bonuses
• Reduction of existing incentives
• Transitioning employees to part-time schedules