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Labor shortages, businesses raise wages. The reduced staff cannot meet the increased demands of customers

2024-08-16 12:29:47Biznes SHKRUAR NGA REDAKSIA VOX

Labor shortages, businesses raise wages. The reduced staff cannot meet the

According to the Monetary Policy Report from the Bank of Albania, in the second quarter of the year there was an increase in the demand for goods and services from citizens. But how have businesses responded to this growing demand?

The tight conditions in the labor market have made it difficult to provide the required quantity and quality of goods and services from businesses to consumers. According to them, the lack of manpower is a limiting factor for the expansion of business activity. In order to become more attractive to new employees, these enterprises have tried to raise wages.

Wage growth in the private sector accelerated during the first quarter of 2024, reaching 12.7%, from 11.6% at the end of 2023. Wage growth continues to be sector-wide. Acceleration is also observed in the real salary, where the growth in the first quarter rose to 10%, from 7.7% in the previous quarter.

Despite the increase in wages, short-term statistics and administrative indicators of the labor market speak of a slow increase in employment until the end of March, thus following the trend of 2023. As for the second quarter, the employment rate has was slightly higher, in line with the expectations of businesses and citizens.

Higher wages for employees have been accompanied by an increase in labor costs for businesses. Until now, unit labor costs have expanded at a slower pace, due to faster productivity growth. However, the profit margin per unit of businesses has fallen, which has resulted in higher prices of goods and services. The dynamics between these two factors in the future will be decisive for the progress of internal inflationary pressures.


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