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1/3 of SMEs struggle with labor shortage - survey

Analysis

Growing labor shortages posed a serious challenge to one-third of micro, small and medium-sized enterprises in Q3, up from 26% at the start of the year, K&H Group said on Wednesday based on quarterly reports from its SME confidence gauge, according to state news wire MTI.

Some 77% of participant companies said they expect wages to rise in their segment of the economy and the average rise in wages could be around 8.4%. 

K&H SME marketing and sales director Zoltán Rammacher said these numbers are similar to ones before the coronavirus pandemic when 80% of companies said they expected wages to rise by at least 8% on average.

The chance of wages rising is highest in the farm sector where 79% of companies said they expect an increase. Wages there could grow by 9.2% on average. Expectations for rising wages are lowest among constriction companies at 70%. Wages could grow by 7.5% on average.

K&H surveyed decision makers at 400 domestic-based companies between September 3 and September 27.

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