Hire in Armenia
The Republic of Armenia, commonly known as Armenia, is a unitary and democratic nation. Over the past few years, the excellent growth in its GDP has made the Armenian job market open for many opportunists, educationalists, academicians, and professionals. Armenia has a rich history that has made a prominent impact on its economy and working structure. The unemployment ratio of Armenia persists as an issue to the country. The 15.8% unemployment rate is something Armenia is working to reduce.
Overview of Armenia
Armenia holds the 81st rank on the Human Development Index (HDI). The industrial sector drives the economy of Armenia. Armenia has good relations with several countries and is an active member of the Council of Europe, Euro Control, the European Bank for Reconstruction and Development, the Eurasian Union, the Asian Development Bank, the Eurasian Development Bank, the Collective Security Treaty Organization, the Assembly of European Regions, and the Eastern Partnership.
Total population – 2,963,900
GDP – US $13.444 billion (6,537.01 billion AMD)
The economy of Armenia saw a sudden fall of 5.7% in 2020 due to the pandemic. The latest records put the PPP GDP of Armenia to be US $32.893 billion (15,993.89 billion AMD). While its nominal GDP is US $13.444 billion (6,537.01 billion AMD). According to PPP GDP, the per capita income of Armenia is US $10,995. But according to the nominal GDP, the per capita income of Armenia is (5,346,208.80 AMD) US $4,527 (2,201,208.48 AMD).
The main revenue-generating sectors of Armenia are the industrial and mining sectors. The mineral extraction and industrial outputs make enormous contributions to the national GDP. Armenia has made trade contracts with a few sister nations to obtain energy and raw materials to exchange manufactured goods, machine tools and textiles. These relationships have been working good so far for Armenia. The strong agricultural sector fulfils the food requirements of the country in addition to the exports.
A brief glimpse of the industries
- Armenia is a major producer of potatoes, vegetables, wheat, grapes, tomatoes, watermelons, barley, apples, apricots, cabbages, sugar beets, peaches, cucumbers, and onions. It is the 12th largest producer of apricots in the world. The agricultural sector contributes around 25% to the national GDP.
- The construction sector of Armenia has leapt. The construction output has increased by 2.2%. This Armenian stands to gain US $0.86 billion (416 billion AMD) annually.
- The industrial sector of Armenia proves to be the strongest and longest-standing sector. With a contribution of 30% to the nation's GDP, this sector has tremendous opportunities to offer.
Cost of living in Armenia
Armenia has seen a growth in the number of foreign nationals seeking jobs in Armenia. This is because of the good earning to cost of living ratio of the nation. With an average paying job, you can afford a healthy lifestyle in the country of Armenia.
Cost of Renting
The cost of renting in Armenia is like most regions in that area. One would say the cost of renting in Armenia is neither too high nor low. Although, a recent rise in the renting cost has been observed as the demand for housing facilities increased during the worldwide lockdown due to COVID-19.
Cost of living depending upon your location
The cost of living in Armenia changes depending on your location.
- The cost is highest in tier 1 cities such as Yerevan, Gyumri, Vanadzor, etc.
- The cost is medium in tier 2 cities such as Vagharshapat, Hrazdan, Abovyan, etc.
- The cost is lowest in tier 3 cities such as Vedi, Yeghvard, Vardenis, etc.
Mentioned below are details regarding the cost of living in the leading Tier 1 and Tier 2 cities of Armenia.
Top skills in Armenia
Armenia is a multifaceted nation. It has its hands in several working sectors. That is why the skill set required to work in Armenia is diverse. Armenia values soft skills such as analytical thinking, innovation, creativity, etc. It also requires individuals who are well established with programming, technological design, system analysis and complex problem-solving.
Major skills and areas which have witnessed a recent growth rate
- Information Technology
The organization decides the cost of hiring before even putting out the advertisement for the role. This cost covers all the major aspects of the hiring process. Following are some of the aspects that are covered under the cost of hiring –
- Onboarding cost
- Training cost
- Investment of time
- Lending of personnel
Salary structure for various roles
The table below highlights the average salaries that are offered to employees in Armenia according to different sectors: -
Employment laws in Armenia
Armenia has well-established employment laws for the protection of both employers and employees. Regulations are in place to prevent anyone from violating any rights. Following factors are a part of these employment laws –
- Minimum wages
- Employers' and employees' rights
- Termination of the labour contract
- Meal and rest breaks
The laws and regulations that overlook the employment relationships in Armenia are based on the following –
- The Constitution
- Labour Code
- Civil Code
- Law on Employment
- Law on Trade Unions
How Can Skuad Help You with Hiring in Armenia?
Acquiring the best talent in Armenia requires you to follow all the rules and guidelines specified by the local authorities. You should also understand the industry norms as well as labor laws. Instead of investing your time and resources in this time-consuming exercise, you must utilize it for other productive channels. With Skuad, all your recruitment-related requirements in Armenia are taken care of. Connect with Skuad Experts to know more.