Hire in Turkmenistan

Overview of Turkmenistan

Turkmenistan's economy is driven by cotton cultivation, oil, and natural gas. Extensive resources along the Caspian Sea are a hub for natural resources deposits. The population of Turkmenistan is young, with more than half being under 30 years of age. Turkmenistan is a stable, democratic nation. Turkmenistan is a presidential republic with democratic political discourse. In Turkmenistan, the president is both the president of the state and the prime minister. Turkmenistan is regarded as a stable country internally and externally due to its commitment to neutrality.

Population: 6.5 million

Nominal GDP: US$90.904 billion (nominal)
                        US$131.710 billion (PPP)

Economic Overview

In late 2014, global energy prices collapsed, causing the economy to enter a deep recession. The recovery in the economy has been possible due to foreign aids and funds. In Turkmenistan, the exchange rate has been fixed since 2009. According to the International Energy Agency, Turkmenistan ranks fourth in the world for its natural gas reserves as of 2020. Turkmenistan exports a large amount of cotton overseas and grows wheat for internal consumption. Turkmenistan's GDP has seen improvements over the years before the pandemic. GDP increased from 6.2 to 6.3 % in 2019, which saw a drastic decline due to the pandemic with a fall to 1.%. Signs of recovery have been predicted, and the GDP has jumped up to 4%. Turkmenistan ranked 86th in global GDP rank in 2016.

Market Size

Natural gas, oil, petrochemicals, steel, and cotton account for most of Turkmenistan's exports. Cotton is the golden crop for cultivation that contributes largely to the economy. Along with that, a large population herds sheep, camels, and horses that comprise much of the agricultural-related economy. Turkmenistan is the leading producer of silk in Central Asia. Turkmenistan oil is a very high-grade oil. A network of pipelines and natural gas deposits links resources together. China has been establishing a dominant presence in Turkmenistan's economy and exports. Exports in 2018 hit US $11.2 billion, whereas imports fell to US $7.5 billion, resulting in US $3.7 billion in trade surplus. Turkmenistan's largest market for exports is China.

A Brief Glimpse of The Industries

• Due to government control of most of the economy, Turkmenistan has a planned economy. Turkmenistan's industrial sector contributes 49.3% to its national GDP. Still, only 14% of the labor force is employed under it. With the aid of the European Union, Turkmenistan has been expanding its industrial sector since gaining independence from the Soviet Union in 1990. Oil and gas are both natural resources available in this country, which heavily influence this sector.
• Turkmenistan's services sector employs 37.8% of its workforce and contributes 37.9% of its GDP. This business sector comprises tourism, hotel and hospitality, retail, healthcare, media, communications, customer service, banking, and financial services. Portions of the service sector are fully controlled by the government, such as banking and financial institutions.
• The export trade sector is significant in Turkmenistan. There are about US $5.54 billion in imports and US $8.94 billion in exports, which helps Turkmenistan to achieve a positive trade balance. In terms of trade, its top three partners are China (US $7 billion), Afghanistan (US $549 million), and Turkey (US $542 billion). In total, US $8.19 billion in minerals are exported. The largest export in this category is petroleum gas which comprises 80% of exports worth US $7.17 billion in value.

Cost of Living in Turkmenistan

On average, the cost of living In Turkmenistan is around 18,653 M (US $5323) without rent for a family of four. The monthly costs without rent can be around 6,268 M (US $1789) for a single person. Overall, the cost of living is US $1057 that is 1.43 times more expensive than the world average. Turkmenistan ranks 55th by the cost of living in the list of 190 countries. Refer to the table to break down the costs below

Cost of Renting

The renting cost depends upon the choice of the customer and preference of lifestyle. Area and size variations contribute to an increase or decrease in the overall rent of the apartment. On average, housing can cost around 1,525 M – 1,006 M (US $435- 287.13) for a single apartment in the city centre and outside of it, respectively. If you are looking for a three-bedroom apartment, the rent can range from 2,900 - 3,150 M (US $827.72-899.08)

Cost of living depending upon your location

Turkmenistan is a hub of emerging places that are developing and emerging as top cities. With capital flowing inwards and the government utilizing the funds efficiently, even the remote northern parts turn into livable areas. The cost of living in these cities per person are:

Top sectors expected to Hire

The Turkmen service sector has expanded rapidly because of foreign investment, foreign aid, and private and public establishments that generate jobs in a democratic and liberal environment. Professionals in banking, finance, software engineering, tourism, and marketing are in high demand. The vacancies and requirements listed on job websites include IT, Education, Engineers, Software, IT professionals, and Marketing, Communication, and Marketing specialists.

Top Skills in Bahrain

The industrial sector employs 14% of the overall population. The agriculture sector has employed about 40% of the workforce. Turkmenistan is a hub for service enterprises, with the service sector employing 40.8 % of the total workforce in Turkmenistan.

Major skills and areas which have witnessed a recent growth rate

• Engineers
• Architect
• Mobile app developer
• Software engineers
• Management specialists
• Web designers
• Hospitality experts

Hiring Costs

Hiring costs include all costs incurred from beginning to end by the hiring department in hiring an employee. They feature the following expenses:

• Interview and selection cost
• Onboarding and training expenses
• Time taken and resources required

Salary structure for various roles

The table below highlights the average salaries that are offered to employees in Turkmenistan according to different sectors:

Employment Laws in Turkmenistan

Turkmenistan's labor law guarantees citizens labor rights and protects worker and employer interests. According to the Turkmenistan Labor Law, the major objectives are to create the conditions and guarantees for realizing citizens' constitutional right to work. A Turkmenistan employment contract does not have a set format, and the relationship between employer and employee starts with an order/onboarding to hire an applicant based on their application.

However, the laws regulate minimum wage, provision of leaves, the standard workweek of 40 hours and other benefits to the employee. A company can terminate an employment contract for economic or business reasons with prior notification to the employee.

How Can Skuad Help You with Hiring in Turkmenistan?

Conducting recruitments in Turkmenistan is a long process that should be accomplished considering various laws passed by the authorities. To ensure optimal utilization of resources, you need to partner with experts in the industry. Skuad has a team of highly experienced consultants to take care of all your hiring requirements. Connect with Skuad Experts to know more.