Business in times of war: a Ukrainian perspective

Over the past 25 years, Ukraine has established itself as a significant player for those looking to outsource. Whether it be IT services, finance, payroll or customer support centers, Ukraine has much to offer international companies. The current war with Russia, though, has ravaged the country in ways not seen in Europe for almost 80…

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Payoneer Team

Over the past 25 years, Ukraine has established itself as a significant player for those looking to outsource. Whether it be IT services, finance, payroll or customer support centers, Ukraine has much to offer international companies.

The current war with Russia, though, has ravaged the country in ways not seen in Europe for almost 80 years. While its effects on the millions of people who have been displaced is clear, SMBs across the country have also been heavily impacted.

In our latest report, we surveyed over 4,200 Ukrainian SMBs to identify how they have so far been affected by the ongoing crisis, how they and their staff have responded to it, and how the war has impacted their plans for future growth.

As our findings show, like the Ukrainian armed forces on the front line, Ukrainian businesses are also displaying extraordinary resilience in the face of great pressure. Such resilience is highlighted by the 70% of Ukrainian businesses that are continuing to operate, despite the invasion of their country. 63% of businesses have also been able to retain most, if not all, of their staff.

But resilience is not the only strength on display. Agility is also in abundance among Ukrainian SMBs, for despite having to face two unforeseen events, first the Covid-19 pandemic and then the war, 72% of businesses did not have a crisis management plan in place before war broke out, and yet were still able to pivot and adapt.

Most inspiring of all, there is every intention among Ukrainian SMBs to continue investing in growth, with 38% of them planning to hire more staff this year. So, although it may seem hard to look beyond the current situation, Ukrainian business leaders are still full of hope, optimism, and confidence, that a bright future still lies ahead, and the best is yet to come.

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