Businesses in Ukraine Remain Resilient and Open for International Clients, Survey Shows
Payoneer surveyed over 4,000 tech businesses in Ukraine, with the results demonstrating the resilience being shown during the conflict
The survey reveals that 70% of Ukrainian SMBs are continuing to operate during the war with 63% of businesses able to retain most, if not all, of their staff and 38% of Ukrainian SMBs intending to hire more staff this year despite the war
NEW YORK, October 07, 2022--(BUSINESS WIRE)--Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, has announced the results of a July 2022 survey of 4,200 owners of Ukrainian small and medium-sized businesses (SMBs) about operating under the shadow of war. The research found that Ukrainian businesses have shown remarkable resilience, with 70% continuing operations and 38% even intending to hire more staff this year.
The report highlights how the established Ukrainian technology industry was able to recover quickly from an early shock as global clients feared that Ukrainian businesses would not be able to maintain service levels. However, these fears proved unnecessary as almost two thirds (64%) of Ukrainian businesses were able to retain all or most of their customers in the face of the ongoing conflict.
Despite the seismic changes in the country and the numerous challenges faced by businesses, statistics relating to staffing levels suggest they remain focussed on growth. These plans for growth are aided by businesses ability to retain employees, with 63% retaining all or most of their staff. In addition, despite martial law, more than a third (38%) of businesses intend to hire more employees this year.
The war in Ukraine has caused unprecedented challenges for individuals and business owners in the country. The most significant issues reported in the survey were financial pressure (36%) and high stress among employees (27%). The experience of adapting to new situations is unfortunately something that many businesses have become more used to due to the COVID-19 pandemic. 58% said that the experience of going through the pandemic has allowed them to quickly adapt to new realities. 84% also believe that joint volunteering and helping the army has increased the team spirit of their companies during this difficult period.
James Allum, SVP of Europe at Payoneer said:
"The Ukrainian workforce has shown remarkable resilience since the war began. It is amazing to see how SMBs have continued to operate under these terrifying conditions, and my message to the global business community would be to continue to engage with businesses and freelancers in Ukraine. This is how we can show our support through the hardest of times. We’re extremely proud of the work being done by our team in Ukraine to support SMBs and innovators, and we will continue to work with our partners in the country to drive their growth efforts through this challenging environment."
Liubov Danylina, Director and Acting Country Manager of Payoneer in Ukraine:
"As a Ukrainian, I am extremely proud of the resilience of our people. Even in the darkest times, Ukrainians find the strength to do business, support the economy and the army, and actively volunteer. We are all working through thick and thin, bravely, and most importantly — together to achieve our goals and allow our businesses to prosper."
Payoneer has been present in the Ukrainian market since 2010, mainly serving businesses and freelancers offering services, such as IT and marketing, to international clients. The company recently expanded its partnership with Ukraine’s largest bank, PrivatBank. The expansion helps customers in Ukraine move funds more easily across borders and directly into customers’ accounts.
Read the full report here.
About the research
In July 2022, Payoneer surveyed 4,200 Ukrainian SMBs, that are Payoneer customers and that work with customers based outside of Ukraine 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.
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Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.
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