Payoneer: Ukrainian SMBs Roll Out the Global Welcome Mat

Companies of all sizes in Ukraine are still going strong and eager to expand global operations as they continue to remain resilient and build out in the face of the ongoing war that began with Russia’s attack in February.

The small and medium-sized business (SMB) space in Ukraine’s technology sector is strong, with 70% still operating during the war and 63% retaining most, if not all, of their employees, according to a survey by Payoneer.

The survey results of 4,200 business owners in Ukraine polled by digital payments firm Payoneer in July also show that 38% of Ukrainian SMBs intend to hire more staff this year despite the war, according to a press release.

“Despite the seismic changes in the country and the numerous challenges faced by businesses, statistics relating to staffing levels suggest they [Ukranian SMBs] remain focused on growth,” per the release.

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“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,” said James Allum, SVP of Europe at Payoneer.

“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,” Allum added.

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Despite the tough backbone of the small business community in Ukraine, the war has caused unprecedented challenges, with 36% of business owners pointing to financial pressure and 27% citing high stress among employees.

Covid-19, however, helped many SMB survey respondents prepare for the unpredictability of the current conflict, with 58% stating that the experience of the pandemic made it easier for them to pivot, according to the release.