61% of Ukrainian Companies Reduced Wages Due to Covid-19

According to the results of the first Ukrainian study of an organization’s viability during Covid-19 by the company “One Philosophy,” 45% of surveyed executives expect that their organisation’s income will fall from 20% to 90% this year.

As a result of the crisis, 61% of managers of Ukrainian companies have reduced the salaries or sent people on vacation at their own expense, while 42% have laid off some employees.

In addition, half of the companies reviewed planned investments, projects, and initiatives. 39% of organizations refused part of the office or agreed to review the lease. 29% of organizations had to suspend their activities. 23% reduced marketing and promotion costs, though 10%, on the contrary, increased them.

Airlines, tourism, culture, entertainment, and cinemas, as well as the exhibition business, have suffered the most from the pandemic in Ukraine. At the same time, some sectors won the opposite, namely technology, pharmaceuticals, logistics, and the production of superfoods.

Natalia Tolub