12:56 07.04.2020

One third of small, micro businesses in Ukraine to reduce number of employees – EBA poll

1 min read
One third of small, micro businesses in Ukraine to reduce number of employees – EBA poll

One third of small businesses (31%) plan to cut staff, another 21% are undecided, and 48% of respondents do not plan layoffs, according to an express survey conducted by the European Business Association (EBA) among 155 representatives of small and micro businesses participating in the Unlimit Ukraine project.

According to the survey, which was conducted on March 24-30, some 78% of respondents report a loss of up to 75% of revenue, 18% consider closing the business, 4% record an increase in profit.

Among the respondents, 41% plan to adapt staff wages, 33% have not yet decided, and 26% of business owners will keep payments at the current level, the EBA said.

"The quarantine period is really very difficult, especially for such companies that cannot transfer their business online. No one has a scenario yet. It is unlikely that anyone was ready for this type of crisis," Unlimit Ukraine project manager Elena Ero said.

At the same time, 47% of small business owners will seek new opportunities for development if quarantine lasts for an indefinite period, and 22% will be forced to close their business.

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