74% of Ukrainian businesses grew and raised salaries in 2024
11 February 23:55
Despite the challenges and uncertainty, Ukrainian entrepreneurs continue to work, pay taxes, raise salaries, and even scale up.
This is stated in the analysis of the Young Business Club, which conducted a survey among Ukrainian business owners, Komersant ukrainskyi reports.
According to the findings, 61% of entrepreneurs reported scaling up their business over the past three years.
A quarter of respondents said that their business remained unchanged, while only 15% confirmed that their business had shrunk.
Most entrepreneurs say that the largest staff reductions took place in the first half of 2022.
A three-year snapshot shows that 26% of business owners had to say goodbye to their employees, while more than half of respondents hired new employees.
Along with the increase in the number of employees, wages have also increased: 74% of entrepreneurs increased their employees’ salaries in 2024.
After February 2022, 27% of business owners considered relocating within Ukraine. Half of them decided to move. At the same time, almost 40% were thinking about moving to other countries, but only one in four of them was able to implement their plan.
The majority of relocators are from remote areas: online sales, consulting, and IT.
The main challenge in the winter of 2022-2023 was the energy system. The management of 89% of companies felt the effects of power outages.
The main factor affecting the work of 68% of entrepreneurs is mobilization.
According to 58% of respondents, the consequence is a shortage of staff. Currently, shelling, power outages, and tax increases are ranked third in roughly equal shares.
At the same time, despite the problems, most businessmen are optimistic about the future, expecting stabilization this year. One in five believes that the situation will remain unchanged.
“However, 67% of Ukrainian entrepreneurs said they have positive expectations for this year,” comments Andriy Ostapchuk. “In addition, 52% of respondents hope that the acute phase of the war will end in 2025.
The survey was conducted from January 14 to 23, 2025, among Ukrainian business owners who are members of the Young Business Club.
The survey involved 118 entrepreneurs working in trade, consulting, construction, and other areas. The business community unites more than 1,092 members in Kyiv, Lviv, Kharkiv, Dnipro, Odesa, Ivano-Frankivsk, Warsaw, Berlin, and Lisbon.
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