Will the cutbacks? As a Ukrainian IT-companies are experiencing the beginning of the crisis

Будут ли сокращения? Как украинские IT-компании переживают начало кризиса

Second Monday in March, economists called the “black” world stock indices have fallen by record numbers since the last major crisis. Total losses of capitalization is estimated at $9 trillion and the five largest technokomplex – Apple, Facebook, Google, Amazon, Microsoft lost $416 billion in one day.

Ukrainian IT-sector is export-oriented, from-for what financial problems foreign companies are reflected in Ukrainian. Representatives of IT companies GlobalLogic, SoftServe, Software Sigma told reporters Liga.Tech what they expect.

According to managing Director of GlobalLogic in Central and Eastern Europe Igor Woes when the economy tanks, companies cut costs and bring development to cheaper locations. This creates demand for the services of Ukrainian IT specialists.

“An important feature of the global IT market that our services are in demand regardless of the state of the economy,” he said in an interview with Liga.Tech.

The Chairman of the Board of Directors SoftServe Yaroslav Lubinets says that employees and customers are the main value of IT-companies. Therefore, the company will focus to keep the team. Companies with a large margin of safety can keep employees on internal projects. But many will cut workers with low productivity.

“All concerned about the situation with the pandemic coronavirus and crises in the global economy. Negative impact on the Ukrainian IT-industry, the scale is now difficult to assess,” he says.

CEO and co-founder of Sigma Software Valery Krasovsky said that the stock market hurtles downward, it is clear that there will be bankruptcy. But business is not waiting, and IT services will be in demand not less than before.

“Is exactly the expected reductions and even the suspension of projects related to airline and cruise companies. But, as always, this situation has a downside: some companies will discover new opportunities,” he said.