NovaMova LLC - News archive

12/22/08

Economic Crisis in Ukraine

Professions Hit Worst by the Economic Crisis

By Katya Shtamburg, Nova Mova International Program Manager.

The current financial crisis has affected all spheres of the Ukrainian economy, leaving its mark on almost every professional area and field of business. One burning issue today is who which professions will suffer more and who which provide a better opportunity to survive the crisis. People want to know the best route to find way out of the difficult situation in the labor market?

We researched which professions will be less affected by the crises and which are more likely to be hard hit. In general, tough times are coming for the experts in finances, bank business, managers, system administrators and accountants.

High-risk professions
Place	Profession	Reason for high-risk
1	Bank clerks, bank loan specialists	Decrease of demand on credit and bank loans, tough conditions of receiving loans.
2	Workers in investment companies, financial analysts	Securities auctions and markets stopped operational activities, consumers simply don’t buy shares of investment trusts.
3	Construction workers and managers	Many construction companies depend on foreign investment, which has substantially decreased in second half of the year.
4	Car sales managers	Most consumers buy cars on credit, which became impossible after banks stopped providing credit.
5	Workers of recruiting offices	Recruiting offices are not of current importance. People can’t pay that much money for study, and domestic PR is not essential.
6	Back-office workers	They don’t bring direct benefits, and it’s not profitable to pay for their activities.
7	Marketing and PR specialists	Advertisement and marketing expenditures have been reduced.
8	Journalists	Journals and magazines are rather unprofitable, so many companies have gotten rid of them.

However there are spheres which will be less touched by the economical recession.

Low-risk professions
Place	Profession	Reason for low-risk
1	Officials in governmental institutions	Government will always find money to back up its employees.
2	Food sellers, shop assistants in supermarkets	Food and other essential goods will always be required.
3	Employees of large companies that do not depend on foreign capital	They have enough resources to survive the crisis.
4	Physicians and pharmacists	In a time of crisis, people are more inclined to suffer from diseases and depression.
5	Workers of companies that are engaged in Euro-2012 stadium and hotel construction	Ukraine actually wants to host the championship; this is a national priority.
6	IT freelancers	They adapt quickly to any conditions.

Despite the tough conditions for business in Ukraine, the drastic fall of the currency, and a very unstable economical situation, people must survive, and they will seek ways out of this crisis. The more resourceful will find such ways. The most resourceful will find ways not only to survive, but to benefit from the situation.

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