Page 22 - bne IntelliNews monthly magazine November 2024

22 I Companies & Markets bne November 2024
Estonian Bolt CEO calls remote work 'insanity' Linas Jegelevicius in Vilnius
Estonian mobility platform Bolt is mandating a return to office for its global staff, with CEO Markus Villig criticising remote work practices he considers excessive, according to Fortune.
Founded in 2013 as Taxify, Bolt initially focused on ride-hailing and has since expanded into short-term car rentals, ride- sharing, food delivery and e-scooter rentals, with over 150mn customers and 3mn driver and courier partners worldwide.
In an internal email obtained by The Telegraph, Villig reportedly expressed frustration with employees working from remote locations like Bali, describing such arrangements as "disconnected" and indicative of overly "complacent" hiring policies.
Villig noted that fewer than half of Bolt’s employees were
Half of Ukraine’s top IT firms see revenue drop amid war, relocations
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Half of Ukraine’s largest IT companies recorded a decline in revenue in 2023 as the ongoing war forced relocations and saw staff and resources move abroad.
According to industry data, 15 of Ukraine’s 30 biggest IT firms reported lower revenues than in 2022, a trend attributed to shifts in business between affiliated legal entities, relocation to other jurisdictions, the departure of skilled workers and an overall downturn in business activity.
Despite these challenges, several global players have remained resilient. EPAM, GlobalLogic and Luxoft continue to dominate Ukraine’s IT market in terms of revenue, with EPAM Digital showing particular growth after transferring
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working in-office at least two days per week, which he called a “disgrace,” adding, “We will stop the insanity of people working remotely from places like Bali. That is a vacation, not what we hired them to do."
A Bolt spokesperson confirmed to Fortune that the company will implement a hybrid work policy starting January 1, requiring staff to work in-office 12 days per month. Bolt’s move follows similar pushes by companies like Amazon, which have also adjusted remote work policies after the initial adoption of hybrid models during the COVID-19 pandemic. However, critics caution that a rigid approach may trigger resistance or impact morale, potentially affecting productivity and company performance.
Bolt has announced plans for an IPO in 2024, although it reported a €91.9mn loss on €1.7bn in revenue in 2023.
Ukraine's ongoing war against Russia has forced relocations and saw staff and resources move abroad. / Oleksandr Pidvalnyi via Pixabay
part of its operations. Fintech company Monobank and SoftS- erve also recorded positive revenue gains during the year.
Playtika led in terms of revenue per employee, generating an impressive $6,900 per month, while most of Ukraine's other major IT firms posted monthly revenues of between $3,000 and $5,000 per employee. The highest net profits were recorded by Monobank, EPAM, and GlobalLogic, accounting for nearly 47% of the total profit among Ukraine’s top 30 IT companies.
Meanwhile, employment has grown across Ukraine’s IT sector, with the 30 largest firms collectively employing 10,500 full-time workers in 2023, up from 8,500 in 2022.