Warsaw Business Journal

28/06/2024

Roomies, a platform specializing in residential and co-living projects, announced its entry into the Polish private student housing market. The company, led by Nikolas Löbel, who boasts over a decade of experience in both German and Polish residential development, aims to develop over 2,000 student housing units within the next five years.

Targeted Expansion: The initial focus will be on major student hubs – Warsaw, Wrocław, Kraków, Poznań, and Gdańsk. Roomies plans to leverage an acquisition strategy to establish its presence and cater to the growing demand for modern Purpose-Built Student Accommodation (PBSA) options.

Investor Backing: The expansion is supported by investors from the Lagerbox group. Lagerbox, a leading self-storage operator in Germany and the Netherlands, brings a wealth of experience in managing large-scale development projects.

Addressing Student Needs: Roomies intends to offer students attractive and comprehensive living solutions. Further details on specific projects and amenities are expected as the company establishes its footprint in the Polish market.

This move signifies a potential shakeup in the Polish student housing sector, with Roomies bringing fresh perspectives and a focus on modern PBSA developments.

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25/06/2024

Poland has spent tens of billions tackling the energy crisis, per OECD, with nearly PLN 25 bln spent this year to support households.

Electricity and gas prices will rise from July 1 as price freezes end. This shift marks a move away from state interventions aimed at mitigating impacts of Russia's invasion of Ukraine.

🔍 OECD highlights Poland's significant energy support expenditure, totaling 5.2% of GDP from 2021-2023, second only to Greece among 41 surveyed countries.

Read on WBJ: https://wbj.pl/energy-cost-freeze-from-cost-almost-pln-25-bln-in-2024-alone/post/142552

21/06/2024

📊 Salaries are going up but employment falters - Poland's Labor Market Update 📊

- Declining Employment: In May, employment continued to falter with 11.7 thousand fewer full-time positions compared to April, marking a 0.5% decline from May 2023.

- Robust Wage Growth: Average gross salaries in large non-financial firms rose 11.4% year-on-year to PLN 7,999.69.

- Minimum Wage Hike: The increase follows a hike in the minimum wage to PLN 4,242, restoring double-digit wage growth after a 22-month pause.

- Real Wages: Adjusted for inflation at 2.5%, real wages saw an 8.67% rise, though this is down from February's peak.

Data excludes public sectors, highlighting ongoing labor market challenges.

📈

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11/06/2024

📊 Construction job vacancies soar in Q1, ICT records biggest dip - Job market update

Poland ended Q1 2024 with 112,000 job vacancies, marking a 15.3% increase from the previous quarter, though this is a 2.5% decrease year-over-year.

The job vacancy rate climbed by 0.11 percentage points from Q4 2023 to 0.89%.

Key sector highlights:

- : Boasting the highest vacancy rate at 2.13%, this sector also experienced the largest year-over-year increase of 0.45 percentage points.

- : This sector saw the most significant decline in vacancy rate, dropping 0.49 percentage points to 1.54%.

These trends highlight dynamic shifts in Poland’s job market and provide valuable insights for businesses and job seekers alike.

All data from GUS.

At the end of Q1 2024, Poland had 112,000 job vacancies, up 15.3% from the previous quarter but down 2.5% y/y, according to GUS. The job vacancy rate increased by 0.11 percentage points from Q4 2023 to 0.89%. The highest vacancy rate was in the construction sector at 2.13%, which also saw the highes...

06/06/2024

📊 Poland's online advertising market is booming!

The market is expected to reach PLN 8.6-8.8 billion in 2024, surpassing PLN 10 billion by 2025, according to IAB Poland 📈

- In 2023, 13% growth year-on-year, reaching nearly PLN 7.8 billion

- Graphic advertising leads, with video ads growing by 19%

- SEM and Announcements each saw a 35% increase

- Positive growth across all digital sales channels, except email

- Mobile (12%) and social media (10%) leading the way

- AI is revolutionizing ad campaigns and customer interactions 🤖

Established in 1999, IAB Poland now boasts around 230 members, from major portals to interactive agencies.

Poland's online advertising market is projected to reach PLN 8.6-8.8 billion in 2024 and surpass PLN 10 billion by 2025, according to IAB Polska. In 2023, the market grew by 13% year-on-year to nearly PLN 7.8 billion. The "Internet 2023/2024" report highlights the Internet's role as the key media ma...

04/06/2024

59% of foreign workers in Poland plan to stay
33% remain undecided, according to Randstad.

Poland ranks 2nd in Europe for Ukrainian migrants, with nearly 1 million staying here.

94% of respondents claim to be happy with their employment.
Key job factors include:
- salary
- paid leave
- contract type
- work atmosphere
- professional development.

Language barriers and non-recognition of foreign qualifications are significant obstacles, with 50% working below their qualifications.

Domestic Society 15:26 3 June 2024 Post by: WBJ Report: 59% of foreigners associate professional future with Poland Source: Pexels

28/05/2024

70% of Polish candidates prioritize salary when considering job changes,
according to PageGroup's Talent Trends 2024 report.

💶 Financial expectations are outpacing actual pay.

⚖ Work-life balance ranks second in priorities across Europe.

🏳️‍🌈 Challenges in DE&I: Only a third of Polish candidates feel authentic at work.

🤖 AI is shaping careers: 27% of Polish employees use AI in their roles, surpassing the European average of 23%.

Business 14:45 27 May 2024 Post by: WBJ Salary as top priority for 70% of Polish employees, expectations rising faster than pay Source: Pexels

16/05/2024

The 2024 CEEQA Gala, held in Warsaw's Wyscigi, showcased top achievers in CEE & SEE real estate, drawing nearly 600 industry leaders.

Penta Real Estate's Masarycka Stage 1 in Prague and Linden Luxury Residences in Kyiv emerged as standouts.

Robert Dobrzycki of Panattoni received the Lifetime Achievement Award, while Stuart Jordan of Savills was honored as Industry Professional of the Year.

Cushman & Wakefield dominated company awards, with Panattoni and CTP securing top developer titles. ESG Champion accolades went to Skanska and the Diuna project, owned by Syrena Real Estate and Benson Elliot (Acquired by PineBridge Investments), in Warsaw.

The Company of the Year sponsored by the Warsaw Business Journal, was given to Panattoni decided via live vote.

A Resilience Award was presented to the director of Kharkiv Palace Hotel. Ukrainian projects, like Greenville Pechersk, showcased resilience amidst challenges. Discussions on cooperation and opportunities with CEE leaders preceded the gala, underlining the region's forward-looking approach.

Congratulations to all the winners!

The 2024 CEEQA Gala, held in Warsaw's Wyscigi, showcased top achievers in CEE & SEE real estate, drawing nearly 600 industry leaders.

14/05/2024

📊 SoftServe's recent training project saw coder teams integrating GenAI tools, yielding tangible results: a 20% reduction in software development time and a 25% decrease in quality control time.

These outcomes align with research findings indicating that generative artificial intelligence can enhance developer team productivity by up to 45% and expedite project development time by 30%.

Currently, AI technology is being tested in nine pilot projects spanning finance, manufacturing, and retail sectors. SoftServe's objective is to apply AI methodologies to enhance productivity in a hundred client projects by year-end, with ongoing research efforts aimed at further advancements. 🖥️

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13/05/2024

🏢 Dive into the latest insights on Poland's commercial real estate market in our exclusive cover interview with Witold Zatoński, founder of Syrena Real Estate. Discover the discussion on domestic investment vehicles like REITs and their impact on market liquidity. Gain valuable perspectives on office schemes and market trends shaping the industry's future. Read the full interview now! 👇-Link in comments below 👇
🇵🇱

08/05/2024

📈 What's in store for the Polish złoty in the second half of 2024?

Last year, we saw the euro exchange rate drop from PLN 4.70 to PLN 4.35, and this trend has continued. 💹

Strengths:

🔹 Improved government relations with the EU
🔹 Maintained high interest rate by the Monetary Policy Council
🔹 Positive forecasts for economic development bolstering the PLN

Threats:

🔸 Geopolitical tensions and uncertainties
🔸 Receding prospect of interest rate cuts in the USA

The PLN's performance hinges on interest rates and geopolitical stability. 🌍

Read the entire expert opinion by Dawid Górny, FX Dealer at Currency One SA.

📉

The past several months have been a good period for the Polish currency. BY Dawid Górny - FX Dealer at Currency One

07/05/2024

📈 Poland ranked 27th out of 38 economies (18th within the EU) in the Wealth of Nations Index by the Warsaw Enterprise Institute.

The country improved in defense spending but dropped in infrastructure spending.

🌍 Despite maintaining its position, there's room for growth. With a focus on education and health reforms, Poland can seize opportunities and climb higher in the rankings.

Poland ranked 27th out of 38 economies in the Wealth of Nations Index (WBN), published by the Warsaw Enterprise Institute (WEI), which assesses GDP and the quality of public spending in EU and OECD countries. Ireland topped the list, followed by Switzerland and Norway.

02/05/2024

Government wants to shift sick leave benefits payments to ZUS

Social Insurance Institution (ZUS) would take over paying out sick pay for SMEs from the 1st day of leave! 💰

Mikołaj Zając, CEO of Conperio predicts this will reduce financial burdens for SMEs.

But there are concerns:
- Paying 100% salary during sick leave might spike unnecessary leaves! 😷
- Costs could surge by 20%! 💸

For chronically ill workers:
- Income loss after 182 days of leave 😔
- Full salary during treatment could be a game-changer!

Opinion 13:14 1 May 2024 Post by: WBJ Polish government plans to shift pay of sick leave from employers to ZUS Source: Conperio

24/04/2024

The "RE" generation is revolutionizing family business dynamics 💼

Meet the REdesigners and REgenerators, the new wave of family business owners challenging the status quo and reshaping the future 🔄

They refuse to simply inherit their parents' goals; instead, they prioritize free time, sustainability, and personal growth 🌱

Prof. Ewa Więcek-Janka, Expert of the Family Business Institute, emphasizes the need for understanding and collaboration between generations 👩‍🏫

With the founders responsible for 50% of succession and the successors for the other 50%, open communication and empathy are key to success 🔑

Join us as we navigate this transformative journey together! 🚀

The Family Business Institute hosted a successful intergenerational meeting on April 19-20 at Herbarium Hotel & Spa by Żnińskie Lakes. The event featured discussions and workshops on topics such as succession planning, family business governance, communication, sustainable development, and more. T...

17/04/2024

Out of 10 surveyed employees, 6 prefer raises over other employer benefits, with over half desiring bonuses, and 30% opting for a four-day workweek, according to "Polish Job Market Barometer."
Companies accustomed to offering bonuses like holiday packages, private healthcare, or gym memberships now face shifting employee preferences.

Among respondents, 62% favor raises, 56% desire bonuses, and 31% seek commuting subsidies. Other expectations include remote work 2-3 times a week (18%), a four-day workweek (30%), and free workplace meals (28%). Currently, 37% utilize non-wage benefits, a 7% increase from last year. Agility is emphasized as crucial for organizations to adapt to changing employee needs amidst economic shifts, including inflation and looming AI challenges.

The survey was conducted by Personnel Service.

Business 18:07 16 April 2024 Post by: WBJ Survey: 62% employees expect a raise, 30% expect four-day work week Source: Pexels

10/04/2024

Over 65% of all retail transactions in Poland in 2023 were cashless, according to a study conducted for the Cashless Poland Foundation.

Over the past 10 years, the share of cashless payments jumped from 20% in 2013 to 65% in 2023.

In 2023, cash accounted for only 35% of transactions, dropping by 3 percentage points.

The use of NFC payments and mobile banking apps is also on the rise, reaching 23% of all transactions in 2023.

According to a study conducted for the Cashless Poland Foundation, over 65% of all retail transactions in Poland in 2023 were cashless. Cash accounted for only 35% of transactions, dropping by 3 percentage points. There was a noticeable increase in the use of mobile payments and banking apps. Digita...

09/04/2024

Poles are unhappy with their salaries.
Nearly half (47%) plan to change jobs due to low wages.

Meanwhile, 78% of employers intend to maintain the current number of employees but are concerned about rising costs and an uncertain future. Companies are trying to retain employees through diverse solutions rather than just financial incentives.
Survey conducted by Gi Group Holding, an employment agency.

Nearly half of the surveyed individuals (47%) plan to change jobs due to low wages. 78% of employers intend to maintain the current number of employees but are concerned about rising costs and an uncertain future. Companies are trying to retain employees through diverse solutions rather than just fi...

04/04/2024

Almost two-thirds of Polish medium and large companies plan to increase prices in the next 12 months, according to Grant Thornton Poland.

In a survey conducted by Grant Thornton, 65% of medium and large companies in Poland intend to raise prices in 2024, marking a decrease from previous years. The net indicator stands at 63%, reflecting inflationary pressure but notably lower than the previous year's 74%. Globally, many countries show...

02/04/2024

15th Poland & CEE Retail Summit 2024 is about to begin on April 9-10, at the DoubleTree by Hilton.

Register to take part in discussions across 10 stages on sustainability, supply chain management, digital retail innovations, and eRetail.

Register for the event here: https://retail-summit.net/REGISTER/

Events 12:56 2 April 2024 Post by: WBJ 15th Poland & CEE Retail Summit 2024 set to unite industry leaders L**h Wałęsa, former President of Poland, inaugurated the Poland & CEE Retail Summit 2024 with a speech at the 5th CEO Pre-Conference Dinner

28/03/2024

Bank Pekao will open a "Korea Desk" to cater to Korean companies in Poland.

The lender signed an agreement with KB Kookmin Bank, the largest bank in South Korea.

South Korea is the largest Asian investor in Poland, with investments spanning various sectors such as electric vehicle batteries, electronics, and the chemical industry.

Business 0:42 28 March 2024 Post by: WBJ Bank Pekao Launches "Korea Desk" to Serve Korean Businesses in Poland Source: Wikicommons

27/03/2024

GDP per capita in the EU in 2023 - Poland 20% below EU average.

Poland has been catching up to the EU average, though. In 2021 it was 23% below the EU average and in 2022 - 21%.

Luxembourg and Ireland had the highest levels, exceeding the EU average by 140% and 112% respectively. On the other hand, Bulgaria recorded the lowest GDP per capita, 36% below the EU average, followed by Greece (-33%) and Latvia (-29%).
Data from Eurostat.

26/03/2024

New helicopter base near Lublin

A new permanent Army Aviation helicopter base at Lublin Airport in Świdnik signifies both symbolic and strategic importance, serving as a hub for modernized Army Aviation helicopters and pilot training.

The Ministry of National Defense, Lublin city, Lublin Voivodeship, and Lublin Airport signed a letter of intent for a permanent Army Aviation helicopter base at Lublin Airport in Świdnik, announced Deputy Prime Minister and Defense Minister Władysław Kosiniak-Kamysz. The decision reflects a commi...

19/03/2024

Less than a year after entering the Czech market, Allegro is venturing into Slovakia.

As many as 79% of Slovaks are interested in shopping on the platform, according to a survey.

Less than a year after expanding into the Czech market, Allegro announced the availability of the allegro.sk domain in Slovakia, offering new export opportunities for Polish and Czech sellers. A survey commissioned by the company revealed that 79% of Slovaks are interested in shopping on the platfor...

12/03/2024

Why do 65% of Poles fear foreign ?

Only 33.2% of Polish online shoppers purchase in foreign online stores, and most very sporadically.

The main concerns are:

36.7% difficult and costly returns procedure
33.4% language barriers
29.4% long delivery
20.8% expensive delivery
18.4% limited post-sales support

Data from UCE RESEARCH

Marcin Tyleglski from UCE RESEARCH comments:

“On the one hand growing globalization and easier international trade will increase the interest in foreign online shopping. On the other hand, the strong Polish e-commerce and constantly improving offer may keep the current level of domestic retail. The 65% share may remain stable or change very slowly.”

The study by UCE RESEARCH revealed that 64.9% of regular online consumers avoid purchasing from foreign online stores due to concerns such as return issues and language barriers. Among them, only 33.2% make such purchases, with most doing so sporadically. The main concerns include difficulties with....

11/03/2024

"In 5 years, the cost of finishing offices, apartments, or hotels in Poland could surpass Western European prices," according to Rajmund Węgrzynek & Paweł Brodzik, founders of Neo-Świat.

Discover exclusive insights from our interview with Paweł & Rajmund as they discuss the seismic shifts reshaping the industry landscape.

Learn about the impact of COVID-19 and geopolitical events on urban dynamics, housing preferences, and commercial trends.

Uncover strategies for navigating the evolving market conditions, including diversification beyond traditional office spaces and innovative approaches to sustainability.



Read the interview: https://wbj.pl/fit-to-be/post/141406

06/03/2024

What do employees value in a job?

is at the top of the list for 94% of Polish employees (93% global).

Work-life balance comes before:
- salary (92% Poland, 93% global)
- stability (89% each).

57% say they would reject a job offer is it threatened their work-life balance
and
48% would quit a job they already had if it harmed their enjoyment of life.

Data comes from a Randstad global study.

Domestic Society 16:36 5 March 2024 Post by: WBJ 57% of Poles would reject a job threatening their work-life balance - Randstad Source: Pixabay

01/03/2024

Work from Home or Return to Office?

What do employees want?
64% of Polish office workers want hybrid work, up to 2 days in office
50% want one day or less in the office

60% value in-person contacts with coworkers and the socializing aspect of offices
55% say office is a necessary element to build a company's culture.

What do employers offer?
25% mandate 2-3 office days
20% grant full workplace flexibility

Which industries require ?
construction/real estate - 77% (companies have returned to on-site work)
public sector - 71%

Which are most flexible and open to ?
banking - 37% (companies have returned to on-site work)
shared service centers - 21%

Jakub Zieliński, Head of Workplace Strategy & Change Management at JLL, underscores the importance of adaptable office spaces tailored to organizational needs, facilitating productivity and overcoming hurdles in hybrid work scenarios

Research by JLL

Research by JLL reveals that 64% of Polish office workers opt for a hybrid work setup, spending up to two days weekly in the office. Despite this shift, 55% emphasize the significance of the office in fostering company culture, with over 60% valuing in-person interactions with colleagues.

28/02/2024

A - is that even an option?

- 28% of Polish employees want a shorter work week

- But only 1 in 10 employers is open to the idea for now

- Experiments by 4 Day Week - Global show both increased revenues and healthier employees.

What if...

Companies stayed opened for 7 days a week but employees could work for only 4 days a week?

According to Personnel Service's founder Krzysztof Inglot this would be an optimal solution, driving up both profits and work satisfaction.

After all, a company doesn't care if it has a weekend or not. If we figure out a way to get off work for 3 days a week and get the job done, everybody wins.

The "7 vs. 4 workday" is an interesting option in the age of widespread .

Business 19:02 27 February 2024 Post by: WBJ 28% of Poles want 4-day work week, employers remain skeptical Source: Pixabay

23/02/2024

A city-forming project that will transform a concrete office district into an attractive and comfortable place to live.

Archicom a nationwide developer specializing in residential investments in the 15-minute city format, is building Modern Mokotów, a multifunctional and green complex on Wołoska Street in Warsaw.

The location guarantees quick access to the city center – both by car and public transport. The quarter offers cafes, artisan bakeries, restaurants and over a hundred shops in the nearby Westfield Mokotów shopping center.

For the young ones – a unique playground surrounded by greenery. Living in the heart of Służewiec has great potential and Archicom plans to unlock it very soon.

Find out more: https://modernmokotow.pl/mieszkania/

Read WBJ's coverage of the new project: https://wbj.pl/a-project-that-will-benefit-the-entire-city/post/141236

22/02/2024

Digitization is crucial for Polish SMEs, but most of them are still at the initial stage (57%).

43% of SMEs claim there aren't enough IT specialists to help them navigate a digital transformation

41% say financing is the biggest barrier.

On the plus side:

56% of SMEs believe digitization will have a positive impact on their activity

80% claim that implementing digital technologies will NOT cause layoffs, and 10% say that it will in fact lead to new hires.

Digitalization varies by industry, with higher adoption rates in professional services and hospitality sectors.
Conversely, transportation, finance, and real estate sectors exhibit lower digital integration.

The data comes from a study by Bank Gospodarstwa Krajowego.

Business 19:42 21 February 2024 Post by: WBJ Survey Reveals SMEs' Digitalization Challenges and Opportunities Source: Shutterstock