The unprecedented impact of the COVID-19 pandemic, in our social and business life, leads to the society and businesses to revaluate and undertake critical decisions in attitudes and practices that will remain well past the pandemic.
Working from home not only kept many businesses afloat but it has proven to management that in most cases the employees are capable to function and be as productive as working from the office. There were some additional costs, especially in investing in higher secured connectivity, but in the longer run they can pursue to high cost reductions in office space and cost of travelling as well as a widened talent pool for the Companies recruitment needs.
Risk analysis and contingency plans for most companies were unknown words. The coronavirus provided a big lesson of how important is for any Company to closely monitor its Operating environment, regularly review its business model, perform stress tests and implement contingency plans in all operational aspects.
The importance of technology has been emphasized more than ever. Companies adopted and implemented cloud-based communications, video conferencing and other productive tools. Simultaneously we saw the Government Authorities adopting to the new era by digitalising the processes of the Tax Authorities, the Registrar of Companies, the Shipping industry and many other sectors. It is more than evident that Companies must closely monitor the technological changes in their operating environment and be prepared to substantially invest in them to stay in the game.
The well-being of the staff has been set, and correctly so, as a top priority for the Companies. Health and Safety provisions are playing a vital role in the health of the employees and the business continuation. Companies must extend their interest for the well-being of their employees not just at work but also taking into consideration the current conditions and address the essential nature of social interaction. Firms must establish ways, by staff rotation between office and home, as well as fun activities via video conferencing to support the moral and enhance the team building.
So, are your reconsidering your place of stay, somewhere that you could enjoy very low taxes and a great Mediterranean lifestyle? Well as they say, location, location, location. Cyprus has proven that not only is a beautiful country to live but also a safe one. We have proven to be quick to respond, agile and well organised both at the private and public sector level and although is not yet over we can safely say that the situation is very well managed with as less casualties as possible. Being an island enabled the close monitoring of the inbound population whereas the sunny weather (2nd best climate in the world) and the proximity to the nature whether that is swimming or hiking played an important role in controlling the pandemic and maintaining our physical and mental health. It is evident that the world has changed. I would love to welcome you to your new home.