PROTECTING OUR CLIENTS AGAINST COVID-19
We are aware of just how challenging the current Coronavirus (COVID-19) is and the impact it’s having on the business world. We are facing a global pandemic that is bringing unexpected, radical changes to the global economy and the daily operations of businesses. This exceptional health situation has seen numerous urgent legal measures approved in various areas, both in Andorra and Spain.
In this current climate of widespread uncertainty, many of our clients have questions and concerns over the measures approved in fields such as employment and human resources, accounting-tax and social security, contracts, data protection, and corporate governance. Measures that have an impact on their day-to-day operations.
That’s why we have set up this space to guide them through the different circumstances they may face due to the extraordinary health situation with the support of a multidisciplinary, flexible, and agile team of lawyers.
“Businesses must focus not only on tackling current problems in liquidity, supply chains, and personal management, they must also transform their business models into the new reality that will emerge after this crisis.”
HOW TO MANAGE THE IMPACT OF COVID-19? IMMEDIATE ACTIONS:
- CREATE PROTOCOLS: Business continuity or getting back to “normal” activity involves designing action plans targeted at ensuring worker safety and minimising the spread of the virus.
- Reviewing guidance issued by public bodies.
- Reviewing health and safety procedures and protocols.
- Designing new specific COVID-19 protocols on worker mobility, COVID-securing workstations, the use of communal areas, hygiene practices, and action plans in the event of a positive case of COVID-19.
- PROTECT PEOPLE AND CLIENTS: Health and life come before everything else. Business must use their experience in human resources to protect the physical and mental welfare of their employees by providing them with the necessary guidance and tools to work at home. It is also time to put better corporate social responsibility into practice in terms of employee stability, the environment, and wider society.
- ASSESS THE RISK: It’s necessary to create a team that on identifying, analysing, and managing risks. Reviewing contracts with clients and key suppliers is a necessary step in understanding liability in the event of defective performance or breach of contract. Businesses must be prepared to reorganise their activities or put in place short-term alternatives.
- KEEP UP TO DATE: Legislative changes are commonplace. It is important to stay up to date as it may be both beneficial and serious for the business, as, for example, workers cannot be laid off due to a drop in income, rather in Spain the ERTE (temporary redundancy) mechanism must be used.
- USE THE AVAILABLE GOVERNMENT SUPPORT: Analyse, if necessary , the possible solutions provided by Governments for extreme circumstances. You may be able to take advantage of financial aid, such as the lowering of social security contributions both for contractors and your employees.
- MANAGING CAPITAL AND BUSINESS PLANS: Businesses must understand how financial stability can be affected by future drops in the public’s spending power and limits on access to finance. Reviewing sales and operating plans across the whole organisation and business plans is crucial.
COULD THIS BE AN OPPORTUNITY?
In terms of COVID-19, one in four startups reports a positive outlook for their business because, amongst other aspects, it helps to accelerate their digitalisation.
Neither Andorra or Spain are among the leading countries in digitalisation. Yet, the current circumstances are showing the whole business community that new technologies are essential tools and the digital transformation is a matter of survival.
“Businesses have the chance to work on their digital strategy.”
This opportunity is helping us to build a new future,. where also many companies are adapting their technologies and products and thus adding success stories.
DIFFERENT PHASES IN BUSINESSES
Multiple sources report that we are also going to see different phases in businesses, which are leading the way in their digital transformation and quick adaptation to this new landscape. Therefore, there are specific sectors which could benefit from the current situation.
Services such as e-commerce, health products, videogame streaming services, and food delivery services have already experienced their rapid growth..
Additionally, sectors such as virtual training, healthy eating, online adult education, and eHealth could also be long-term beneficiaries..