Here are some of the greatest of those risks –but also opportunities – that boards and management are required to be mindfulof in mid-2021.
Continuity of trading
Crisis management, dealing with oftenunpredictable disruption, and business continuity have always been essentialelements of risk management. However, the severity of the challenge that thesefactors pose has increased dramatically over the past 18 months due to thecoronavirus pandemic, quickly becoming the main subject of discussion inboardrooms.
The pandemic has caused many ups and downs, withmultiple country-wide lockdowns, ever-changing government restrictions, andconsiderable uncertainty. This has led to many businesses suffering sometimesextreme downturns, including – in some cases – having to close their doors fortrading for good.
Even for those firms that have emerged in somedegree of health from the pandemic so far, the return to the office has oftenbeen a testing process. Risk assessments need to be regularly undertaken, rulescomplied with, and the workplace made safe for employees at all times.
Employee wellbeing
Maintaining employee wellbeing should be one ofthe top considerations for any boardroom, becoming increasingly important dueto the effects of the COVID-19 crisis. Multiple country-wide lockdowns havehelped bring mental health discussions to the forefront, as large numbers ofemployees have had to deal with at least some degree of insecurity,uncertainty, and isolation.
With employees and fairness in the workplacehaving become key areas of focus for investors and in the regulations, it isclear that helping to ensure a high degree of employee wellbeing could beintegral to also delivering strong productivity, output and results in themonths ahead.
Office model
Since the onset of the pandemic, companies thathave embraced remote working and focussed on employee wellbeing have oftenproduced surprisingly positive results. However, it is fair to say that thisremote working strategy was the direct result of a global crisis – a necessity– and therefore questions remain as to whether remote working after the worstof the crisis has passed could deliver different outcomes.
Therefore, businesses must choose an office modeland operating strategy that aligns with the company’s longer-term objectives toproduce the best results. Office-based models might be better for brands thatstrongly believe in an in-person office culture, whereas remote models may bepreferable for firms that prioritise flexibility and independent working.
It might be that you desire the best of bothworlds for your business, in which case, you may be drawn to a hybrid officemodel. This allows employees to work from home, the office, or a mix of the twodepending on their personal circumstances and job role.
A hybrid model could enable businesses to takeadvantage of the monetary savings associated with remote working, plus theflexibility for employees to choose their preferred working style, while alsoallowing for processes and innovations that work most effectively in person. Inlight of this, a re-configuration of the layout of the office might berequired, offering more collaborative areas as opposed to individual desks.
Continue to adapt withthe help of London Registrars
Your business doesn’t need to struggle alone toovercome the challenges mentioned above that have arisen from the pandemic.
LondonRegistrars can help your business to continue satisfying its legal,governance and compliance obligations through what remains of the COVID-19crisis, encompassing such key services and solutions as the preparation andsubmission of the annual Confirmation Statement, minute book maintenance, and register of shareholders maintenance.
For more information about how we can advise andassist businesses like yours, please don’t hesitate to enquire to the London Registrars team today.
