There is no doubt that the coronavirus pandemic has completely changed our world. It is the biggest threat that mankind has faced in the 21st century. With millions of people dead in a year and thousands of cases being reported every day the coronavirus seems to have effected each and every person on the planet in some way. It’s not just the individuals that have been effected, limited companies aren’t immune to the effects of the pandemic as well. Companies all over the world have taken certain steps to ensure the prevention of the spread of the coronavirus. This has completely changed the way they conducted their business.
Let’s take a look at some ways limited companies and global entity management have been impacted by the Coronavirus.
Zoom Board Meetings
With strict social distancing policies in play, it became really difficult for limited companies to carry out annual and regular board meetings. So to conduct their business in a more efficient manner during the pandemic, the limited companies have started holding meetings over video conferencing services like Zoom. Limited company directors have found that Zoom board meeting services has become an effective way to ensure quality communication among employees, customers, and suppliers without compromising on safety precautions.
Extension in Deadlines for Their Ongoing Projects
With hundreds of thousands of people dying from coronavirus every day, the demand for various goods and services have gone down drastically. Life has come to a standstill all over the world as no one is taking any chances with this virus. Limited companies have been forced to extend deadlines on their ongoing projects due to lack of access to required resources such as employees, raw materials etc. after lockdown was enforced by many countries.
Digital Signatures on Documentation
One of the most important steps companies are taking to ensure Covid-19 prevention is by relaxing signature requirements. Whenever the board passes a board resolution, the directors of the company have to sign the resolution. And as the meetings are now being held on Zoom, digital signatures were the need of time.
Digital Signatures not only make these tasks a lot more secure but it’s much easier than having to print out and sign over documents. This does not only save time and money but it also reduces the carbon footprint of the company.
Many People Had To Be Let Go
With work slowing down many people had to be let go from their jobs. Many companies that were already cutting back decided not to rehire employees after the pandemic hit and some even went out of business completely like several clothing manufacturers, food suppliers etc. Some limited companies chose to close only certain departments such as marketing or call centers while keeping on board everyone who worked in manufacturing and production.
Extreme Cost Cutting Measures Had To Be Taken
Companies all over the world have been forced implement cost-cutting measures by reducing employee benefits like salaries and bonuses which has made it difficult for them to find new talent. This has also led companies to cut off funding to many of their ongoing and future projects.
These are just come of the major ways that the pandemic has impacted the operations of limited companies. As the pandemic still continues, many companies have now realized that they don’t have a choice but to implement policies in accordance with the new normal. They are now looking for ways that allows them to carry out their operations without having to stop their work because of the fear of the spread of the coronavirus.