In the face of the global economic crisis, experts say that with the right steps taken within the framework of corporate social responsibility, people will be able to cope with the process of pandemic and post-pandemic more easily, and companies will strengthen their role in the market. How companies respond to a crisis will be a determining factor in their future activities.

How much do big companies care about their employees or stakeholders? – Know that now is the best time to take responsibility for caring for them.

Studies show that employees trust companies that stubbornly pursue their social values ​​at the expense of short-term profitability. Corporate leaders are under pressure from investors and bankers to keep cash and minimize losses. Therefore, in today’s data, it will be useful if companies think about how to alleviate the crisis situation for employees, small suppliers, health care providers and communities.

Employees. What do companies do for their fired employees – beyond what is already mandatory? – Remember that in terms of caring for employees, the step taken today will guarantee their increased loyalty and productivity, and even more in the long run, your better reputation. Companies have different choices the way they will handle the payment, whether they will pay the full amount or partially. Companies like Walmart, Microsoft, Apple, Lyft have pledged to pay their employees at least two hours a week in the first few hours after the state of emergency is declared, and their decision will significantly reduce the cost of hiring employees in the future when the economy returns to normal.

Usually, very few people need medical attention. But in the absence of insurance, the need for medical care can lead to bankruptcy. Companies may offer medical care to such unpaid employees. Until then, their insurance companies may have agreed to take an additional offer.

Small suppliers – Companies can offer suppliers the opportunity to offer the products they will need after returning to production.

Healthcare providers – In some parts of the world, supplies of essential medicinal products are scarce and in short supply. For example, the need for masks in China and South Korea has waned as demand in the United States and Europe continues to rise. Companies can buy and supply the countries where they are in short supply with the equipment they need for safety.

Societies – Corporations can use their funds to take care of the needs of the communities they are serving free of charge.

To summarize, there is no specific recipe for exactly how a company should behave. But sincere care will definitely determine your future. How to deal with the crisis? Decide for yourself what you can offer and plan accordingly. We can help you with that.

Stay safe!

In case of the questions, please, do not hesitate to contact us:

Carmen Cojocaru Partner [email protected] +40 727 333 336

Eduard Pavel Partner [email protected] +40 727 333 345