The business industry in Romania has existed for over two decades. Significant obstacles have been faced, but a shift toward a remote business system was something the country adjusted well to. In fact, it’s well-prepared with its cost structure and human resources divisions.
In 2020, the business industry was one of the largest industries affected by the COVID-19 pandemic. Studies on the year’s profits, losses, and more—including turnovers—were conducted and compared to previous years. The most recent studies collectively showed that responses from nearly 70% of companies expected their turnover ranges to stay the same. About 17% predicted a decrease, while around 13% hoped for an increase. Other areas those studies looked at were:
- Customer operations
- External demand
- Restructuring plans
Remote work in Romania became the primary way all industries functioned. However, with its limitations on the benefits of face-to-face interaction, a little less than 90% of Romanian businesses opted to have a physical location to go back to once it was safe. In the case of global events like the pandemic in 2020, half of the companies have a Business Continuity Plan or Disaster Recovery Plan that can help them rebuild following such an event.
Governments heavily relaxed their policies on loans and other monetary resources in order to help businesses, particularly small and individually-owned ones, stay afloat. Approximately one-fourth of companies filed for some kind of unemployed, about 20% received aid from their state or tax exemptions, and around 12% got money from grants or other funds. The remaining 40% weren’t able to receive any kind of assistance or didn’t need it.
Prior to the pandemic, it wasn’t common for businesses to have remote positions. Things have since changed to the other extreme—companies only utilizing remote jobs due to restrictions and safety procedures. With those restrictions slowly being lifted, nearly half of businesses adopted a hybrid system of at-home and in-person work. A little over 10% chose to continue only employing remote jobs, and around 40% transitioned back to face-to-face positions.
Remote jobs allowed companies to save money on physical resources, let employees have more relaxed schedules, and provided some companies with enough business to stay running. On the other hand, in-person positions helped employees build relationships that were more intimate, which are more solid than those created through digital means.
Romania had a head start on the global transition to remote work. Additionally, it was able to maintain the general corporate structure of the country’s business industry due to a solid foundation. There was understanding and flexibility enough for the country to bend with the restrictions and lockdowns imposed as a result of the pandemic. Romania sustained, adapted, and developed plans to evolve not only through its individual businesses but as a country. Categories in the business industry most likely to have had the biggest changes in their structure include banking or insurance, IT, software development, Human Resources, and customer service. Nonetheless, all industries have been affected, and Romania will adjust as needed.