People will no longer be required to book ahead for restaurants in Monaco and tables will not be spaced so far apart, as the government eases a number of restrictions brought about by the Covid-19 crisis.
Since the Principality gradually began its deconfinement plan on Monday 4th May, each step has proceeded as planned thanks to the positive health situation among the population and their adherence to Monaco’s strict measures to contain the virus.
Part of that has included a widespread testing campaign, offered free of charge to residents of the Principality and those who work within its boundaries.
To date, more than 35,000 people have been tested, allowing for a detailed epidemiological analysis of the Principality. “Overall, it turns out that the virus has only circulated very lightly in Monaco,” said the government in a press statement released on Friday.
On the strength of this information and the respect shown by residents and employees for the health measures, the Government, in consultation with the National Council, announced on Friday that it will be relaxing certain provisions, with “the aim of encouraging a return to normal life while ensuring health security.”
From Saturday 13th June, restaurants and cafes will be allowed to seat 10 guests per table, an increase from six. Spacing of 50 centimetres between each guest will still be required, as will a distance of 1.5 metres between each table. But reservations will no longer be obligatory.
“The government wants to be pragmatic and is aware that there is a need to make the lunch service more flexible,” reasoned the government.
It does ask, however, that restaurants manage queues effectively.
The number of people allowed to gather in public has been widened from five to 10 people, a measure which extends to those enjoying cultural activities. However, health authorities continue to recommend social distancing of 1.5 meters.
“These provisions do not contravene the importance of respecting social distancing and basic hygiene rules such as regular hand washing and the wearing of a mask, which is highly recommended in public spaces,” concluded the government.
Photo: Terrace of the Café de Paris, all rights reserved to Monaco Life
Day: 12 June 2020
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Retaining the best talent for your business
Globally, people are dealing with the shock of the coronavirus pandemic, and it is no different here in Monaco. Jobs, livelihoods and even loved ones have been lost. So much has changed in such a short space of time, and the gravity of the situation is only just emerging. For businesses, the best way to tackle this challenge is by retaining your top talent. An organisation is only as good as the people within it. In 2020, the stakes have been raised.
Having been a businessman for over 30 years, I’ve experienced a number of crises, including the 87’ crash, the early 90’s recession, 9/11 and the financial crisis of 2008, where I’ve learnt some very valuable lessons. I have seen first hand how vital having a capable team is in steering organisations through difficult moments like this. In this piece, I will share my thoughts on the retention of talent and how you can help your team navigate these challenging times.
The best are overlooked
I’ve seen so many founders and CEOs take their top talent for granted. In some ways the best performers are victims of their own consistency. Senior people’s time is often taken up by the employees that aren’t doing their job so well. Disregarding high achievers puts your business at risk, especially in the current climate. Other companies are in the same boat as you, trying to retain and attract top talent that will help keep their business afloat. This is amplified in Monaco with such a globalised, mobile workforce.
The pandemic has created a philosophical time of reflection, and it’s becoming increasingly clear that the world is experiencing a seismic shift. Professionals that haven’t been recognised will be keeping their options open. You want your brightest and best working with you to tackle the challenges created by the pandemic head on. Implement practices now to ensure this is the case.
The best way to retain talent
The financial rewards of working in Monaco are great, even during this pandemic. A tax-efficient environment is fantastic for your workforce, but job fulfilment is only truly realised through a sense of progression. Training people to acclimatise to the current environment is going to be crucial. Investing in them is investing in your company as a whole. They will see improvements in their skills and prospects, making them an even greater asset to keep hold of. Inspire your team during this challenge and they will appreciate your efforts.
As human beings, we love to be appreciated. You need to show your appreciation for hard work. A simple ‘merci’ goes a long way and costs nothing. If you reward your employees, they’ll reward you. The pandemic has propelled mental health and wellbeing even further into the spotlight. You need to make sure you have mechanisms in place to cater for this. Support your colleagues – give them the tools they need to become successful in the current landscape.
Finally, make sure you pay your workers fairly. As much as we think our employees are with us for our ethos, their paycheck is a huge motivation for their contribution. It is therefore crucial that your remuneration structure is competitively positioned in your niche market.
Keep to the same principles
Whether you’re a tiny startup or a huge multinational, the formula for retaining talent remains the same. The rigidity of roles in large companies has been paused for the time being with a freeze in recruitment and the furloughing of millions of employees. Those left to run operations are having to adapt to tasks that weren’t originally in their job description.
History has taught me that adaptability of the workforce is a key factor in steering companies through tough times. Support your employees in the diversification of their skills, and you might not need to fill the vacancy you considered a gaping hole at the start of the year. Your focus should be on nurturing those that already work for you. Specialised roles could become a past phenomenon as companies move to make themselves ‘Covid-secure’.
Manage your resources and overheads in the most efficient way possible in the current environment. My second recruitment company, Humana International, was able to retain its top talent through very difficult circumstances and fortunately came out at the other end. What we found is that when markets recover, you typically see quite a strong recovery. We were then in a position to expand when the market grew stronger. We eventually grew to 140 offices in 30 countries. This wouldn’t have been possible without the long serving members of my team.
Leaders of the future
Nurturing talent is primarily the responsibility of the employer, but with the right processes in place there are numerous ways an employee can increase their chances of progression and display leadership credentials.
Without doubt, they have to be very good at what they do. They must also demonstrate the ability to go above and beyond their current role. They may already be doing so in this time of need.
Some of the best employees often fail to communicate their ambition to the people more senior than them. Your line manager needs to know about your aspirations in order to give you the opportunity to display your potential. If you are open about your personal goals you are more likely to be set up for success. Create a context that allows you to go beyond the boundaries of your current position. Beyond the darkness, this crisis offers an opportunity to shine.
In conclusion
Despite the obvious benefits Monaco possesses, employers based here should not be complacent during this crisis. Top talent is more mobile than ever and base their decisions on an ever-increasing multitude of factors. It would be a mistake to overlook any outlined in this article. Remember, the cost of a high turnover of the best employees exceeds the cost of investing in them.
Employees: be open with your managers. You’ll be surprised about how much they can help you grow.
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MEB continues work through virtual missions
Despite the setbacks caused by the recent pandemic, the Monaco Economic Board is using technology to continue its missions to promote the Principality and its economic activities.
The Monaco Economic Board (MEB) hasn’t let a little thing like a global health crisis slow them down. The association has been using digital technology to continue working toward the development and economic promotion of the Principality with a series of webinars and videoconference meetings with other Chambers of Commerce.
The first of these webinars was organised on 9th June, discussing the topic of life after Covid-19 in Monaco. Several key players from the financial sector joined in adding gravitas to the talks. Around 150 people attended the webinar, with participants all over the world including from China, the United States, Germany and Russia.
Guillaume Rose, the Executive General Director of MEB, opened the webinar by saying that, “Covid 19 has relatively spared the Principality. The economic crisis it is about to cause around the world will inevitably have a big impact on our future. Monaco has no shortage of assets, thanks to its small size, its flexibility, its strong resilience to crises and to its diversified economy.”
The webinar was interactive with a series of questions and answers and the guests bringing their expertise allowing for 80 minutes of vibrant discussions. The success of this first webinar has inspired the next, which will be on the topic of international trading and will take place on 24th June.
Virtual meetings are also being planned with members of MEB partners in order to keep lines of communication open and to set up virtual online B2B meetings. A meeting with businesspeople from the Siberian capital city Novosibirsk is scheduled soon and is a follow up on an actual meeting held last February. Both sides are enthusiastic about the possibilities these kinds of meetings can achieve.
The organisation is moving with the times and finding ways to make things happen in these challenging times. They believe that by, “Adapting, moving forward, supporting and promoting the activity of its members, the MEB is doing its best to hold its own in a new situation that forces all of the Principality’s economic players to innovate.”
Photo courtesy MEB