As Malta marked five years since the onset of the COVID-19 pandemic earlier this month, the business landscape continues to reflect the long-term impact of this unprecedented global crisis. THE CORPORATE TIMES caught up with several CEOs who shed light on how they sought to weather the storm, the difficult decisions made at the height of the crisis, and the strategic shifts that ensued.
The pandemic forced companies across all sectors to rethink their operational models, risk management strategies, and leadership approaches. What began as an immediate response to a health emergency quickly evolved into a test of financial resilience, agility, and long-term sustainability.
For many organisations, Covid exposed vulnerabilities but also presented opportunities for transformation. Businesses were faced with severe revenue losses, workforce uncertainties, and rapid shifts in consumer behaviour. At the same time, the pandemic accelerated digital adoption, streamlined operations, and reinforced the need for robust contingency planning.
Jean Claude Muscat, CEO of St James Hospital Group, reflected on how the pandemic exposed vulnerabilities. “We saw 60% of our revenues disappear overnight—it was a harsh wake-up call,” he said. However, the crisis reinforced the importance of strong management and contingency planning, leading the company to strengthen these areas for future resilience.
While operations have largely returned to normal, some changes remain. “We’ve embraced remote work flexibility and improved communication through technology, boosting efficiency,” Muscat noted.
One of the toughest decisions was implementing pay cuts for non-clinical staff to protect jobs. “It was difficult but necessary,” he said. Leadership during the crisis meant tough calls and a clear strategy. The hospital also documented its pandemic response in a 147-page report to serve as a future reference.
Despite the challenges, the crisis drove lasting improvements. “We streamlined operations, reduced bureaucracy, and improved decision-making,” he explained.
“That mindset gives us a competitive edge to this day.” While many businesses have reverted to pre-pandemic norms, he believes the experience has strengthened crisis preparedness. “We’ve introduced contingency plans that are regularly reviewed so we’re ready for future disruptions, whatever they may be.”
Dr. Christian Farrugia, Partner at Fenech Farrugia Fiott Legal, reflected on the lasting impact of the pandemic on the professional services sector.
“Businesses were unprepared for the sudden restrictions,” he said. “Adjusting was tough, but it forced us to rethink how we work.”
A major shift was the adoption of remote communication, which is now central to daily operations.
“Before COVID-19, these technologies were used infrequently, but they’ve now become indispensable,” he noted. Online meetings have streamlined project management and significantly reduced travel time, while flexible work policies remain in place.
“The jury is still out on whether work-from-home boosts efficiency in professional firms,” he added, “but it’s certainly a viable option.”
Unlike industries that received government support, law firms had to navigate the financial impact independently. “The hardest part was managing financial risks while ensuring we didn’t lose any staff,” Dr. Farrugia said.
“It was a difficult period that required personal sacrifices, but in hindsight, it was the right decision.”
“Beyond survival, the crisis reinforced the importance of risk management. We’re now far more aware of our vulnerabilities and the need for contingency planning. And while remote work has enhanced resilience, pandemic preparedness alone is not enough.”
“Future crises may come in different forms—economic downturns, market fluctuations, or geopolitical instability. The real lesson from COVID-19 is that adaptability and strong leadership are key to navigating any challenge that comes our way,” added Christian Farrugia.
The financial services sector also underwent a significant transformation. Alan Cuschieri, CEO and Founder of Moneybase noted that the pandemic accelerated digital adoption in ways previously unimagined.
“During COVID, we saw a dramatic surge in online investing as people turned to digital solutions during lockdowns. This pushed us to supercharge our platforms, not just for trading but also for advisory and wealth management services,” said Alan, noting how the shift to a cloud-based infrastructure enhanced agility and resilience – an investment that continues to pay off.
“Now that the pandemic is over we have reached a balance between offering seamless, cashless transactions and investments whilst also keeping the personal touch which remains ever so important.”
Unlike some businesses that have reverted to pre-pandemic norms, Moneybase embraced permanent change.
“Those days are gone for us,” adds Alan. “We’ve maintained a flexible business model, ensuring seamless digital transactions while preserving the personal touch that remains so important.”
Leading through the crisis demanded tough decisions. “Moving our entire team to remote work overnight was a major challenge, but it taught me the value of flexibility and reinforced how much better people work together in person,” he reflected.
One of the most unexpected outcomes was the rapid adoption of digital services. “Clients who had never used online platforms embraced digital payments and investments practically overnight.”
Beyond digitalisation, the crisis strengthened risk management across industries.
“I believe that today, most businesses are genuinely better prepared and those that learned from COVID, have stronger foundations. However, only those who keep evolving will be able to handle the next disruption well.”
“Financial services is an industry where preparedness is crucial. So, apart from the opportunities that the digital world presents we also have to make sure that we can handle any challenges that come our way,” added Alan Cuschieri.
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