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Safeguarding Indian companies in the face of crisis
India is one of the G-20 economies of the world and is the 10th largest economy in terms of nominal GDP. It is a fast growing economy with dynamic business trends. Speedy growth also brings along unprecedented risks in trail, and if not managed well, these explode to crisis.
Crisis can be sudden or may be steadily growing and finally acquires indefinite proportions. Corporations are faced with many different types of crisis. Changes in government policies, natural disasters, employee protests, legal cases, top-level management conflicts are a few potent crises.
Most of the businesses - large, medium or small ones- do not have an adequate crisis management system in place. In the absence of crisis management, companies lose the faith of their stakeholders and their customers. Their reputation reaches an all-time low and employee morale falls. The consequences can be plummeting of sales, employee walkout or even as disastrous as a complete shutdown. Even many big conglomerates have suffered due to a lack of crisis management mechanism.
Keeping in mind the time and effort it takes to build a company’s reputation, the importance of crisis management cannot be overrated. The various steps in crisis management include pre-crisis, during crisis, post crisis management. Firstly, the company has to be prepared that a crisis can occur. Acceptance of vulnerability is the first step. It should keep a team of people for crisis communication. These may include top level managers and major stakeholders. They should be good spokespersons and should be experienced. Remaining calm in distress is a key trait of a crisis manager. Many a time, training may be required to develop people and media handling skills.
The real challenge is when a crisis does occur. Be it internal conflicts like board room battles or external causes, the crisis team should step in. In the absence of such a team, one may hire a company that offers Corporate Issues Management in India. During crisis, communication plays a major role. Crisis management companies will come up with the best solution to save the public image of the company. They will train the managers as to what to say to the media, how to interact with the employees and what to do to avoid negativity within the company. When a crisis occurs, in the absence of crisis communication team, there will be no one to give an official comment. Conflicting statements made by the people of the same company will result in confusion. In such a case, preparing holding statements is necessary. These are the comments that the CEOs and top executives are supposed to give in times of crisis. With the kind of hierarchies that exist today, talking to the employees is very important. This also prevents spreading of rumors.
The next step is to learn and recover. A good crisis management company will diligently handle all these stages. A corporation that realizes the probability of a crisis can hire a company that has a good history and experience in dealing with sensitive situations.
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