Here are some of the potential hangovers that will be in need of immediate cure
We all like to live comfortably and when things are going your way – it’s easy to avoid the thoughts of things that could go wrong. ”It will never happen to me” is a common sentiment that can leave you ill prepared for when crisis strikes. Awareness of the worst case scenarios but also keeping a good plan of action are the most effective steps to insure yourself and your business during good times for when tougher times – potentially – arrives.
Crisis is defined by Oxford Dictionary: a time of great danger, difficulty or doubt when problems must be solved or important decisions must be made
In our modern days of globalism, where interconnection between people on a global and local level – with modes of travel as well as instant communications via technology and social media – we become both stronger and more vulnerable. An obvious example is the fast spreading Corona virus which is, at the time of writing, wreaking havoc on the global financial stage, affecting local and global businesses as well as lives all over the world. Our increasing reliance on technology in our day to day lives also makes us more vulnerable to ransomware attacks, where the number of affected businesses increase by the year. In a recent study made on european managed service providers in the IT business, 85% of the respondents had experienced attacks on companies during 2019. Terrorist attacks, technology failure with system disruptions or any scandal-related situation are real threats that faces businesses on a daily basis and without a plan to mitigate the consequences, these can turn into a costly affair.
Responses and reactions
A person on an individual level may react in a composed and logical manner, but if the actions are not transmitted into an organisational scale, it’s very likely to have any effect. Reactions such as indecision, panic and poor communication can have negative effects on both the people around and the company they are working for. Prevarication is another known reaction, where the person simply don’t know what to do and valuable seconds goes to waste on inaction rather than action. And in a situation when time becomes of utmost importance, this could have devastating effects.
The consequences
A known example is the British Airways system fail in 2017 where approximately 75,000 passengers were left stranded during a holiday weekend, eventually leading to a cost of at least $68 million dollar in compensation – not including cost of accommodation and the long term impact on the brand itself. Crisis and stressful situations also have obvious implications on the individuals dealing with them, not only on the mental wellbeing but also with the risk of triggering ASD and later PTSD – both trauma induced illnesses that leads to loss of concentration, sleep deprivation and inability to engage with co-workers. Health states that inevitably lead to business disruption, efficiency losses and increased costs for any company.
Consequences and effects on a company and its employees can be minimised with clear and coherent incident strategies – learn more about it with Bosbec: www.bosbec.com and with their insightful resource papers
