TITLE:
Condition for a Successful Elimination of Crisis: Special Competencies and Styles of the Crisis Manager
AUTHORS:
Drago Dubrovski
KEYWORDS:
Crisis, Crisis Management, Decision-Making, Styles, Competencies
JOURNAL NAME:
Journal of Financial Risk Management,
Vol.12 No.4,
December
21,
2023
ABSTRACT: Various crises arising from internal or external
causes are already an inseparable part of modern business in today’s turbulent
and extremely uncertain business,
technological and general social environments. For a successful business
reorganization, several conditions must inevitably be met. One of them must be
a capable and competent crisis management team, whose tasks actually include
facing the most arduous obstacles known to the practice. This is why the competencies of management must be more
developed and adapted to the threatening crisis situation when the
existence of the company is at risk. Managing a company in existential
difficulties differs from an ordinary functioning situation where management
has enough time, resources, consultants, variant solutions, testing options, and political and other support. For this paper, a survey of the styles and
competencies of the managers was conducted, in which participants with
experience with crisis and crisis management defined and ranked individual
styles of leadership of a crisis manager. It was identified that the style of “mild dictatorship” is most suited, and special competencies, which, in addition to the general
ones, should be possessed by crisis
management, include in the first place the ability to focus on solving
problems in difficult situations and more
complex, diverse and unpredictable situations. For the success rate of
crisis resolution to be higher, it would be advisable to check the possession
of the specific personal competencies in question when appointing crisis
managers.