What are some strategies businesses can use to manage a crisis?

Businesses can prepare for the macro effects of a crisis by understanding the potential impacts such as fewer business opportunities, need for layoffs or closure, and a decrease in commercial lending. They should pay special attention to departments with paused hiring and pay reduction, and develop measures to support these departments. Businesses should also define the scope, issues, and time horizon of the crisis, list all key drivers, gather and analyze data, and develop different scenarios for crisis management.

To develop different scenarios for crisis management, you can start by defining the scope, issues, and time horizon of the potential crisis. Then, list all key drivers that could influence the situation. After that, gather and analyze data related to these drivers and the potential crisis. Based on this information, you can develop different scenarios that your business may face during the crisis. This process will help you to prepare for various possible outcomes and to plan your response accordingly.

Businesses can manage their human resources during a crisis by paying special attention to the departments with paused hiring and pay reduction. They can support these departments with measures such as defining scope, issues, and time horizon, listing all key drivers, gathering and analyzing data, and developing different scenarios for crisis management.