Managing crisis or crisis in Crisis management? The influence of crisis on Greek and foreign companies that operate in Greece

The austerity packages that have been implemented in Greece since 2010 have been a factor causing political and social turbulence in the country. The present study investigates the influence of crisis on companies that operate in Greece and how this influence is managed. An empirical study to a sample of employees working in Greek and foreign companies that operate in Greece demonstrates the preparedness or not of these companies and the implementation of any crisis management during the Greek economic crisis. The results confirm that Greek companies in the majority were not prepared and did not manage the crisis successfully. Foreign companies managed to cope more successfully. The study highlights the influences of crisis on companies indicating that crisis management requires strategic actions to be taken both to avoid unpleasant developments and to develop a desirable resolution to the problem. Managers have to develop organizational systems and be able to detect early warning signals and enable them to be better prepared for crisis events. This study has also shown that a crisis in managing crisis situation is possible to happen, when companies and corporate management teams do not develop crisis management plans on time.