{"id":17193,"date":"2022-04-20T12:35:52","date_gmt":"2022-04-20T09:35:52","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=17193"},"modified":"2022-05-11T21:15:54","modified_gmt":"2022-05-11T18:15:54","slug":"crisis-management-in-international-business","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/crisis-management-in-international-business\/","title":{"rendered":"Zakharchenko N. Crisis management in international business during the COVID-19 pandemic"},"content":{"rendered":"

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JEL Classification<\/strong>: F23
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V31(2022)-7<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Zakharchenko Natalia, <\/strong>Doctor of Economics, Associate Professor, Professor of the Department of Economics, Law and Business Management, Odessa National University of Economics, Odessa, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-9895-531\u0425<\/a>
\ne-mail:<\/strong> nvzakharchenko777@gmail.com<\/span><\/a><\/p>\n

<\/h2>\n

Crisis Management in International Business During the COVID-19 Pandemic<\/strong><\/h2>\n

Abstract. Introduction<\/strong>. The recent world crisis events triggered by the COVID-19 pandemic have had a significant impact on European and world companies. Specifically, they focused on the first two pandemics, which made the world situation experience similar restrictions on a global scale (Congo flu in Hong Kong in 1968, swine flu outbreak in 2009), various disasters, and natural inevitable Avoided accidents, unforeseen events such as terrorist actions, etc.<\/p>\n

Purpose. <\/strong>This article is focused on learning of unresolved aspects of digital transformation of human resource management during the pandemic require further research, particularly to identify and summarize the trends and factors contributing to these changes, and to identify issues and obstacles that arise throughout the process.<\/p>\n

Results.<\/strong> The completed\u00a0 study shows that companies should be ready to work in advance, in order to be sustainable and have at least some stability and competitive edge during time of crisises. Crisis management systems are analyzed and based on a four-level circular model, more commonly known as the PPRR model. Also, any organization should be prepared for different crises, which may be short-term or long-term. 3-tier system of crisis response is analyzed, it consists of pre-crisis period of preparations, contingency plan, which is aimed at saving the maximum stream of revenue, while enduring minimal hardships from the crisis and rehabilitation stage, at which thorough analysis should be conducted in order to improve the future reaction for the crisis.<\/p>\n

Conclusions.<\/strong> The review found that risk management primarily helps provide post-crisis renewal, stability and growth, reduce revenue volatility, increase stakeholder confidence, protect an organization`s assets, and meet insurance, legal and regulatory requirements.\u00a0 This means that structured risk management must be incorporated into existing operations and become an integral part of key decision-making processes.\u00a0 Therefore, it can be concluded that the risk management plan must be constantly updated, the philosophy must be able to change, and it must be improved taking into account changes in external or internal factors.<\/p>\n

Keywords:<\/strong> management risk; crisis management; crisis communication; revenue volatility.<\/p>\n

References:<\/strong><\/p>\n

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  1. Bell, S. (2019). Organisational resilience: A matter of organisational life and death Contin Resil Rev, 1, 5-16 [in English].<\/li>\n
  2. Glossary of summaries-EUR-Lex (2021). O<\/em>fficial web-site<\/em>. Retrieved from : https:\/\/eur-lex.europa.eu\/summary\/glossary\/sustainable_development.html [in English].<\/li>\n
  3. Borodzicz, E. (2014).\u00a0BS 11200:2014: Crisis Management. Guidance and Good Practice<\/em>. BSi. Retrieved from : https:\/\/shop.bsigroup.com\/ProductDetail?pid=000000000030274343 [in English].<\/li>\n
  4. European Committee for Standardisation (2018). Crisis management – Guidance for developing a strategic capability [in English].<\/li>\n
  5. Deloitte (2019). Stepping in: The board\u2019s role in crisis management. Deloitte Touche Tohmatsu Limited. Retrieved from\u00a0 : https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/uk\/Documents\/risk\/deloitte-uk-risk-global-on-the-boards-agenda-crisis-management.pdf [in English].<\/li>\n
  6. Coppola, D. (2020). Introduction to International Disaster Management<\/em>. Aufl. Oxford: Butterworth-Heinemann [in English].<\/li>\n
  7. Directorate-General for Structural Reform Support, & Tubb, H. (2021, October). Crisis management, coordination and capacities. European Commission. Retrieved from : https:\/\/doi.org\/10.2887\/476769 [in English].<\/li>\n
  8. Sapir, A. (2020) Why has COVID-19 hit different European Union economies so differently? Policy Contribution,<\/em> 18, 1-13. Retrieved from : https:\/\/www.bruegel.org\/wp-content\/uploads\/2020\/09\/PC-18-2020-22092020-final.pdf [in English].<\/li>\n
  9. Weinstock, L. R. (2021). COVID-19: Employment Across Industries. Congressional Research Service.<\/em> Retrieved from : https:\/\/crsreports.congress.gov\/product\/pdf\/IN\/IN11564 [in English].<\/li>\n
  10. Servane Gueben-Veni\u00e8re, Val\u00e9rie November. (2020). Crisis management as an evolutive and adaptable infrastructure<\/em>. Retrieved from : https:\/\/hal-enpc.archives-ouvertes.fr\/hal-02518041\/document [in English].<\/li>\n
  11. Peterson, J., Ramsden-Knowles, B., & Butler, M. (2021). Crisis management in the age of disruption. PricewaterhouseCoopers LLP.<\/em> Retrieved from : https:\/\/www.pwc.co.uk\/risk\/assets\/pdf\/crisis-management-age-of-disruption.pdf<\/li>\n
  12. Leonard, H. & Howitt, A. (2020). Crisis Communications for COVID-19<\/em>. Harvard University. Retrieved from : https:\/\/www.hks.harvard.edu\/sites\/default\/files\/centers\/research-initiatives\/crisisleadership\/files\/PCL_Crisis-Communications_Web20200427.pdf [in English].<\/li>\n
  13. Deloitte. (2016). A crisis of confidence. Deloitte Touche Tohmatsu Limited. Retrieved from : \u00a0https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/us\/Documents\/risk\/us-aers-global-cm-survey-report.pdf [in English].<\/li>\n<\/ol>\n

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    Zakharchenko N. (2022). Crisis management in international business during the COVID-19 pandemic . Modern Economics, 31(2022), 45-51. DOI: https:\/\/doi.org\/10.31521\/modecon.V31(2022)-07.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [vc_row][vc_column][vc_column_text] JEL Classification: F23 DOI: https:\/\/doi.org\/10.31521\/modecon.V31(2022)-7 [\/vc_column_text][vc_column_text] Zakharchenko Natalia, Doctor of Economics, Associate Professor, Professor of the Department of Economics, Law and Business Management, Odessa National University of Economics, Odessa, Ukraine ORCID ID: 0000-0002-9895-531\u0425 e-mail: nvzakharchenko777@gmail.com Crisis Management in International Business During the COVID-19 Pandemic Abstract. Introduction. The recent world crisis events triggered by the
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