When it comes to risk management for businesses and governments, good Governance is a crucial part. Even with the best intentions and efforts to ensure a business has good Governance and is complying with Regulatory and customer expectations, things can go wrong. A business can find itself needing to manage a crisis. And we have seen many examples recently.
For those businesses that have invested upfront, including in their crisis management plan, all that upfront effort can pay off hugely, and could mean the difference between working through the experience and process, and even though it could be still costly, the exposure to the addition of costly penalties, fines and legal costs are not on the table. These penalties and fines, plus the legal costs can add up to hundreds of thousands of dollars or even millions. Those types of cost could very well cripple a business and see it close its doors for good.
Now, imagine for a moment, even with those looming risks and penalties, that there are still business owners, senior executives, and even board’s that decide not to invest putting the right structures and safeguards in place. Even when these businesses are encouraged to do so, they decide to decline. Perhaps they don’t want the outlay of cost or dismiss the need, as they have done business their way for a long time. They are willing to throw the dice and take the risk.
Well, having to state the obvious, no business is immune to the potential of a crisis happening. In fact, our guest today, Maureen Kyne, has experienced both in helping businesses manage crisis from both camps. Maureen is an Industrial Relations Expert, HR Strategist, Speaker, and Facilitator. Over the last two decades, Maureen has helped her clients through terrible crises. Major injuries, bullying, sexual harassment, discrimination, and gross misconduct. She has seen firsthand the financial, operational, and psychological impacts on her clients and their business.
Maureen is obsessed with making workplaces safe for all employees through proactive education and coaching. She passionately raises awareness of Upward Bullying, an insidious form of bullying that is less known and destructive for organisations.
You can imagine the discussion between Maureen and Lisa as that talk through a number of aspects for you to consider, including:
- The ‘Perfect Storm’ for a crisis.
- The Legislation requirements for all business continues to grow, including more recently the amendments to Fair Work Legislation (Secure Jobs, Better Pay), and Mental Health to name a couple.
- The importance of trust, especially during a crisis.
- The risk of disengagement.
- Building strength and resilience within the business through your people being engaged.
- Upward bullying and the cost when you lose good managers.
- The disruption from poor leadership.
- The trauma from a poor workplace experience.
- Importance of accountability for the executive team.
- People who become victims of poor business cultures, are being affected like warfare (being in combat) and potential for PTSD.
- Exploring both the risks and opportunities available to businesses today.
- A business mindset shift about regulatory changes is required.
Now is the time for businesses, regardless of size and sector, to ensure that you have the right team with skills, knowledge, and experience to support your team. Don’t wait until you are in a crisis, it is too late. Planning now, ‘under blue skies’, is the time to bring your trusted team and consultants together to ensure you have a plan and approach that services your business, your people, and stakeholders well.
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