Keeping your cool amidst crisis is one of the most essential traits of an effective leader. Our class had its first case study “The COE can’t afford to panic” where a financial firm found itself in a middle of a crisis.
The case analysis is not just about coming up with the best course of action from a business/financial perspective but also considering the ethical implications of one’s decisions. The Kaspa Gerald Smarten, CEO of Kaspa Financial Services (Kaspa) faces a dilemma. While his team is on a company meeting of the company, a bomb exploded at nearby train station causing confusion, fatalities and panic around the area. Give the scenario, the city government requested Kaspa to let them use their lobby and cafeteria spaces to be used as a triage center and a temporary morgue.
Smarten is torn between doing what he think is best for their clients and fulfilling his ethical duty to the city and its people. Smarten has to consider the the company’s reputation, safety of the people, morale of the employees and confidence of their current and future clients. He also has to look at the long term negative effect or benefits of his decision. Smarten need to keep his cool amidst chaos and pressure. He need to talk to his team and asked their opinions and listen to their arguments.
Our group’s recommendation is for Kaspa to allow the city to use their lobby and cafeteria as triage center and temporary morgue. There would be pros and cons associated with this decision but at the end of the day, I believe that it is the best course of action.
The case study is centered on crisis management and as the scenario unfolds it clear that being a CEO is a job that not for everyone. You have to stay focused, level headed and must not give in to panic.
It is very important for an organization to be ready for crisis. They have to make sure than a crisis management team is well capable of handling situations that threaten the integrity of reputation of the company. The team should also have a plan and they can do this by coming up with possible scenarios and coming up with ways to deal with those situations. Good communication is very vital during the crisis. A proper channel of communication must be identified to be able to control the situation avoid confusion and panic.