Effective crisis management through established stakeholder relationships: Malden Mills as a Case Study

  • Ulmer R
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Credit unions can improve their chances of surviving a crisis with an intact reputation by having a solid plan in place. Credit unions, such as Honolulu Federal Savings and Loan (Honolulu, Hawaii), which dealt successfully with a confidence crisis, or "financial run," should begin the development of a crisis management and communications plan by identifying potential crises. A plan then can be outlined that fits the institution, its employees, and its facilities. A communications link person should be designated from the crisis management team to head off the release of wrong information. In addition, 3 differently worded press releases should be developed and maintained by the communications line for each anticipated situation before a crisis occurs. Another role of the communications link is to get information to members through prerecorded information, flyers, or personal appearances. The information given to employees also is vital, since employees are an important source of information for members.

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  • Robert R. Ulmer

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