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Greece at Crossroads: An Insider's Perspective

This article provides an "insider's" perspective on Greece's critical situation, including issues such as debt, inefficiencies, corruption, and a lack of competitiveness. It also discusses the impact on companies and highlights some best practices and potential areas of growth. Despite the challenges, there are still rays of hope and potential for positive change.

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Greece at Crossroads: An Insider's Perspective

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  1. Greece at critical crossroads: An “insider’s” perspective Olga Epitropaki, PhD Associate Professor, The “Stavros Costopoulos” Chair in Human Resource Management & Development, Academic Director of the MSc in Strategic Human Resource Management ALBA Graduate Business School, Greece

  2. A dramatic situation…

  3. Like a skyfall…

  4. Like in every Greek tragedy… Hubris NEEDS Catharsis

  5. The thorny issues… • Huge accumulated debt • Significant public sector inefficiencies…

  6. The thorny issues… • Leadership deficit! • Systemic Corruption! • Tax evasion • Lack of competitiveness • Rigid legal framework • Union power • “Closed” sectors • Limited support to private initiatives => “public is good” vs. “private is bad” type of mentality

  7. The thorny issues… • Laggards of innovation… OECD, 2012

  8. The gloomy reality… Unemployment rate = 23.6% 44.2% increase since 2011! Employed Unemployed

  9. The gloomy reality… Youth unemployment => 53.8% 24%

  10. The gloomy reality… • 27.7% of Greek citizens are at risk of poverty or social exclusion and Greece ranks seventh in poverty levels, among the EU-27 member states (Eurostat, 2012) • 30-40% increase in suicides amidst the crisis (Katsadoros, 2012, Suicide Prevention Helpline) • Mental health problems increase (Reuters, June, 2012)

  11. The gloomy reality… • ALBA, Recruitment Confidence Index (September 2012) • 75.3 (vs. 122 in 2007!) • Manpower Employment Outlook Survey (September 2012) • Index: -9 (4 pts drop since 2011) • Foundation for economic and industrial research (IOBE), 2012 • Low levels of the Index of Economic Climate (small improvement of 2pts since 2011) butsignificant difference from the Eurozone Index (Greece:76.1, Eurozone: 87.9). • Cumulativedecreasefrom Q1 of 2008:≈17.4% • Contraction of private consumption: -8.5%, due to the measures adopted, risingunemployment, pessimism about further salary and pension cuts • 33.4% reduction in investments (-64% since Q1 of 2007) • Deep recession continues! • Eurobarometer (2010) • Disappointmentand serious concerns of the Greek citizens for the economy and the labor market situation (42% - 98%) , 38% ready to migrate! • Serious “brain drain” effect!

  12. The impact on companies… A lot Dramatically Average Not at all A little RCI, ALBA Graduate Business School, 2012

  13. The impact on companies… Not at all A little Average A lot Dramatically RCI, ALBA Graduate Business School, 2012

  14. The impact on companies… Yes No Did not answer Salary cuts Lay offs Budget reduction for training of managers Budget reduction for training Bonus cuts Company relocation to another country RCI, ALBA Graduate Business School, 2012

  15. But still some best practices… New communication tools (blogs, social media, etc.) Internal promotions New ways of recognition of high performers Will implement in the next 6 months Videoconferences rather than actual trips Have already been implemented Idea boxes and suggestion schemes Positive work climate via events and celebrations (e.g. athletic teams) Lay-offs tied to past performance

  16. But still some best practices… Outsourcing of key processes (such as payroll) E-learning training programs Hiring talent from the competition Will implement in the next 6 months Tax-free benefits inclusion (e-ticket) Have already been implemented Cost reduction and efficiency improvement via wider IT training Flexible ways of working Eco-friendly driving lessons for sales staff

  17. And still a bright side…

  18. Rays of hope…

  19. Untapped potential…. “Rising stars” Waste management Specialized food categories Graduate/postgraduate Classics education hub • Manufacturing of generics pharmaceuticals • Aquaculture • Medical Tourism (mainly outpatient) • Elderly care • Regional cargo hub McKinsey & Co, Athens Office. Greece 10 years ahead Report. (2012)

  20. Management in times of crisis…

  21. Also according to the UN World Happiness Report in 2012, Greece was 42nd in a list of 100 countries. The top 9 spots were occupied by Denmark, Finland, Norway, Netherlands, Canada, Switzerland, Sweden, and Australia. UK was 18th Ireland was 10th Germany was 30th Still some happiness… R. Veenhoven, Happiness in Greece (GR), World Database of Happiness, Erasmus University Rotterdam, The Netherlands.

  22. Strong Positive Psychological Capital (PPC)… Luthans (2002) An individual’s positive psychological state of development characterized by: • Optimism • Resilience • Hope • Efficacy Tsichla & Epitropaki, 2011

  23. Positive work attitudes… Epitropaki et al., 2012, SIOP conference, San Diego

  24. We can do it!??

  25. Thank you!

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