Leading Competencies for an Economic Crisis : A Lesson from History and the Present

Abstract: This study aims to identify leading competencies for an economic crisis. Moreover, the studyprovides insights into how those competencies can be developed and deployed in differentstages of a crisis.  Ten pre-recorded interviews with various CEOs from the Financial Crisis 2008/09 andCovid-19 pandemic have been collected to conduct the research. The collection was basedon criteria in accordance with the research question. The interviews have been used to testand modify James and Wooten's (2010) framework. Using an abductive approach and analyzing the data based on the thematic analysis, the studyconcluded that the leading competencies for an economic crisis are communication, trust,creativity, and expertise. This study complements James and Wooten's (2010) model byclaiming that the four mentioned competencies are the building blocks in detecting earlywarning signals of crises; preparing an organization for a crisis; reducing the bad publicityamid a crisis; and returning the business to normal operations while focusing on revenuestream. Furthermore, the study acknowledges the importance of personal health, empathy,and the growing need for reskilling leaders and managers in using their competencies in aremote work environment. The study serves as a guideline for leaders who want to improve their leadershipeffectiveness. The data analysis summary presents the sub-competencies needed to enhancecommunication, trust, creativity, and expertise. Moreover, the framework highlights whichcompetencies are valuable in different stages of the crisis.