The Impact of Economic Crisis in Greece: Key Facts and an Overview of the Banking Sector

Abstract

Nowadays, the global economic crisis (GEC) highly influences organizations through its macroeconomic causes and effects, which account for a significant impact on firms' human resources (HR) practices and labor relations (IR) as well. Of greatest concern is the extent to which the actual impacts of the crisis may be hoarding future problems for organization's operations. Owing to the dynamic nature of contemporary business, its complexity, along with the increasing need for expertise, strategic HR interventions are highly required in an attempt of creating mature and resilient, in HR terms, organizations which will be able to assure their competitiveness, survival, change and growth. However, most organizations (banks) failed to adequately finance their daily operations, accompanied by their failure to finance national economies as well. In that event, the straightaway effects of GEC have resulted into a collapse of most financial systems and in major shortages at financial institutions around the globe. The purpose of this paper is to highlight the impact of GEC through demonstrating key facts related to the current economic crisis in Greece, and more precisely for Greek banking organizations.

Leadership integrity and the role of human resource management in Greece: Gatekeeper or bystander?

“…In parallel, legal changes promoting the decentralization of collective bargaining led to increases in firm‐level wage bargaining (OECD, ). Consequently, the adoption of atypical contracts has increased (Mitsakis, ). Employer–employee relationships have been described as hostile, reflected in a complex labor legislation system that creates mistrust (Panayotopoulou, Nikandrou, & Papalexandris, ).…”

Employees’ perspectives on strategic human resource development before and after the global financial crisis: evidence from the Greek banking sector

“…The crisis made them realize the significance of their workforce's development as a means of ensuring business survival and as a way to adapt to ongoing change more effectively (Cascio, ; Felstead et al ., ; Fiksel, ; MacKenzie et al, , ; McCarthy & Sheehan, ; Sung & Choi, ). The aftermath of the economic crisis affected most banking organizations across the globe, with major restructuring taking place and their HR practices dramatically altered (Mitsakis, ). A recent study from Mitsakis and Aravopoulou () raised concerns about the extent to which strategic HRD (SHRD) is present within organizations under such unfavourable conditions.…”

67 The Impact of the Economic Crisis upon Human Resource Development (HRD): Evidence from two Greek Banks

“…Either from an organizational or sociological perspective, an economic crisis can be viewed as a signifying period of change and/or instability which can draw the negative reaction of an organization's stakeholders, and thus create potential threats for a firm (Mitsakis, 2014a;2014b). Drawing upon these definitions, we can highlight HR's ( HRD's) International Journal of HRD Practice, Policy and Research 2016, Vol 1 No 2: 67-82 doi: 10.22324/ijhrdppr.1.117…”