Uncertainty and Risk Management: Post-Crises Changes in Attitudes of Hungarian SMEs

Abstract

Our research objective is to identify what specific internal strategic, organizational and operational management changes took place as a result of the extreme external challenges of the 2008-2010 crises. The base research framework was developed by Syrett and Devine (2012) whose methodology was used in the Hungarian business environment to understand the local features of the business approaches to uncertainty management before and after the crises years. We found that Hungary companies put more focus on managing a short term challenges rather than prioritizing the mid- and long term views. Emphasizing strategic and people aspects of business management in the post-crises times still have significant improvement opportunities. Hungarian companies were less flexible in reducing staff during and after the crisis times. Besides, firms consider the political factors critical to their success of managing uncertainty