For several weeks now, the news has been inundating Quebecers with information about tariff threats, the expansionist ambitions of the President of the United States, and even the risk of recession on both sides of the American border. This economic and political anxiety extends beyond the individual to the workplace.
While tariff threats have a direct impact on the manufacturing sector, especially aluminum and steel-related industries, people working in all sectors are likely to experience uncertainty and anxiety in the face of political and economic turbulence.
According to the Ordre des CRHA, “55% of HR managers anticipate a reduction or freeze in hiring, while 16% are preparing for layoffs”.
In such a context, HR professionals and managers should take proactive action to support, accompany and mobilize their employees.
Communication and transparency in uncertain times
The first thing to do on the employer side is to maintain open and transparent communication about the economic situation, the potential impact on the company and the measures being taken to deal with it.
For the companies most affected, organizing meetings or discussion forums to enable employees to express their concerns and ask questions can help alleviate worries about the future.
Psychological support programs and work-life balance
If this is not already the case, employers can set up employee support services, such as psychological support programs or consultations with mental health counselors. This can help reduce anxiety and provide emotional support during difficult times.
To reduce stress and anxiety, employers can also promote stress management practices and encourage work-life balance, such as telecommuting or flexible working hours.
Contingency plan
Faced with an economic crisis, a business continuity plan, also known as a contingency plan, is a set of measures and procedures that structures and describes the actions to be taken in the event of a disruption. Drafting it in advance enables the company to anticipate challenges, respond effectively to the crisis and potentially reduce negative consequences.
Key skills and critical roles
In times of crisis, it’s important to identify the vital functions that are the lifeblood of your business. The key people occupying these roles often possess skills that are essential to the smooth running and economic sustainability of the company. Identifying and developing these skills, not only in the incumbents but also in the next generation of employees, is the best way of ensuring that you are prepared for any eventuality.
In this respect, a recent survey conducted by the Ordre des CRHA concluded that 25% of companies were planning to reduce investment in training, and a further 25% were planning to cut spending on technology. Yet encouraging employees to be flexible, creative and propose solutions to overcome economic challenges and encourage innovation can be an important way of maintaining competitiveness and finding new sources of revenue.
Government programs
Finally, we suggest you keep an eye out for any business assistance programs, training or subsidies on offer that might be able to support struggling businesses during this period of uncertainty.
In conclusion, it’s in the interests of Human Resources and business leaders to be proactive in the face of this situation, by prioritizing people and business efficiency.
An article by our Human Capital team
For further reading :
- Business tensions: survey results and tools for managing the human side – Ordre des CRHA
- The importance of a business continuity plan – Amyot Gélinas
- Facing the threat of tariffs – Amyot Gélinas
