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Tariffs and Their Ripple Effect: Preparing HR for Economic Uncertainty

Tariffs and Their Ripple Effect: Preparing HR for Economic Uncertainty

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 In this episode, Jivan delves into the complex world of tariffs and their far-reaching impacts on businesses, HR practices, and everyday people. Through the lens of John Taylor, a third-generation owner of a UK manufacturing company, the episode explores how recent tariff spikes have affected costs, workforce morale, and local economies. Jivan also discusses the role of HR in navigating these challenges, highlighting strategies for workforce planning, employee well-being, and talent retention. KEY TAKEAWAYS Tariffs are taxes imposed by governments on imported goods to protect local industries. While they may seem beneficial in theory, they often lead to increased costs for businesses and consumers, ultimately slowing down economic growth. The introduction of tariffs can significantly affect businesses like John Taylor's manufacturing company, leading to increased costs, reduced orders, layoffs, and a decline in employee morale. This creates a ripple effect that impacts local economies and consumer confidence. HR plays a critical role during times of economic uncertainty caused by tariffs. Effective communication, redundancy consultations, and support for affected employees are essential. HR should also advocate for flexible working arrangements and scenario planning to mitigate the impact of tariffs. HR professionals should implement strategies such as workforce planning, wellbeing initiatives, and talent retention efforts to support employees during challenging times. This includes financial literacy sessions and internal mobility pathways to keep talent engaged. HR should be involved in policy discussions to highlight how tariffs affect people, not just the bottom line. By ensuring HR is part of strategic conversations, organisations can better prepare for the implications of tariffs on their workforce and overall business health. BEST MOMENTS "Tariffs do tend to backfire. They can actually increase domestic production by about 15% to 25%, but they can also suppress overall GDP growth by 0.4% to 1.2%." "Tariffs isn't just a tax, it's actually a trigger." "The local pain that he's experiencing around his costs has global echoes because he's had to lay off, sadly, 30% of his factory staff." "If you think about the skills that are going to have to be employed in order to do those jobs, the jobs are going to end up costing businesses more." "You can never communicate enough in a situation like this." HOST BIO Jivan Dempsey has first hand experience of workplace toxicity and bad boss behaviour. Triggered by the #MeToo movement she was compelled to talk about her experiences in her early career, groomed and assaulted by a boss at work, his subsequent aggression and bullying behaviour which impacted her work performance, mental health and eventually cost her a job she'd loved. Listeners are drawn to her raw honesty and insightful reflections on change and resilience. Her book, "The HR Change Manager's Handbook" and collaboration on "Can't Break Me," attest to her change and transformation expertise and dedication to empowering others - from someone who's been in the trenches and emerged stronger. As a seasoned HR professional, consultant, psychologist and speaker, she offers bespoke consultancy and programmes to help companies navigate HR transformation that delivers a better employee experience and cultural shifts to create healthier, happier, and more inclusive workplaces for all. Please connect with her on Linked In: Jivan Dempsey FCIPD GMBPsS | LinkedIn Or send her an email at: jivan@fiverivers-consulting.com www.fiverivers-consulting.com HR Change Manager’s Handbook: The 3 Step Guide To Managing HR Transformation: https://amzn.eu/d/drvToPv Are you working in a toxic environment? Take our free quiz to find out https://bit.ly/3BPZXSR This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

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