Flexibility Is Key For Employers Facing Uncertain Economic Conditions

The looming trade war between the United States and Canada has created a great deal of uncertainty for Canadian businesses. As the new normal of uncertainty evolves, businesses must pivot effectively so as to not find themselves at a competitive disadvantage.

Accordingly, the most common reaction to such uncertainty – pausing or canceling planned investments – may not always be the best solution. Where possible, businesses should ensure that they are able to adapt quickly to economic changes and correct course.

Such an approach could work particularly well for managing a business's investment in human resources. A hiring freeze is not necessarily the best solution for a business pursuing growth opportunities in the face of economic uncertainty. Instead, a better solution is to build protections into the business's hiring practices to ensure flexibility to quickly and inexpensively pivot if its workforce needs or economic outlook changes in the future.