What are some of the commercial and economic conditions that are having the biggest impact on companies’ decisions at the moment?

Steve Foulger tells Bill Banham in our latest podcast about how the recession in the UK will affect HR decision-making in the next 12-24 months.

What are the trends we are seeing in HR at the minute?

There is panic at the moment, outlines Steve. There are also many people who have interviewed for jobs, but subsequently, realise they are not right for the job. This is due to the job market pressurising people to move, says Steve.

“WE ARE ALSO SEEING A LOT OF SHORT-TERM THINKING.”

– Steve Foulger

Employees have financial pressures at the moment. However, this short-term thinking will not have any lasting beneficial results, explains Steve.

“THERE IS A LOT OF CONFUSION AND CHANGE.”

– Steve Foulger

What commercial and economic conditions are having the biggest impact on companies’ decisions? 

The changes to the monarchy, the UK’s leader, and the war on Ukraine, are all major events that businesses have had to prepare for, and adapt to.

These kinds of events usually only happen once every 10 years or so, explains Steve. However, businesses have had to adapt to all of these changes at once in a very sudden way.

“EVERY BUSINESS WILL BE IMPACTED IN SOME WAY, SHAPE, OR FORM.”

– Steve Foulger

Steve stresses the importance of being flexible and adaptable. You have to be ready to adapt the next day, he says.

“YOU’VE GOT TO HAVE A PLAN. YOU’VE GOT TO HAVE A WAY FORWARD.”

– Steve Foulger

Having agility alongside a plan, however, is also important.

What are some predictions for the UK labour market in 2023?

Steve expects to still see low employment rates, unless we move from recession to depression.

It is important to consider what, as a business, you can offer to candidates, to attract talent.

So many businesses with a short-term vision are looking to what other organisations are doing, and focus on offering benefits or a salary increase.

However, it is important for businesses to get more in tune with the learning process. Offering people the chance to develop skills they lack for the job is increasingly important.

Considering the skills gap in the UK alone, doing this will help the marketplace, argues Steve.

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Amelia Brand
Amelia Brand

Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.