LABOR SHORTAGES AND INFLATION ARE THE "NEW NORMAL."
Jim Taylor
Restaurant Owner ➖ Author ➖ Keynote Speaker➖Award Winning Business Strategist.
We keep waiting for things to go back to "normal" in the restaurant industry(among others).
But we are already there if you ask me.
Wages are climbing, the price of product is climbing, and both customers and staff in restaurants have different expectations than they used to in the past. It's like we need a manual to tell us how to deal with this!
They need a better wage, they need a consistent schedule, they need a benefits package, or a 4 day work week. Truth is(if you ask me) this should have been the case a long time ago.
Regardless of what was in 2019, or what is in 2022 the restaurant industry is changing. Quickly. The scary part about that though, is that for those who don't change along with it the game is only going to become more and more difficult.
As if it wasn't already hard enough.
We used to have staff available all the time, and if someone quit, you hired someone to replace them. Sometimes people talked about the opportunity that that existed if you could lower turnover rates, thus lowering training costs. Well this isn't being talked about in the same way, because if someone quits... there is nobody to replace them!
Retention has to be the focus. But retention costs money. Higher wages, added benefits, and guaranteed hours are all making it incredibly difficult for companies to not only set a realistic target, but to even come close to hitting it.
This is a serious challenge. The reality is that a large percentage of our industry, all of a sudden, doesn't know how to manage the single largest cost in the business. Anywhere from 25-50% of a restaurant's expenses are made up of labor cost. It is scary to think that so many are unsure how to deal with what is happening.
Truth is, it isn't the operators fault.
The combination of new wage structures, new pricing strategies, added benefits, different revenue streams, and a less experienced workforce makes it VERY hard to understand.
However, it is possible to do, it doesn't have to be that complicated, and it is our mission at BenchmarkSixty to solve this problem. Do you know what a BHAG is???
Well this is ours...
"To change the way an entire industry looks at labor cost management."
Starting today.
And as a thank you for being a subscriber of our newsletter, we would like to offer you an exclusive price on our guide to solving this problem.
This is the exact same strategy we have used to teach some of North America's leading restaurants how to deal with the current challenges they are facing. Groups like Chick-Fil-A, Cactus Club Cafe, and Bluegrass Hospitality Group just to name a few!
In less than an hour, you'll have a better understanding of how to make immediate impact on the biggest cost in your business.
Not bad for $39 ;)
Oh yeah, and if you make your purchase in the next 24 hours... I will personally send you an FREE invite to join "The Edge", our virtual support and connection platform for hospitality professionals. (This is a $100 value on it's own.)
Join me in changing the way the industry deals with wages, inflation, benefits, and the changing expectations of staff, guests and management alike. Let's make it a better place for the next generation of restaurateur.