?? Quantaco Industry Insight: Trends in Labor Costs Our latest industry report reveals significant trends in labor costs across the hospitality sector: ?? On average, wages as a percentage of sales have declined by 1%. January saw wage percentages remain stable, reaching their annual peak due to public holidays such as New Year's Day and Australia Day. ?? February 2024 marked the lowest point in labor costs, aligning with an unexpected spike in beverage and high food sales. ?? March experienced a slight uptick in labor expenses, driven by a drop in food sales and the Easter holidays. Stay informed with Quantaco for strategic insights that can help you optimise your business operations. Read the full report here: https://bit.ly/3Um9VRH #IndustryInsight #LaborCosts #Quantaco
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The pandemic has reshaped the restaurant labor market in profound ways. From 2019 to 2022, low-wage workers, particularly in restaurants, saw unprecedented wage increases due to higher bargaining power. Key Insights: - Between 2019-2022, low-wage growth in the U.S. was the fastest recorded in any business cycle. - Foodservice wages outstripped inflation in 2021-2022, contrasting starkly with other industries. - By September 2023, restaurant employment hit pre-pandemic levels, signaling a return to normalcy, albeit with ongoing retention challenges. - Despite nominal wage increases, inflation-adjusted wages rose modestly from $12.78 in 2018 to $14.76 in 2024. - Indicators like quits and separations have declined since early 2023, suggesting improved stability in the sector but also reduced worker leverage. Is the era of rapid wage growth over for restaurant workers? What's your take on balancing fair wages with market dynamics in the post-pandemic world? #RestaurantIndustry #LaborMarket #WageGrowth #EmploymentTrends #HR #BusinessEconomics #PandemicImpact
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Bringing real-time labor market info and business data to Canadian food and beverage companies. Industry leaders can register to gain insights on key industry issues and receive early access to reports and benefits. Visit - https://rapidresults.ca #data #hr #foodandbeverageindustry #foodmanufacturing #labourmarket #labourshortage #supplychain #foodanalysis #reports
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On average, the cost of a healthy meal has increased by 52% in October 2024 compared to the same month last year. Meanwhile, average salaries and wages have increased in the range of 9 to 10%. "So, It's all about skills, aptitude, resilience attitude, and good salary negotiation, and as well a good appraisal hike % all that matters hereon for employees in ????, and then comes rest of the benifits and employee engagement initiatives. ???? (My POV) Data Analysis ????
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The HR Mind at the Market: Finding the Perfect Vegetables Every trip to the market feels like a mini hiring process for me. Just like in recruitment, I meticulously select each vegetable, ensuring it's the best fit. The HR mind never truly takes a break, even at the grocery store. It’s fascinating how skills in one area can enhance everyday tasks. Next time you pick out your veggies, think like an HR professional – you might just bring home the best produce yet! ?????? #HRLife #EverydaySkills #VegetablePicking #RecruitmentMindset
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Navigating the Budget's Impact on Hospitality with Crunchtime Well Friday has come to close and it is now time to get out of the office and get a drink. Wednesday’s budget has dealt a significant blow to the hospitality sector, from April next year, substantial increases to employer national insurance contributions (NICs) and the national minimum wage will heavily impact businesses already grappling with pandemic fallout, inflation, and supply chain disruptions. Estimated cost? £2,500 for a full-time employee (UKHospitality) on the national living wage. High street businesses, which heavily rely on part-time and seasonal workers, will bear the brunt of these changes, potentially stifling hiring and thus growth. Though a 40% business rates relief offers some respite, it’s a temporary fix. Many small and medium-sized operators will still see their rate bills increase significantly come spring. On a positive note, the commitment to a lower permanent business rates multiplier is a win for the sector, promising long-term stability. However, this won't take effect until 2026, leaving businesses to face higher costs in the interim. This budget's heavy burden on the high street is likely to be remembered for its negative impact on the restaurant sector. The sector's resilience and creativity are crucial, it’s time for some change and maybe we can help UK restaurants, pubs and the QSR space. How Crunchtime Can Help Crunchtime offers solutions to help mitigate these pressures. Our labour demand planning software ensures optimal staffing levels, reducing costs and improving efficiency. Additionally, our AI-driven inventory management streamlines operations, cuts waste, and lowers food expenses. We can help identify menu composition and cost on the fly, helping identify what menu mix items are working, which ones are most profitable and how to lean your next menu, interested to know more? While we can't change the budget, we can help you find more manageable ways to cope. Let's work together to uncover efficiencies and ensure the hospitality sector not only survives but thrives. #restaurants #qsr #pubs #autumnbudget
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My boy, Brendan Sweeney, provided great commentary for a TODAY Show story, alongside Larry David and presidential hopefuls. The story highlighted Popmenu's latest research on tipping trends and the impact on restaurant workers. Check it out below and stay tuned for the release of the full study tomorrow. #Popmenu #restaurants #restaurantindustry #restauranttech #restaurantbusiness
Why Americans are tipping less and how it impacts workers
today.com
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Start a recipe share folder or lunch meeting so you and your teammates can share easy, simple recipes to help each other with new meal and snack ideas. #workplacenutrition #hr #humanresources #employeewellness #busyprofessionals
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Already worrying about the cost of extra labour this holiday period? ?? The cost of hiring a team has skyrocketed this year. Although the festive period will bring more customers, it often requires more staff hands on deck. It’s unsurprising to hear businesses are already fretting about how to afford this and looking for ways to increase revenue to cover these extended costs. ?? But there’s one member of staff who could be doing a lot more to help bring more revenue in without costing you more… Your digital menu. ?? Smart menu engineering is a great way to ensure that every transaction yields the most potential ATV. Some revenue-boosting steps include: ?? Clever (but organic) upselling across your customer order journey ?? Basket recommendations that simulate the supermarket impulse buy ?? Meal deals encouraging customers to add a little extra ?? Customisations with premium add-ons All of these combine to increase revenue by as much as 49% - that’s a lot of extra revenue you can use to cover the soaring labour cost. Don’t wait until the decorations are out to take action - read our new guide about how to get your menu earning more right here: https://hubs.la/Q02PPzMH0
How to use your digital menu to cover rising labour costs
https://www.vitamojo.com
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