Mohamed Al Fayed的动态

The #restaurant #labor market is showing signs of stabilization, with wage growth moderating and #turnover rates on the decline. Key takeaways include: **#WageGrowth**: Year-over-year wage growth is now lower than at any time since March 2020, despite workers earning above #minimumwage in 2021 and 2022. **Turnover Rates**: Reductions in turnover rates, quits, and separations since early 2023 point to decreased job choices and wage demands from employees. **Labor Market**: Slowly reverting to pre-pandemic norms, the market is achieving a balance between job openings and seekers. **Worker Struggles**: Despite wage improvements, low-wage workers continue to face challenges in meeting their financial needs. **Worker Turnover**: While the number of restaurant workers has stabilized, turnover remains a persistent issue. **Market Shift**: Decreased labor turnover indicates a market shift favoring employers, potentially diminishing workers' bargaining power. These trends suggest a shifting landscape within the restaurant labor market, impacting both employees and employers alike.

In restaurants, turnover is down, employment is steady and wage growth is moderate. Taken together, these indicators from the Bureau of Labor Statistics show the restaurant labor market is near pre-pandemic dynamics.

As restaurant industry employment levels stabilize at pre-COVID levels, volatility in hiring and retention is slowing -- especially for lower wage workers. See the latest statistics. Creating a more sustainable and attractive workplace for our employees is vital.

A QSR report found that 84% of hourly restaurant workers are living paycheck to paycheck, with very little in savings. Over half of workers have nothing saved for emergencies. When unexpected emergencies like a trip to the vet or a flat tire happen, on-demand pay gives people the option of tapping into their earnings and cover these bills without stressing out. Learn how businesses can offer earned wage access: https://bit.ly/3HEAsnn #EarnedWageAccess #EmployeeBenefits #HourlyWorkers

The statistics say the economy is growing, and inflation is improving. In fact, average wages in the U.S. have grown 38% since 2014, while actual inflation only grew about 31%.* Yet, lived experience can trump facts (pun intended). In that spirit, I found this chart from Business Insider especially interesting. McDonald's has raised menu prices by 100% over the last decade. Can you say Hamburgler? *According to the Bureau of Labor Statistics, the average wage for all occupations in 2014 was $47,230 and $65,470 in 2023, an increase of 38%. CPI rose a little over 31% over the same period.

Institute of Food Technologists (IFT)'s 2024 Compensation and Career Path Report is out! "Results of this research reveal the science of food profession to be a continually growing field with opportunities for building a long-term career while both making a difference in the world and creating a desired personal life", however, there is still work to be done in the area of pay equity. Whether you are just starting out in your career or a manager of others, make sure to read this informative report so you're better equipped to understand the state of compensation in the field.

How do you monitor your labour productivity intraday? Previously, we've written about how restauranteurs can build best-fit labour plans through: 1?? More accurately forecasting sales ? ?? ?? 2?? Analysing and benchmarking sites using historical data ??♂? But - there will always be days that just don't behave how we expect, making our daily labour targets seem impossible hit. Some teams just accept it, and try to make up for it tomorrow. While some teams actively manage their deployment and activity in real-time (and not just cutting staff early! ?? ) We think there are three critical data points for to support this intraday management: 1. What was your ?? target for today by site (Planed Labour ? Forecasted Sales) 2. How are you ? currently doing at this exact hour (Actual Labour ? Actual Sales) 3. How does it look like today will end versus your ?? target (Labour ? (Actual Sales to this hour + Remaining Forecasted Sales) We think this cockpit view gives you the information you need to decide on what to do. For example, if you're not looking to hit your labour target you could: ?? Put out a Deliveroo / UberEats special to drive sales ?? Use your digitial menu boards to advertise a special to get more eat-in guests ? Cross-train your staff so you have a more flexible workforce in the future ?? And finally, you could also ask for volunteers to end their shift early Check out the video if you're interested in learning how we can support this with our real-time labour integrations (Planday, Deputy and more!) #Restaurant #RestaurantOperations #RestuarantData

Compensation always comes down to what economist call "the marginal productivity of labor." In other words, you can't be paid more than you're worth. And what you're worth is related to your productivity. If your pay is forced higher than your value, then a few combinations of things WILL happen: 1. You will be terminated if your productivity can't be increased 2. Or your hours will be reduced 3. In addition, selling prices will rise An equation will have to be reached where your artificially higher pay is reflected in producing a greater value of output. -So you have to produce more in less time (fewer hours) so a shift that might have had 4 people will now have 3--you have to work harder and produce more output. -Higher prices will increase the value of the output of the time you do work to help justify your higher wage -And a company will now be motivated to design new processes, including more automation, to reduce the number of humans and human work hours needed. The ONLY way to increase the standard of living is to raise productivity. So, if you want REAL higher wages: eliminate regulations and taxes so human labor can become more productive--more valuable. Some high points from the article below (and it's only a "paradox" if you're incredibly ignorant). "Many workers are seeing reduced hours, while others have lost their jobs as restaurants contend with escalating operational costs. ..Quicker than anticipated, he is implementing digital ordering kiosks....Higher wages, intended to enhance worker well-being, have paradoxically triggered job reductions within the fast food industry...The hike in minimum wage is forcing fast food establishments...to downsize their staff to manage financial pressures....The majority of that is going to get absorbed in the inflation of our food costs."

?? Big changes are coming to the ???????????????????? ???????????????? ???? ????????????????! ?? With the recent Michigan Supreme Court ruling set to phase out tipped wages by 2029, the industry is bracing for significant shifts: 1?? Tipping Troubles: As servers transition to earning minimum wage, many fear tips will drop dramatically, leading to lower overall earnings. ?? 2?? Rising Costs: Restaurants may have to hike menu prices by up to 25% to cover the increased wages, potentially driving customers away. ??? 3?? Job Losses: The ripple effect could be severe, with an estimated 20% of full-service restaurants at risk of closing and 40,000 to 60,000 jobs on the line. ?? In such uncertain times, it's crucial to support workers in every way possible. This is where ZayZoon Earned Wage Access comes in! ?? By offering employees the flexibility to access their earned wages when they need them, restaurants can provide financial stability and reduce the stress that comes with fluctuating tips and changing wages. It’s more important than ever to ensure workers feel secure and valued. More info in this article: https://lnkd.in/ggGBdU8T #FinancialWellness #RestaurantIndustry #EarnedWageAccess #ZayZoon #EmployeeSupport

There is a lot to unpack here, and as usual, let's dive into the rabbit hole. But the broad takeaway is the restaurant workforce in COVID's aftermath is a lot more attractive to younger employees than the one in 2019 was. A lot of that is higher wages. Some of it is technology-enabled roles. Will this trend continue and ease some of the labor challenges ahead? Hard to say, but zero question restaurants need to continue refining and rethinking what workers want and how they can stand apart in the ever-evolving war for talent.