How Will High Inflation Impact Hospitality?
Inflation and interest rates are on the rise, threatening to worsen the economic outlook for an already tight labour market struggling with skills shortages.
Recruitment firm, Robert Half, is sounding the alarm and calling for employers to take immediate action to retain staff while also investing in upskilling, reskilling, and diversifying talent pools.
In addition, policy changes are needed to level up the economy.
Kate Nicholls, CEO of UKHospitality, is urging measures to tackle high energy costs, reduce the cost of food and drink, and ease ongoing worker shortages to alleviate inflationary pressures.
Matt Weston, Senior Managing Director UK & Ireland at Robert Half, is warning against blunt measures like pushing the UK into a recession as it is a complex problem that requires a multifaceted approach.
With the current economic climate being influenced by unprecedented events in recent years, the tight UK labour market is exacerbating inflationary pressures, making it essential for businesses to take proactive steps to mitigate these challenges.
WARNING OF INTEREST RATE PAIN FOR THE HOSPITALITY SECTOR
UKHospitality has welcomed the drop in food service price inflation to below 20% for the first time in five months but warned that more needs to be done to help food and drink businesses, especially after the increase in interest rates.
The CGA Prestige Foodservice Price Index reported a drop in food service price inflation to 18.9% in March 2023, marking the first time in five months that the rate has fallen below 20%.
Despite this positive trend, UKHospitality CEO Kate Nicholls emphasises that the reduction is not significant enough to alleviate the strain on businesses.
With energy costs and workforce challenges compounding the issue, nearly 19% price inflation is enough to endanger businesses. Nicholls urges the government to renegotiate contracts with businesses, particularly in the energy sector, to tackle the root causes of inflation and help businesses return to driving economic growth.
The recent rise in interest rates could also have a significant impact on the viability of hospitality businesses that were already struggling due to the pandemic.
Nicholls calls for urgent action from the government to bring costs down and assist businesses in their pandemic debt through "Time to Pay" arrangements.
It's time to support the hospitality sector in a meaningful way and help it recover from the pandemic's devastating impact.
Research Reveals WORKPLACES ARE STILL NOT INCLUSIVE
Disabled people are still waiting too long for the changes they need to remove the barriers they experience in the workplace, according to a?study.
Let's work together to ensure that everyone has equal access and opportunity in the workplace
The Great Big Workplace Adjustments Survey 2023 is finally here!
After surveying nearly 1,500 disabled employees and 400 managers on their experiences with workplace adjustments and inclusion, this report is a must-read for anyone wanting to improve workplace accessibility.
This survey builds on the Business Disability Forum's initial 2019 survey, making it a comprehensive and informative resource for all.
Don't miss out on the opportunity to learn from the experiences of others and make positive changes in your workplace.
Employees are also having to push for adjustments or even fund them themselves. Common adjustments include flexibility over hours and location, time off for medical appointments, as well as ergonomic equipment and assistive technology.
As organisations strive for inclusivity, it's important to recognise the various hurdles that disabled individuals face in the workplace. These extend beyond accommodating their individual roles and can include challenges like bullying, limited opportunities for growth, inaccessible wellness programs, and physical barriers within buildings and systems.
By acknowledging and addressing these issues, we can create a more equitable and supportive environment for all employees.
The 2023 survey shows that managers feel more confident talking about disability than they did previously and play a key role in the adjustment process. But multiple internal processes and limited powers to make changes in the wider organisation create additional barriers and leave managers feeling frustrated.
The Covid-19 pandemic has left a lasting impact on the workplace experiences of both disabled employees and managers. Analysis has revealed that the effects have been significant and ongoing. It's important to recognize and address these challenges to ensure a fair and inclusive workplace for all.
In response to the new research, the Business Disability Forum is calling on employers to:
Workplace adjustments
Diane Lightfoot, CEO of the Business Disability Forum, said:
Workplace adjustments play a vital role in enabling disabled people to thrive at work. Access to adjustments needs to be simplified and improved but adjustments only remove some of the workplace barriers that disabled people experience.
To be fully inclusive, employers need to have a greater understanding of how disability affects a person’s life as a whole. Accessibility and inclusion need to be embedded in all aspects of the organisation and its culture, with policies and premises designed with disabled people in mind.
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Senior leaders should start by challenging poor workplace culture and driving organisational-wide change which better supports disabled employees and managers.
Unlock the Hidden Goldmine in Your Organisation!
Secrets of Profitable Vending Contract Management
Often overlooked in the grand scheme of business operations, vending machines can actually be a hidden goldmine of revenue generation and customer satisfaction within your office space.
When managed correctly, these machines can bring about significant benefits that extend far beyond just quick snacks.
Here, we will guide you through the secrets of profitable vending management, paving the way for an unexpected but welcome boost to your bottom line.
The first secret lies in the strategic positioning of vending machines.
Simply put location matters.
Vending machines should be placed in high-traffic areas where they can attract the maximum number of people.
This increases the visibility of the machines, encouraging usage, and therefore, profitability. In larger establishments, it’s important to have multiple vending areas to cater to different sections of the building.
Keep convenience in mind, making sure the machines are easily accessible and visible to all.
The second secret of vending management success lies in the selection of products. You should aim to offer a variety of options that cater to different tastes and preferences.
Incorporate a mix of healthier snack options alongside traditional ones to cater to the increasingly health-conscious workforce.
Regularly reviewing and updating the product mix based on customer preferences can ensure that the offerings stay relevant, boosting the usage of the vending machines.
Thirdly, successful vending management goes beyond just the machines and products, it involves maintaining a positive user experience. This includes ensuring the vending machines are regularly stocked and serviced, and that any technical issues are quickly resolved.
Prompt resolution of issues can minimise downtime and maintain user trust in the vending service.
Another secret to consider is the incorporation of cashless vending. As society becomes increasingly cashless, accommodating for card and contactless payments can be a game-changer.
This provides a seamless and convenient user experience, which can dramatically increase usage and in turn, the profitability of vending machines.
Last but not least, profitable vending management is closely tied to effective pricing strategies.
Prices should be fair and competitive to maintain frequent use. It’s a delicate balance to strike; prices that are too high can discourage use, while prices that are too low might hurt profitability.
Regular price reviews can help ensure that the vending service remains both appealing to users and profitable.
While these secrets can guide you towards better vending management, navigating them can often be a complex and time-consuming task.
That’s where professional facilities management consultancies come in. These experts can efficiently manage your vending operations, taking into account all the mentioned factors and implementing strategies that can unlock the full potential of your vending services.
They possess the know-how to maximise profits from your vending machines while ensuring a positive user experience.
Ultimately, your vending machines can be more than just snack dispensers. They can be a source of regular revenue, improve employee satisfaction, and contribute positively to your business environment.
However, it requires a strategic approach to vending management, an area where many businesses may lack the necessary expertise.
At our consultancy, we specialise in providing customised vending solutions that perfectly fit your needs. We take the time to understand your business, its needs, and its potential in order to unlock the hidden goldmine that is your vending operation.
So, are you ready to transform your vending machines from simple snack dispensers into a profitable part of your business?
Reach out to us for a no-obligation consultation and discover how we can turn your vending operations into a valuable asset.
Why Work With Us?
Trusted by some of the biggest brands…
We have the insight and experience to bring agile, smart solutions to FM and estate decision-makers. Our knowledge of the changing landscape, coupled with an understanding of client expectations, enables us to work with FM and estates teams to deliver cost benefits whilst improving the quality of service delivery, supplier performance and employee wellbeing.