Four Financial Trends Offering a Rare Opportunity

Q: As we start a new year I’m looking at trends in many different areas. I’m curious, what are the major issues in the financial areas?

A: Every year starts fresh with new ideas, energy, hope, interest and challenges. As we begin a new year, the restaurant industry has a rare opportunity to address and fix some issues.

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Invest Heavily in Training for Big Returns

Q: With the difficulty of staffing with such low unemployment it’s clear we must do a better job of developing bench strength. I’m considering many options, where would you start?

A: The job market today is hot. Turnover is high and plenty of people are leaving the industry to pursue other trades or professions. One of the imperatives to success is to have an organization that provides growth opportunities to counter balance talent loss. The best companies are those that think forward with their people. One can tell much about a company based on how much time and money is invested in teaching, training, and developing talent. Many companies wish they had the financial resources to invest in better talent development. The trap in this thinking is failing to realize the cost of turnover. If it’s true that it costs $10,000 plus to replace a manager and $2,000 plus to replace a crew member there is plenty of money to pay for additional hours and systems that will increase retention and develop employees from within an organization. To stay competitive in the war for talent consider the following:

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