When you’re operating a restaurant, there’s a steady stream of numbers that need to be evaluated. Items like rent, food costs, and wages are often top of mind, but one number that probably tumbles to the bottom of the list is employee retention.
Curious how your retention rate stacks up? You’ll definitely want to see this!
Retention By the Numbers
So first, let’s take a quick peek at a few related statistics:
A whopping 79% of HR leaders believe they have a significant retention and/or engagement problem.
A quarter of those leaders fear this is an urgent issue threatening their business.
Average employee turnover rate in the restaurant industry is estimated at 75-80%.
Those numbers are pretty shocking, right? Of course, turnover is expected, but replacing three-quarters of your workforce each year is a heavy burden to carry. We all know that process takes a tremendous amount of time, money, and energy.
It’s time to shift your mindset and think in terms of employee attraction instead of retention; so instead of “retaining” employees, think about how you can continuously draw them in.
That said, is there a different – and hopefully better – way to improve employee retention?