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?
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Legal Disclaimer: The information I publish is not legal advice but rather is intended to prompt a discussion on best practices in human resources. Further, federal and state laws are amended frequently and vary significantly from jurisdiction to jurisdiction. Therefore, the published information may not be current at the time that you read it or it may not be applicable to your jurisdiction. As such, you should not rely upon any of the published information without first consulting directly with Restaurant HR, legal counsel, and reviewing your local, state, and federal laws as well as any applicable industry practices and company policies.
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