People and Profits
How to Retain Employees and Increase Your Bottom Line
In recent times, the turnover rate in the bar and restaurant industry has reached as high as 150%. While turnover rates in this industry tend to be higher than others, a lower turnover rate should not be accepted as “impossible.” The needs of employees are evolving, and businesses need to adapt alongside their employees.
The frequent hire of new employees can be frustrating, and costly. Did you know that the average replacement cost of a manager is roughly $15,000? Greatly impacting your bottom line, replacement costs can be catastrophic to a business in the bar and restaurant industry. Retaining employees is often regarded as one of the most inexpensive and effective ways to increase your bottom line.
Society Insurance Solution
Communicating clear expectations to employees of all levels, encouraging honest feedback, and fostering friendships amongst the team are key components to boosting employee retention. Download our white paper for tips and tricks on retaining employees and increasing your bottom line- both year round and seasonally!