by Bob Gershberg, CEO/Managing Partner Wray Executive Search
Did the pandemic change the work world forever? In April of 2020 more than half the world was in lockdown. The workforce became remote by need. Accommodating remote work was essential. As the lockdowns began to ease, the debates ensued. Which is more efficient, remote, hybrid or in-office? And now two plus years later, the discussion has changed. Offering remote or hybrid options has become an effective strategy for attracting and retaining talent. Not all agree. In a recent memo, Tesla CEO, Elon Musk said employees must report to their assigned offices at least 40 hours per week stating, “Remote work is no longer acceptable.”
In a survey conducted by Accenture, it was identified that 63% of high-revenue companies embrace the concept of hybrid workforce models. Most enterprises are keen on streamlining processes using technology that enables more efficient on-site work as well as remote work.
Ultimately digital transformation is driving industries to adopt new ways of working and upskilling their current workforce to meet future demands. Many businesses still rely on on-site workforces which may continue to change with the introduction of new equipment, artificial intelligence, and machine learning.
Restaurants: Recession Underway or a Self-Fulfilling Prophecy?
by John A. Gordon, Principal and Founder, Pacific Management Consulting Group
I was in New York City last week to attend the Piper Sandler 2022 Restaurant Summit and to meet with clients and friends. Going to meetings is so refreshing now; people are so glad to see other people after the long Pandemic pause. The City was full of tourists; restaurants were generally busy. Some new stars there are beginning to climb the staircase toward greater visibility and expansion. The Bloomberg Pret Traffic Counter tool which counts heads on the street showed Midtown traffic counts still only at 65% of 2019 however but slowly improving.
Recession Talk Everywhere
Every macro view economist has an opinion when the next recession will hit: we are already in one; Q2 next year, etc. Going to the traditional definition that a recession is 2 quarters of decline in GDP, we might be close: we did have a small GDP decline last quarter and this quarter looks like a mess. The yield curve inverted Monday, which is telling. Still, we restaurateurs don’t need that talk, but we need to plan for such outcomes. This is on top of the multiple black swans that have hit us since March 2020.
“It’s okay to admit what you don’t know. It’s okay to ask for help. And it’s more than okay to listen to the people you lead – in fact, it’s essential.”
—Mary Barra, CEO of General Motors
Executive Chat featuring Thayer Wiederhorn,
COO of FAT Brands
By Rebecca Patt, SVP Development, Wray Executive Search
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, QSR, casual, and polished casual concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 2,300 units worldwide.
You recently became COO of FAT Brands after serving as CMO. How are you liking the new role, and what’s a typical day like for you?
I love it. In such a fast-growing, multi-faceted organization, I don’t know that there’s such a thing as a typical day for me. However, lately I have been spending a lot of time integrating teams and exploring synergies across our 17 brands.
