by Bob Gershberg, CEO/Managing Partner, Wray Executive Search
A labor shortage refers to a condition where there is a lack of available workers to fill job openings. Labor shortages can occur due to various reasons, such as demographic shifts, changes in labor market conditions, skill mismatches, or economic factors.
Ever since the pandemic, US companies, both big and small, have been scrambling to find enough workers to stay fully staffed. They've been forced to offer bigger salaries and generous perks, while employees were free to shop for better offers or simply walk off the job to join the Great Resignation. But now, layoffs are up and job openings are down. The economy is slowing, and the Federal Reserve is hiking interest rates at the fastest pace in decades. By any objective measure, the balance of power in the job market should be tipping back to employers, however it is not. It remains incredibly hard to find and hire enough qualified talent for open roles. It may remain a candidates’ market for many years to come.
by John A. Gordon, Principal and Founder, Pacific Management Consulting Group
A look at the big picture…we are half way through Q1 earnings and the results have been good. The best QSR global brand indicators, McDonald's (MCD) YUM and Starbucks (SBUX) posted very good US and international sales and earnings, but MCD warned of a Q2 recession while SBUX guided conservatively mentioning potential guest falloff in 2H.
On the full-service side, Darden (DRI) had a strong report of sales and earnings and increased full-year 2023 guidance. Their internal guest value metrics were strong.
"There are no secrets to success. It is the result of preparation, hard work, and learning from failure."
-- Colin Powell
The Power of AI: Enhancing Digital Ordering and Delivery Platforms for Restaurants
by Ray Kelley, SVP & Partner, Wray Executive Search
The restaurant industry is witnessing a digital revolution, with online ordering and delivery platforms continuing to be popular among customers. As technology advances, AI is emerging as a powerful tool to enhance these platforms, optimizing efficiency, improving customer experiences, and driving business growth. Let’s take a closer look at how AI can revolutionize digital ordering and delivery platforms, benefiting both restaurants and customers.
Personalized Recommendations: AI-powered algorithms have the capability to analyze customer data and preferences, enabling digital ordering platforms to provide personalized recommendations. By considering factors such as past orders, dietary restrictions, and customer reviews, AI algorithms can suggest relevant menu items and promotions, enhancing customer satisfaction and encouraging upsells.
Read the latest on restaurant industry sales growth from the National Restaurant Association
Restaurants continued to retake wallet share in April
April represented the 14th time in the last 15 months that restaurant sales growth outpaced gains in overall retail sales.
Eating and drinking places* registered total sales of $88.1 billion on a seasonally adjusted basis in April, according to preliminary data from the U.S. Census Bureau. That was up 0.6% from a level of $87.6 billion in March, though it remained well below January’s recent high of $89.3 billion.
Executive Chat with Rebecca Patt, Wray Executive Search
Featuring Nicole Ponseca of Jeepney
The New York Times has hailed Filipina restauranteur and chef Nicole Ponseca as an "empire in the making." She is widely recognized as the pioneer of modern Filipino cuisine, having opened her successful restaurants, Maharlika and Jeepney, in New York City. In addition to her culinary expertise, Nicole is also an accomplished author and speaker, with her James Beard-finalist cookbook I am a Filipino in its third printing and recognized as a Cookbook of the Year by numerous publications. Nicole splits her time between Manhattan and Miami, where she has opened a branch of Jeepney in Wynwood's 1-800-Lucky food hall and is busy cooking up new ventures.
Female leaders are hiding in plain sight. Here’s how to help them shine
Women are some of the most overlooked and undervalued leaders in today’s workplace. This has led to a situation where female leaders are often hiding in plain sight, with their contributions and achievements going unrecognized and unrewarded. In my corporate training program “Release Untapped Potential of Your Underutilized Leaders,” I discuss how to engage, empower and leverage the women in your organization. By using this program, you identify your hidden leaders and bring them into the spotlight.