The Formula for Business Success [infographic] – Friday Distraction
(Editor’s Note: Today’s post is brought to you by the National Restaurant Association Educational Foundation (NRAEF). As the philanthropic foundation of the National Restaurant Association, the NRAEF works to attract, develop and retain professionals for the restaurant industry. Enjoy today’s post!)
There was some news in the October jobs report that I found interesting. While the economy added jobs, wages didn’t grow at all. Of course, this report reflects the overall economy so obviously, there are industries that are giving workers increases. They are just overshadowed by those that are not.
One industry that is focused on providing competitive pay is the restaurant industry. Now before letting out the collective sigh, hear me out. As human resources professionals, we know there are companies that choose to lead or lag in compensation practices in every industry. That doesn’t mean the whole industry should be judged in a negative light.
Today’s infographic from the National Restaurant Association’s Education Foundation has some very eye-opening data. For example, did you know that chefs and cooks make a median base salary of $50,000/annually? And on average, entry level employees in the restaurant industry receive a raise within six months of hire.
One other thing, it’s easy to stereotype the restaurant industry as consisting only of hourly jobs. And hourly jobs aren’t really careers. This is not true in two ways.
- There are many career servers, who are paid hourly wages.
- And according to the NRAEF report, almost 60% of restaurant employees are salaried.
Most restaurant owners and managers understand the formula for business success is not only serving delicious food but providing outstanding service. The way to achieve that is treating employees fairly. Happy employees create happy customers.
