Recruit and Retain Talent With Tech, Training, and Thoughtfulness

February 24, 2023

For the past few years, many of us have struggled to recruit and retain talent within the restaurant industry. Now, with the worst of the pandemic seemingly behind us, the Wall Street Journal reports on a more optimistic labor market – one that is “consistent with a jobs market coming back into balance” rather than one that is “wobbling into a strong downturn.”

While labor clocks-in as one of your organization’s largest costs, it is also your greatest asset. So, rather than resting because power seems to be moving back to employers, we can use our recent experience to better recruit and retain talent. After all, don’t you want to retain your greatest asset?

So, how do we stand out and retain our talent?

The Great Resignation forced us to focus on higher wages and more flexibility in order to gain traction in a highly competitive market, but recent reports indicate that many of those who recently shuffled positions in search of pay raises and “better working conditions” regret their decisions.

For many, the shine wore off quickly because the main drivers were incentives that felt right in the moment but didn’t hold their luster for the long term.

Not sure who you can trust your franchise accounting and finances to? See why you should choose GSS

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Harvard Business Review argues that while compensation and flexible schedules are some of the “easiest levers you can pull” you must consider how easy they are for “competitors to imitate” and how “their impact on employee retention is the least enduring.”

In other words, compensation and other “perks” are just one component of the employee value proposition – you should go deeper to recruit and retain talent.

McKinsey research indicates that there is a “stark disconnect between what frontline employees want and what employers think they want.” The firm reports that 70 percent have applied for opportunities with purported career advancement but many “struggle to overcome the barriers to professional growth.”

So, along with compensation and other perks, I encourage our clients to make sure that their employees’ growth and development is achievable and that it will foster more meaning and purpose in their jobs. Are you giving employees the tools and training to succeed for themselves and the business?

The employee experience is all about engagement, and when it comes to career pathing, we believe in serving up opportunities through:

Technology: Use technology to be transparent and show your employees what they should see. Having visibility into key areas of the business helps with performance. Performance helps with buy-in. Buy-in helps with retention. Customized systems like Restaurant 365 provide relevant data via unique dashboards that help monitor food costs and manage schedules, inventory, and labor. Tools like this provide operational support that create better business habits, bring employees closer to real-time operations, and introduce them to data that guides stronger decision-making.

Training: According to McKinsey, frontline workers rank the opportunity for job growth or promotion higher than pay or benefits. In contrast, they cite a “lack of employer-provided development opportunities as a primary barrier to advancement.” Ensuring opportunities to acquire new skills and advance based on those skills brings a sense of purpose and economic mobility to frontline workers, so we suggest focusing on this area as you seek to recruit, hire, and retain enthusiastic workers.

Thoughtfulness: I could spend multiple e-mails on this one topic but listening (truly listening) to your employees is the greatest path to improving engagement and retention. At GSS, we have open channels for our employees to let us know how we can improve their experience. If you seek feedback from your customers, you need to seek feedback from your employees. What is the unanimous feedback we’ve heard? It’s not raises. It’s not more vacation. It’s the desire to have more training and stronger communication amongst our international team.

Final Thoughts

Activating and engaging employees as true stakeholders can elevate our businesses, but we must ensure they have access to all the tools and resources they need to be successful personally as well as those that help enhance the business.

The good news is that you already have the tool to improve engagement readily available to you – the ability to listen.

If you’d like to chat about this or anything else, please let me know. We’d love to hear from you!

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Insights

Managing finances in a restaurant is more than just balancing the books—it’s a constant challenge of keeping cash flow steady, ensuring payroll is accurate, and staying compliant with tax regulations. With 3-5% profit margins and high transaction volumes, even small financial missteps can have serious consequences. Many restaurant operators rely on generalist CPAs or outdated accounting systems, only to find that their financial reports are inaccurate, tax filings are late, and cash flow projections are unclear. Multi-unit operators face even greater hurdles, juggling multiple locations while trying to maintain financial stability and growth. Outsourcing accounting can provide relief, but choosing the right partner is critical. The best providers go beyond basic bookkeeping, offering real-time financial insights, seamless technology integration, and industry-specific expertise. With the right support, restaurant owners can shift their focus from managing spreadsheets to running and growing a successful business. Here’s what to look for—and what to avoid—when selecting an outsourced accounting provider. Understanding Your Restaurant’s Specific Needs Finding the right outsourced accounting partner starts with understanding your restaurant’s unique financial challenges. Whether you operate a single location or a multi-unit franchise, your accounting needs will vary based on business size, operational complexity, and growth goals. A one-size-fits-all approach won’t work—your financial partner should be equipped to handle the nuances of restaurant finance at every stage. How Size and Complexity Impact Financial Management Every restaurant’s financial needs depend on its size and structure. A single-unit restaurant may only need basic bookkeeping, while a multi-unit operator must manage high transaction volumes, centralized reporting, and payroll across multiple locations. Franchisees face additional complexities, balancing brand requirements with independent financial oversight. Operators who manage finances in-house often hit a breaking point as their business grows. Smaller restaurants may start with a local CPA or DIY bookkeeping, but as revenue and expenses increase, manual processes become unsustainable. A lack of dedicated financial expertise can lead to delayed reporting, tax filing errors, and difficulty tracking profitability. The Role of Technology in Restaurant Accounting Technology plays a critical role in modern restaurant financial management. Restaurants using Restaurant365, QuickBooks, or other accounting platforms need an outsourced provider who understands these systems and can seamlessly integrate financial data. Without this expertise, operators risk manual errors, inefficient reporting, and compliance issues. An effective accounting partner should also be familiar with POS systems, payroll platforms, and inventory management software. The ability to extract and analyze data from these systems ensures accurate financial reporting and real-time insights. Planning for Growth with Scalable Financial Solutions

Enhancing Your Restaurant’s Digital Presence

By William Fleming • September 22, 2024

From email to social media to traditional advertising, there are many ways to invite current and potential clients to engage with your business. However, your website is your most powerful tool when it comes to developing meaningful relationships and giving people a comprehensive view of your team, offerings, and ways in which you can help enhance their lives or solve problems. GSS took these benefits into account as we recently designed and unveiled our new site . Our intention revolves around a renewed ability to connect with clients, to showcase our competitive edge, reflect the current state of our services , and introduce strategies involved in helping restauranteurs gain an advantage. Based on my experience, I thought I’d share some ideas to consider regarding your restaurant's digital footprint. Intention is Key Along with awareness, business owners should consider what they want to convey through their website. Do you have a unique menu offering? A team of caring employees? High quality of service? Are you perfect for a lunch date or a family dinner after a sporting event? As your business evolves, make sure your website is updated to mirror that progress and build credibility with your customers. Reflecting Growth and Innovation A redesigned or updated site will allow you to showcase new menu offerings, testimonials, or community involvement which highlight your restaurant's evolution. For instance, GSS recently expanded our accounting and business intelligence services to include payroll . It's a move that communicates our commitment to staying ahead in the restaurant accounting sector and is now a significant part of our website. Enhancing User Experience User experience is equal to customer experience when it comes to technology. When someone visits your website, you want to ensure that their digital experience is as pleasant as the service they'll receive inside your restaurant. Paying attention to technological upgrades and trends such as faster load times, more intuitive navigation, and better mobile responsiveness can give you the upper hand in retaining visitors and encouraging engagement. If you offer a mobile ordering app , you'll want to keep a close eye on that experience while also keeping your menu, hours, and other information up to date. Boosting SEO and Visibility HubSpot reminds us that search engines prioritize websites that offer fresh content and up-to-date information. You want potential customers to hang out as long as possible on the site because that will continue to inform search engines that you are worthy of a higher ranking. By updating your website periodically, you can prioritize improving search engine optimization (SEO), a critical component of using the power of Google and other engines to drive traffic and boost sales. Final Thoughts GSS went into the web design process to create a seamless user experience, including streamlining navigation, enhancing content, and providing tools to drive business success. However, as Harvard Business Review says, "Businesses can't improve operations without honest and substantive feedback."