Every week we comb through the news to find employment trends affecting the hospitality industry so you don’t have to. This week’s topic: projected restaurant industry growth*.
Projected Restaurant Industry Growth* (Pre-Covid): Huge growth expected by 2029
According to a recent report by the National Restaurant association, by 2029 the restaurant industry is expected to add 1.6 million jobs and bring in $863 billion. That rounds out to 160,000 new jobs and $86.3 billion of revenue per year. We can all agree that the addition of jobs and revenue is great for the industry, but with unemployment currently at 3.6%, this rise in jobs begs the question: where will we get the workers from?
It’s no secret that hiring in the restaurant industry can be a costly and time-consuming challenge, with staffing often chosen as one of the biggest operational pain points. Combined with the fact that it can take weeks to find and hire a great candidate, many foodservice and hospitality managers are looking to other options to help grow their teams. While this industry continues to add over 150,000 jobs per year, it’s time to think outside the box when recruiting new workers.
One option is to utilize a staffing company, which grants access to a world of different types of staff. For example, LGC has several staffing solutions created to fit the hiring needs of any foodservice organization. These solutions include temporary, temp-to-hire, crew perm, and permanent placement options. By exploring an LGC solution, you could add a new member to your team in a matter of days opposed to weeks. If you find yourself struggling with job growth, exercising one of these options could make the difference between a fully staffed and half staffed shift when considering projected restaurant industry growth.
With the hospitality industry continuing to grow, there’s a huge opportunity to be successful – but it may take some help. Learn more about the solutions offered by LGC and make sure you check back next week for a new installment of Hospitality in the News.
*Please note, this article was written pre-COVID. The projected growth data has likely changed.