Multi-Unit Strategies - How you can retain employees
Though the U.S. economy has been under the longest expansion period in history, there will come a point where growth slows, and yes, even a recession will return.
Such an economic downturn will undoubtedly affect the more than 759,000 franchise businesses contributing $451 billion to the U.S. GDP. While many franchise leaders are taking a cautious approach toward the upcoming economic cycle, there are things franchisees can do to better position their business for such a downturn.
Investment banker Carty Davis recently wrote about what franchisees can do now to prepare for a turn in the economy. Here's what he says about the importance of using tools to help retain employees:
- Use tools to improve employee retention. While one of the positives of an economic downturn typically is reduced turnover, our next downturn may be different as unemployment is currently at a 30-year low. Talented employees may begin looking for new opportunities. To combat this, business owners can use behavioral hiring tools to help ensure they're hiring the right person for the right position and improving retention. There also are tools and technology available to help maximize employee shift flexibility, reduce overtime, and upgrade staff. The pace of technological change in the franchise and restaurant industry is creating winners and losers. Embrace new ways to hire, retain, and satisfy employees. New technology is enabling smart operators to better manage a challenging labor environment.
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