Author: Hans & Associates, P.C.
According to the National Restaurant Association (NRA), more than 13 million U.S. employees work in the restaurant industry. In a recent NRA news release, the economical forecast was that the restaurant industry would continue lead in sales and job growth in 2013, outpacing employment in other industries and helping to drive the U.S. economy.
The NRA expects the most pressing challenges the industry faces to be the following:
§ Food costs. With wholesale food costs on the rise and continuing to rise, restauranteurs must come up with innovative solutions to reduce inefficiency and increase productivity so they can keep menu prices down.
§ Economy. A slow economy has kept many people who would like to dine out from doing so. Research shows that two out of five consumers would use restaurants more in a better economy.
§ Healthcare reform. Restaurants are struggling to figure out how to afford the new impending healthcare reform. Typically, one-third of a restaurant's income goes to food and one-third to labor costs, which makes pre-tax profit margins around three to five percent.
The NRA projects that by 2023 the restaurant industry will add 1.3 million new positions and grow at a 2.4 percent rate, which is significantly higher than the projected overall employment growth rate of 1.5 percent.
Individually, restaurant owners face their own challenges of complying with employment law regulations such as wage an hour laws. New York employment defense lawyers at Hans & Associates help business owners deal with employment and other legal issues to keep their businesses operating and viable.