by Bob Gershberg, CEO/Managing Partner Wray Executive Search
The Great Resignation has hit us by storm. 4.5 million left their jobs in November 2021. This trend is expected to continue through the first half of 2022. About 23% of employees will seek new jobs in 2022, while 9% have already secured a new position according to a recent resumebuilder.com poll. This work revolution or reset is about taking control of work and personal life, a clear empowerment for workers that will not diminish anytime soon.
The media discussion around the cause of the Great Resignation focuses on wage dissatisfaction. A recent MIT Sloan Management Review article provides a more data driven explanation. The research uncovered five lead predictors of high rates of attrition:
2022: Restaurant Viewpoint: Thick Clouds and Poor Visibility
by John A. Gordon, Principal and Founder, Pacific Management Consulting Group
More Questions Than When We Started.
Typically, by this point in mid-January, we would have some idea what the restaurant operating tempo for the year beginning jump-off point is going to be. We would have entered January, always the slowest month in restaurant sales and traffic in the Northern Hemisphere. We would have good summary indicators through Restaurant Finance and Development Conference (which came off beautifully, live in November) and the ICR Conference (which unfortunately reverted to virtual earlier this month). Frankly, none of this gave us a warm and fuzzy feeling.
Are Conditions on the Ground Clearer?
Unfortunately, not. Conditions on the ground in the field are quickly changeable. Consider:
Starbucks notifies all of its customers on January 14 electronically that US store hours, openings, business platforms, and product availability are apt to change due to the effects of COVID/supply chain issues.
The FACTEUS FIRST Report on consumer spending showed very gradual transaction count softness in QSR credit card transaction counts and full-service brands following in December and early January.
Introduction to So You Bought a Franchise, Now What?
by Dave Roemer
Congratulations! You bought a franchise and you are now a business owner. No longer are you subject to the whims and desires of a boss who can decide to eliminate your position or replace you with someone younger and cheaper. You are now in complete control of your future success.
The question you need to answer is “Now what?” If you are like many other new franchisees, you have never owned a business until now. You are undoubtedly excited and probably a bit terrified. Not to worry, that is completely natural. Hopefully, you learned some valuable lessons going through the due diligence process and deciding which franchise was best for you. One thing you probably learned is that having trusted advisors is critical. Your accountant and attorney gave you great advice and will continue to do so. Fellow franchisees can also be a great source of advice and wisdom. Fellow franchisees do not always have a lot of time as they are busy running their own business.
I have been fortunate in my career that I have been surrounded by some very smart people. I am also fortunate that I had the good sense (most of the time) to listen to those people and learn as much as I could from them. I have also been in some situations where I had to learn or I was doomed.
