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Pandemic Reflections: What Lessons Has the Restaurant Industry Learned?, Part Two

Modern Restaurant Management

While many companies still don’t offer health insurance, I have a number of clients offering health care through online medical services, such as. Department of Labor , the leisure and hospitality sector is set to add nearly 800,000 new jobs between 2023 and 2033—about 1 in 8 of all new jobs during this period.

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MRM Research Roundup: Midyear Report Card, Cowboy Carter Boost, and the Evolving Pumpkin Craze

Modern Restaurant Management

On the other hand, fine dining excels in experience-driven differentiation, albeit with cost and margin trade-offs: Sales at fine dining restaurants declined by 13 percent in early 2024 compared to late 2023, likely due to reduced discretionary spending, but recovered to between 2.1 percent and 3.1 70 percent cite inadequate employer support.

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Pandemic Reflections: What Lessons Has the Restaurant Industry Learned?, Part Three

Modern Restaurant Management

From a legal perspective, Insurance : the pandemic highlighted the limitations of insurance policies. Several high-profile restaurant groups brought litigation against insurance companies for their coverage position, but were ultimately unsuccessful. Wages have risen roughly 13 percent since early 2023, leveling out at $13.62

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Restaurant Profit Margin: 7 Ways To Actually Make Your Operation More Profitable

SpotOn

At the beginning of 2024, the NRA reported that 73% of operators expected profit to be less or the same over the year, with 38% saying they didn't make any profit in 2023. This is all the income from your food and beverage sales, catering, branded merchandise, packaged goods, venue hire, etc. Labor costs. More traffic.

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Safety Training and a Strong Safety Culture: The Recipe for Mitigating Restaurant Risk

Modern Restaurant Management

Things began to change for the restaurant industry in 2023 as the script flipped from cutbacks to a growth mindset. Data from the National Restaurant Association’s 2023 State of the Restaurant Industry report revealed that nearly three in four operators were focused on sustaining growth.

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Emerging Trends in Restaurant Benefits

Modern Restaurant Management

With winter behind us and summer approaching, it is time to begin planning for the 2023 benefits plan year. Likewise, forecasting costs and building budgets will mean understanding medical costs as well as the hiring market. In 2021, smaller plans that are often fully insured (fewer than 500 participants) saw a 9.6-percent

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Ultimate Restaurant Payroll Guide 2023

7 Shifts

Health insurance plan opt-in forms. Federal Insurance Contributions Act (FICA) taxes: FICA is the tax levied on employers to pay Social Security and Medicare. Deductions for benefits like health insurance, 401(k), dental, vision, etc. Hiring a payroll specialist or using payroll software can help you avoid common mistakes. "I