Skimping on wages and not offering benefits doesn’t always equate to savings in the long run. Especially when you’re in the restaurant industry, which employs 14 million people or ten percent of the national workforce according to the National Restaurant Association. With such a large pool to draw from, it pays to pay well, especially since the 2013 turnover ratio was 20% higher than the overall private sector average, a whopping 62.6% for the restaurant industry as reported by the Bureau of Labor Statistics.
Save yourself the headache, time and money of replacing the valuable members on your team by paying them fairly and competitively. Let’s take a look at just how that’s done, examining average salaries within the industry and what that turnover ratio is really costing you.