Over the last few years the economy has boomed, and unemployment is at an all-time low (3.7% according to the Bureau of Labor as of July 2019). That’s great for people looking for jobs but has significantly impacted many businesses, especially businesses in the service industry. When turnover is over 76% for the hourly workforce (higher in some industries like food service and restaurants), companies are spending thousands to replace each employee resulting in massive turnover costs to their books. It is imperative that businesses understand what is impacting these high turnover numbers if they have any desire to reduce those numbers.
Recruiting in the Service Industry is unlike recruiting for white-collar businesses. With over 80 million hourly workers in the US and more than 7 million job openings at any given time, the service industry has more opportunities than ever before for people starting their careers or looking for career growth.
Download the talentReef annual Recruiting and Talent Management Annual Report to learn about the hourly workforce trends impacting the service industry today.