Bar Louie CEO says revamped general manager incentives program will retain talent for long haul
Benefits program includes 3-week sabbaticals, vacation subsidies, performance bonuses
Restaurant chain Bar Louie revamped its benefits program for general managers, offering rewards from profit-sharing bonuses to three-week sabbaticals, in order to try and combat the coronavirus-related labor crunch.
Bar Louie, like the rest of the industry, has been grappling with labor challenges, CEO Tom Fricke told FOX Business.
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As a result, Fricke said the company changed its general manager benefits program "to better retain our talent long-term and create a modern structure that would be well-suited to meet the cultural shifts taking place within the workforce."
Once hired, general managers will be eligible for a three-week sabbatical every three years. They will also receive support for continuing their education, an annual vacation subsidy, performance bonuses and a $500 quarterly wellness allowance which can be used toward services like gym memberships or childcare, according to the company.
Once general managers gain tenure, they'll be able to choose between profit-sharing bonuses or forgoing closing shifts, which end at 2 a.m. "to create more flexibility in their nightly schedules," the company continued.
If someone has been in a Bar Louie general manager role for three or more years or their Bar Louie location generates at least $4.5 million in annual sales revenue, they’ll be eligible for an executive general manager position, which could come "with greater profit sharing opportunities and work schedule flexibility."
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"As a result of the Great Resignation, we’ve learned to lean into our employees and adapt our policies to create greater staying power and career growth within our brand," Fricke added.
The ongoing labor crunch has impacted various sectors of the economy from retail, food to the airline industry. Even critical operations such as hospitals, pharmacies, police departments and supermarkets are struggling to maintain their workforces.
JOBLESS CLAIMS UNEXPECTEDLY RISE TO 286,000, HIGHEST SINCE OCTOBER
The Labor Department reported earlier this month that there were 10.6 million open jobs at the end of November. Though a slight decline from October, it's still a staggeringly high figure; there are about 3.7 million more open jobs than unemployed Americans looking for work.
The Associated Press and FOX Business' Megan Henney contributed to this report.