Restaurant owners are facing pressure to increase wages as the economy picks up steam. According to a recent report from the department of labor, as reported in the Wall Street Journal, restaurant wages increased at an annualized pace of 3% in the second half of 2014 compared to a 1.5% pace in the same period of 2013. Overall private sector wage increases have averaged 2% in the last 5 years.
Many restaurants are seeing employees leave for careers in higher paying jobs that they may have been forced out of during the recession. Restaurant owners are being forced to respond with higher pay and more benefits to attract experienced owners.
One strategy to deal with higher salary and benefit costs, is to utilize restaurant equipment leasing for restaurant equipment financing, which will allow restaurateurs the ability to preserve capital they will need to compete for top talent. Please review our equipment leasing page for more information on the benefits of equipment financing.