This insightful overview by The Franchise Business Review following their Franchising@WORK Study, dissects the evolving landscape of employment trends within the franchising sector in the United States. In particular it highlights soaring levels of employee engagement, while also addressing challenges such as burnout and employee retention concerns among franchisors.
A common challenge for franchisors is the complex contemporary hiring challenges faced by employers across industries. Factors such as a competitive labour market, evolving job requirements, and shifting job seeker priorities influence this dynamic landscape. To overcome this, franchisors are placing an emphasis on work-life balance, job flexibility, higher wages, and meaningful work.
Drawing on data from the U.S. Chamber of Commerce, a unique scenario applies where currently job openings significantly surpass the number of available job seekers, accentuating the demand for talent across sectors. In addition, recent findings from a survey conducted by Franchise Business Review identify hybrid work, talent shortages, and employee stress/burnout as prominent HR challenge affecting the franchising industry.
Encouraging aspects for the franchising sector, include increased recruitment success at the corporate level, however, the issue of talent scarcity, particularly at the unit level, remains a persistent obstacle.
One notable insight presented is the remarkable level of employee engagement within the franchise sector, with the study revealing that 86 percent of corporate franchise survey participants find their work rewarding and satisfying, demonstrating a notable increase from the previous year.
Key trends illuminated by the Franchising@WORK research include the pivotal role of effective managers in boosting employee engagement, the significance of supporting employees’ emotional well-being, the growing focus on diversity, equity, and inclusion efforts, the importance of clear performance measures and communication, and the enduring impact of hybrid work environments.
By embracing transparency and demonstrating a positive organizational culture, franchisors can position themselves as employers of choice in this competitive landscape. The results also underscore the transformative role of company culture in attracting and retaining top talent.
Certainly, most in the franchise sector on both sides of the Pacific are very optimistic about the potential for growth ahead, but there are several key issues, both current and on the horizon. Franchise executives understand that the success of their businesses depends highly on their ability to recruit and retain the best talent – both employees and franchise owners.
For a comprehensive overview of the trends reshaping employment in the franchise sector, read the full article by FBR here or contact John Cooksey, CEO BDC Performance who partners FBR here in Asia-Pacific for a copy of the report.