Company Blog
The Best Investment
by Adam Zack — February 23, 2022
It’s harder than ever to attract and retain quality employees.
The surge in grocery buying as we have slogged through the pandemic for the last two years has helped the grocery industry financially. We have paid for it with stress, added expense and higher labor costs. Nonetheless, many stores that were marginally profitable, or even losers who were on the cusp of closing, have been able to maintain good profitability and stay in business. It was predicted in 2018 that 30% of independent, conventional grocery stores would close within 5-10 years. 30%!!! So what are the stores doing with their new abundant cash? Some owners are keeping it for themselves, justifying that they have lost money or been barely profitable for the last several years. Some with a longer vision see the opportunity to retain the new customers by remodeling and updating their tired stores with new offerings and fixtures. Some paid off debt. The smartest ones see the new profits as an opportunity to invest, and the really smart ones are investing it in their employees. New bonus program incentives, and what I think is more important, education and training. It’s harder than ever to attract and retain quality employees, but when they see that you are investing in them and believing in their ability, the investment pays off big time, for a long time.
Read More – Fear Is A Self-Fulfilling Prophecy
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Right on Adam.