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Globe and Mail
a day ago
- Business
- Globe and Mail
Menu Tiger Powers Smarter Operations Amid Restaurant Cost Surge
Menu Tiger Powers Smarter Operations Amid Restaurant Cost Surge The restaurant is undergoing a radical transformation as rising restaurant costs reshape operational strategies and business models. Food costs, labor expenses, rent, utilities, and compliance fees have all surged, opening operators with the opportunities to rethink every dollar spent and earned, and investing in modern tech like MENU TIGER's restaurant ordering system has become a critical tool for staying profitable in this new landscape. According to a recent U.S. Bureau of Labor Statistics report, food-away-from-home prices have increased by 4% since 2024. The index for full-service meals rose to 4.3%, and the index for limited-service meals increased to 3.4% over the same period. This is due to adjusting the Customer Price Index (CPI) per food item, such as beef, eggs, vegetables, fruits, and dairy. Meanwhile, Harvard Business Review stated that economic turmoil due to the pandemic has exposed the vulnerabilities of the supply chain, which has yet to stabilize in the aftermath of the pandemic. Labor, which already accounts for about 30% to 35% of the restaurant's operational costs, has become even more expensive. Plus, rent and occupancy expenses rose by 7.73% last year, a nearly two-percentage-point increase over 2023's average of 5.83%. Not to mention, the restaurant profit margin narrows as cost rises. Traditionally, restaurants operate with a razor-thin margin between 3% and 6%. Some operators are now seeing margins slip below 2% or even operating at a loss. Many restaurateurs are now turning to technology in response to these pressures. One of the most impactful tools has been an upgraded MENU TIGER restaurant ordering system that allows for more efficient ordering, fewer errors, and faster service times. MENU TIGER offers a comprehensive platform that allows customers to view menus, place orders, and pay via smartphones through dynamic menu QR codes. This eliminates the need for physical menus and reduces front-of-house labor demands. 'Many restaurants are looking for practical, low-overhead and restaurant expenses solutions,' said Benjamin Claeys, CEO of MENU TIGER. 'MENU TIGER allows operators to manage real-time pricing, streamline operations, and deliver a modern, contactless dining experience, all in one dashboard,' he added. So, there's no need for additional cost to streamline the customer experience or go through drastic changes in the workflow, because efficient service with minimal expenses is what this digital platform is for. This helps owners re-allocate the restaurant budget to other areas needing improvement, maximizing the costs prepared without additional spending. Restaurants using this digital menu ordering platform have reported significant operational improvements. Some venues have seen a 20% to 30% reduction in restaurant cost and labor expenses, while others report an increase in average ticket size thanks to upselling features and visual menus. Despite the challenges, industry leaders remain cautiously optimistic. Consumers are still dining out, though changes in their habits are evident. There's greater demand for value, convenience, and meaningful experiences. Restaurants that can deliver on these fronts while keeping a sharp eye on costs are positioned to weather the storm. Thus, investing in the right restaurant order system is better equipped to thrive in this competitive and complex environment. As inflation and market pressures persist, the restaurant industry's ability to adapt will determine its sustainability. Rising restaurant costs are no longer a temporary challenge but a new reality for owners. But from embracing technology and redesigning operations to adopting smarter restaurant ordering systems like MENU TIGER, restaurant owners are proving that resilience, creativity, and operational discipline can still and will drive success.
Forbes
a day ago
- Business
- Forbes
Talent Sustainability: 10 Leadership Moves To Build A Workforce That Lasts
The paradox of simultaneous labor shortages and widespread job seeker rejection underscores the ... More pressing need for leaders to reassess and refine their talent acquisition and sustainability strategies. Here are 10 first steps. Despite employer complaints of unfilled vacancies, millions of qualified candidates—especially recent college graduates and those over 50—struggle to land interviews, let alone offers. This paradox underscores the pressing need for leaders to reassess and refine their talent acquisition and sustainability strategies. 'The unemployment rate for college graduates ages 22 to 27 jumped to 5.3 percent in the past six months ending in May, up from 4.4 percent for the same period a year earlier,' according to a recent Washington Post analysis of Bureau of Labor Statistics data. While college graduates in that age range typically have lower unemployment rates than workers without degrees, this advantage is smaller today than it has been in 30 years. For older workers who also face ageist assumptions when seeking employment, research has found that nearly half of recruiters believe that applicants are too old to consider for a job by age 57. The results of the survey demonstrate that 'millions of older people risk being overlooked for jobs because of entrenched ageism in recruitment, despite companies facing a significant shortage of skilled workers.' Moreover, two in five recruiters reported being pressured by their bosses to hire younger candidates, while nearly two-thirds of HR professionals admitted to making assumptions about candidates based on their age. The most successful leaders–and businesses–will be those focused on talent sustainability across the age spectrum. That requires rethinking how to source for talent and how they are evaluated. Talent Sustainability Blind Spots Companies today face two significant blind spots that hinder their ability to attract and retain top talent. Firstly, most talent strategies ignore the global demographic reality. Secondly, most workforce strategies focus disproportionately on the mythical age sweet spot for hires. Across the globe, countries report increased longevity, combined with decades-long declines in birth rates–a demographic duo that challenges every company's talent sustainability strategy. To offset the decreasing talent pipeline and knowledge drain, leaders must pivot policies, procedures and workplace culture to facilitate the new whole-life career model and benefit from the longevity advantage. 'In the last 100 years, the 65+ age group has grown five times faster than the rest of the population. What's even more surprising are projections that people aged 75+ will constitute the fastest-growing age band in the civilian workforce between now and 2030,' Stephanie Henkenius, principal at Mercer writes. Outdated recruiting strategies and age-based assumptions result in limited talent pools with candidates who are all within the same age range. This highlights the ageism timeline, depicting a mythical sweet spot that excludes talent on both sides of the age spectrum. Younger workers are excluded from workplace opportunities because they lack experience, completely discounting demonstrated potential to learn and adapt. Older workers are often denied opportunities due to age stereotypes and assumptions that overlook their experiences and career aspirations. The ageism timeline shows how age bias and stereotyping hurts talent sustainability at both ends of ... More the age spectrum. As the ageism timeline suggests, both younger and older candidates are often excluded from hiring, development and promotional opportunities. Younger workers eventually move into the mythical sweet spot but then hit the age where exclusion becomes long-lasting or indefinite. Workplace Strategy: What Leaders Can Do Now Talent sustainability is a key leadership strategy. Proactive leaders who understand and respond to these talent blind spots will come out ahead. Below are 10 first steps that leaders can take now to strengthen talent sustainability of all ages. Creating a strong talent sustainability strategy requires ongoing, proactive management. Leaders model the whole-life career model when practices and policies make it clear that employees are valued for their skills, abilities and potential– regardless of age or life stage.
Yahoo
2 days ago
- Business
- Yahoo
Unemployment rates fall across all metro areas in Illinois
SPRINGFIELD, Ill. (WMBD) — The latest information shows that the unemployment rate is down in all metro areas across the state compared to this time last year. The unemployment rate decreased in May 2025 compared to May 2024, according to information from the U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security. Locally in Central Illinois, the Peoria Metro Area had an unemployment rate of 3.8%, which is a 0.8% decrease from last May. The Bloomington Metro Area had an unemployment rate of 3.1% which is a 0.6% decrease from the year before. Statewide, the unemployment rate is at 4.4%, which is down 0.4% from the same time last year. 'With every metro area experiencing a year-over-year decrease in their unemployment rates, coupled with significant consecutive months of payroll jobs gains in four of our areas across the state, the Illinois economy continues to showcase stability and resilience,' said Deputy Governor Andy Manar. 'We remain committed to ensuring vital investments in workforce development opportunities that encourage and create new and growing economic activity across the state.' The total number of nonfarm jobs also saw an increase this year. There were 6,187,100 jobs reported across the state in May, which is about 24,200 more than in May 2024. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
2 days ago
- Yahoo
5 Countries Where You Can Easily Live Off Just $2,000 per Month
There's no denying that prices for nearly everything are higher in America than they were before the coronavirus pandemic. Inflation spiked at over 9% in the summer of 2022, and although it's fallen to more manageable levels lately, prices still remain high. According to the Bureau of Labor Statistics, the average American household spent $77,280 in 2023 — a 5.9% increase over 2022 — and that number no doubt went higher still in 2024. On a monthly basis, that amounts to $6,440. If that number is breaking your budget, one option could be to consider living overseas. Explore More: For You: Formerly the domain of wealthy retirees, a life abroad has become more accessible, more affordable, and more realistic for a wide range of Americans, particularly those looking to live within their means. In some countries, even $2,000 per month is enough to get by, although you may have to make some sacrifices along the way. Here's a look at some desirable international destinations where you can get plenty of bang for your buck. Numbeo's cost of living: 45.5% lower than the USA Thailand is blessed with an assortment of riches. While the country is well-known for its endless white sand beaches and delicious cuisine, the country is also so friendly that it's informally known as the 'Land of Smiles.' If beaches aren't your thing, check out the country's mountainous northern region, packed with hiking trails and national parks. Even a family of four could get by on just over $2,000, excluding rent, while a single person could manage on just over $600. Adding in rent isn't a problem, as it runs 68.9% below the U.S. average. Trending Now: Numbeo's cost of living: 41.1% lower than the USA If you're looking for a little Eurasian flair, taking up residence in Turkey might be more to your liking. The rich history and culture of Turkey, not to mention breathtaking vistas in Istanbul and other cities, offer something a bit different than any of the other options on this list. Numbeo pegs the cost of living for a single person at just $671.30 per month, excluding rent, while a family of four could get by on $2,430. Numbeo's cost of living: 52% lower than the USA Malaysia often gets overlooked in favor of its Southeast Asian counterparts, but the country offers an incredible standard of living for a price that's even lower than its famed neighbor to the north, Thailand. Unlike many other countries in the region, Malaysia boasts a multicultural heritage that may offer something different and appealing to American expats. Its modern infrastructure, affordable lifestyle and year-round warm climate may appeal to many. According to Numbeo, even a family of four could get by in Malaysia for less than $2,000, excluding rent — which is 78% lower than in the United States. Numbeo's cost of living: 50.1% lower than the USA Panama has generated a lot of press in recent years as being a great place for American expats, and with good reason. Panama's Pensionado program offers great discounts for retirees, while its breezy lifestyle of beaches and rainforests offers the slow pace of life many Americans are looking for, all within a short flight of the homeland. Those looking for a cheaper place to live will no doubt appreciate the fact that rent in the United States is 76.4% higher than in Panama. Numbeo's cost of living: 54.6% lower than the USA With beautiful beaches, friendly people and over 7,600 islands to explore, the Philippines is a dream vacation destination for many. But with a cost of living less than 50% of the United States, it's also an amazing place to stretch a budget. Numbeo estimates a single person could live there for as little as $566.70 per month, excluding rent, and even a family of four could manage on less than $2,000 without rent. But with rent prices a whopping 82.4% lower than the United States, even that added expense won't break many budgets. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 5 Countries Where You Can Easily Live Off Just $2,000 per Month
Yahoo
3 days ago
- Business
- Yahoo
Fed chief Powell is starting to worry about the reliability of economic data
Jerome Powell raised concerns over economic data quality affecting Fed policy. Budget cuts and staffing shortages at the Bureau of Labor Statistics impact data accuracy. Increased data imputations may lead to misleading inflation and employment figures. For a Federal Reserve operating with a data-driven approach to monetary policy, what happens when the data is wrong? Chairman Jerome Powell has been receiving rising pressure from President Donald Trump — and more recently, other Fed officials — to cut rates, but there's another issue that Powell's worried about: the quality of economic data collected by the Bureau of Labor Statistics. Economists have been raising concerns about this topic for the last few months, and Powell voiced his own concerns on Tuesday during his testimony to Congress. "I wouldn't say that I'm concerned about the data today, although there has been a very mild degradation of the scope of the surveys," Powell said when Rep. Sam Liccardo asked him about his thoughts on data quality. "But I would say the direction of travel is something I'm concerned about." "It's really important not just for the Fed, but for Congress and for businesses, frankly, to know what really is going on in the economy," Powell continued. "I don't like to see the kind of stories I'm reading and the idea being that the data is going to become more volatile and less reliable. That'll make it more difficult for the private sector and for you and for us. That means inflation, employment, and other economic measures that the Fed and other institutions depend on to determine policy might be less accurate than they were in the past. DOGE cuts on government funding could be a culprit. BLS was not spared from budget cuts earlier this year, and a proposal in Trump's Big Beautiful Bill is aiming to further reduce the agency's budget by $56 million. Staffing shortages at the BLS have resulted in reduced data availability. BLS teams calculate CPI numbers by collecting price quotes across 75 urban areas in 200 item categories. On June 16, BLS announced it had suspended data collection in Buffalo, NY. This follows the agency's April suspension of CPI data collection in Lincoln, Nebraska, and Provo, Utah. BLS said the number of imputations, or estimated values, in CPI data increased in April due to these changes, but affirmed that these exclusions have an overall "minimal impact" on inflation data. Torsten Sløk, Apollo's chief economist, pointed out that imputations have increased significantly in the last few months, reducing data quality. Usually, around 10% of the CPI values are imputed when data is not available. However, the May percentage is estimated to be triple the average, at 30%. "In other words, almost a third of the prices going into the CPI at the moment are guesses based on other data collections in the CPI," Sløk wrote in a note last week. This could be leading to more frequent revisions of economic data, experts say, and the labor market is another area of scrutiny. The May jobs report showed 139,000 new jobs created, but both Peter Berezin, chief global strategist at BCA Research, and Samuel Tombs, chief US economist at Pantheon Macroeconomics, believe the final number could be revised down to around 100,000. Increased imputations can mask new developments in the economy, making inflation and jobs data look more optimistic than they actually are. In Tombs' opinion, the jobs numbers are excluding a large swath of the economy: small businesses, which are filing late as they struggle with tariff impacts. "When there's a gap in the data, [the BLS] just interpolates from past trends, but if the trend itself is weakening, once you actually get the data that you previously had interpolated, usually you find that it's weaker than your original estimate had suggested," Berezin told Business Insider. "The response rate to these surveys is very low, so the Fed has to do a lot of guesswork. And in a weakening economy, usually you're going to be guessing too high on payrolls, rather than too low" Berezin added. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
