Commentary: What does a 401(k) have to do with hiring cooks? Well, in a nutshell, a restaurant-friendly 401(k) is a broad-based benefit that appeals to restaurant staff, and can help restaurant employers hire and retain valuable workers – while meeting IRS nondiscrimination testing requirements. These new 401(k)s use advanced technology to create a more engaging, user-friendly, smartphone-based platform for restaurant staff, and other hard-to-reach employee groups.
The restaurant industry is booming. Unfortunately for restaurants, the increased demand for restaurant staff comes in the midst of the tightest labor market since 2008, and restaurants are feeling it. A recent New York Times article reports on what this situation is doing to hiring. “At conferences, over beers and on social media, chefs and restaurateurs are openly worrying (not to say complaining) about a crisis-level shortage of cooks.”
