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It’s hard to ignore messages from Prime Minister Justin Trudeau when he says that 2023 will be “tough.” Many wonder if they should start a franchise with high-interest rates and inflation hitting the Canadian economy. But these people are not always considering whether it’s wise to put down that initial investment. Instead, they’re looking at whether they can hire help after starting their franchise to keep them profitable.
Recessions are notorious for layoffs and budget cuts. As you think about your staffing, you might worry that you’ll need to hire and then condense your workforce to make ends meet. However, that’s not always the case, especially when it comes to franchising.
Franchises typically grow faster than other sectors during recession periods and are expected to continue to grow, according to the International Franchise Association. With this in mind, here are some valuable tips for how to navigate personnel and get the help you need to grow your franchise despite the economic backdrop.
Get Creative With Benefits
Work, as we know, is changing. People are now used to working remotely or working on their terms. As employers, it might not always be possible to honor the desire to work from home or in yoga pants, but you can adjust your expectations to align with these new workplace desires.
Getting creative with your benefits can include things like:
- Offering personal development opportunities
- Increasing their paid time off
- Bringing in unexpected incentives for good performance
- Collaborating with other local franchisees to offer benefits to each other’s employees
Considering how you’d hire if you started a franchise, consider how you’d retain those employees with unexpected benefits.
Empathy First
There is no one size fits all approach to management and human resources. Every employee’s needs, lifestyles, and personal desires are different. Practicing empathy, and training your leaders to do the same, will help your employees feel appreciated and seen.
Empathy starts with asking the right questions and listening to the offered feedback. Sometimes that feedback is non-verbal. Other times it’s highly vocal. It’s up to you to take it all in and adjust your location’s practices as best you can within the franchisor’s scope so that you can give your top talent what they want to succeed. In doing so, you’ll put working for your business in a positive light, allowing you to recruit more top employees.
It’s About More Than the Business
Ultimately, people want to be involved in something bigger than themselves. Retention builds when you can bring your personnel together under a joint mission. If your franchise isn’t centered around a specific mission, you can still leverage your location by getting your team involved in a local cause. For example, host a toy drive or ask for donations for a local pet shelter.
This intentional mission isn’t just valuable for your team. It’s valuable for you, too, as an owner. As you look at starting a franchise, think about the difference you can make locally with your business.
The Road Ahead Doesn’t Have to Feel Scary
Bringing on top talent and keeping those people after you’ve hired them can be downright difficult — so much so that you might hesitate to start your franchise.
However, as you think about how you’d design your business and analyze the various franchise opportunities available in your area, consider these three factors — creative benefits, an empathy-first approach, and that meaningful mission. In understanding that, you can establish your company in a way that feels exciting to work for and brings value to your community.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.