Cane’s pay raises raise average wages to $19.50 an hour — ‘the right thing to do’

Finance


Fast-growing restaurant chain Raising Cane’s has invested more than $9 million in its employees, but co-CEO and COO AJ Kumaran says the return on investment is much higher.

“If you take care of people, your business will pay for itself,” Kumaran told Yahoo Finance Live this week.

As part of this initiative, the company will pay employees an average wage of $19.50 an hour, plus $2 an hour within 12 months of employment, $1 an hour to work after 10 p.m. We are offering you the opportunity to donate $2. , among other incentives.

Kumaran said retention “will definitely improve” as a result of the initiative, adding that “we have one of the highest retention rates in the entire industry.”

The privately held company is now looking to expand, with plans to open 1,500 domestic and international locations that will employ more than 150,000 new employees. The company plans to use existing employees to train and cover rent for up to six months for employees heading to new restaurants in new markets.

“It’s a total win-win,” said Kumaran.

This year alone, the company plans to open over 100 restaurants, bringing the total to over 800 locations.

The expansion includes five flagship stores in Las Vegas, Miami, Chicago, Nashville and Times Square. Other New York locations scheduled to open in 2023 include two locations in Brooklyn, one in Queens and one across from Yahoo Finance HQ in Greenwich Village.

Raging Kanes employees serving customers (Courtesy of Raging Kanes)

Raging Kane employees serving customers (Courtesy of Raging Kanes)

“To the future one step ahead”

Raising Cane’s is offering first-time homebuying restaurant leaders $10,000 in closing costs.

“The response has been incredible,” Kumaran said, allowing Chicken Finger Chain to be “one step ahead of the future” when it comes to supporting staff both professionally and in their personal lives. bottom.

As for the ultimate cost of investing in the company’s team, Kumaran said the $9 million figure the company expects to invest in growing the team going forward is “probably on the lower end.”

“It’s a much larger number.”

Brooke DiPalma is a reporter at Yahoo Finance. Follow her @@ on Twitter.brooke di palma Or email bdipalma@yahoofinance.com.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance App apple again android

Follow Yahoo Finance twitter, Facebook, Instagram, flip board, LinkedInand Youtube





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *