National Restaurant Association Show 2024 Schedule: Events & Parties Worth Going To

The National Restaurant Association Show 2024 is set to be a big one with the influx of technologies and new trends along with the continued challenging labor market. We analyzed the show's agenda and found there are three main themes: 

1. Technology Integration: The 2024 show featured a significant focus on AI and automation technologies. These technologies are being leveraged to enhance efficiency, improve customer service, and drive innovation in food preparation and service.
2. Workforce and Operational Solutions: Another significant focus at the show was on workforce solutions and operational efficiencies. This includes discussions and sessions on cost-saving strategies without compromising quality and increasing accessibility in the hospitality sector.
3. Sustainability and Plant-Based Foods: There is a growing emphasis on sustainability within the industry, with a particular focus on plant-based foods. This trend is driven by consumer demand for more environmentally friendly and health-conscious options. The show highlighted this shift with numerous exhibitors showcasing sustainable practices and products, including innovations in plant-based cuisine.

2024 State of the Industry

Supply & Labor Costs

The industry is poised to surpass a historic milestone with sales expected to exceed $1.1 trillion. Despite this growth, restaurants face substantial cost pressures:

• Food Costs: 97% of operators reported higher food costs as a major issue.
• Labor Costs: Similarly, 98% of operators are challenged by rising labor costs. This is exacerbated by legislation like California's AB 1228, which mandates higher wages for certain fast-food chains.
• Staffing Shortages: About 45% of restaurant operators indicate a need for more employees to meet customer demand.
• Legislative Impacts: Laws like AB 1228 are influencing operational costs and could potentially lead to similar legislation in other states, affecting wage structures across the industry.

Providing Benefits As A Driver For Retention

Health benefits are a critical factor in attracting and retaining employees, especially in light of ongoing labor shortages:

• Intense Competition: 45% of operators expect competition to intensify compared to the previous year.
• Insurance Coverage: Some restaurants have added surcharges to customer bills to cover health insurance costs. However, only 32% of food service workers had employer-provided health benefits in 2023.
• Additional Benefits: Beyond health insurance, restaurants are increasingly offering benefits like paid leave, childcare assistance, and flexible schedules to enhance employee retention and attract new talent.

Mira provides an attractive solution for franchisees and restaurant operators to provide portable health benefits at a low cost ($55/month) to part-time and contract workers. Mira covers virtual primary care, mental health care, lab tests, prescriptions, and even Ozempic/GLP-1 in selected states.