Every industry has its own unique challenges when it comes to the labor market.
But thanks to big data, we are able to identify these issues quickly.
According to a survey by "Wine Opinions" that was commissioned by SevenFifty and "SevenFifty Daily," the beverage alcohol industry has an especially wide gender pay gap.
"The survey revealed that men within the respondent pool make about $13,000 more per year than women or roughly 26 percent more. In an age where Americans are speaking out about pay parity to a degree never before seen, progress on this front remains especially slow within the industry," writes "SevenFifty Daily."
The industry is made of about 47 percent women and this could detour women from staying in this industry.
Not to mention, there is a lot of competition in the labor market today. This has made it especially difficult for restaurants and beverage companies to hire and retain staff.
So this problem needs to be addressed.
“It is a business imperative to close the gender pay gap, not only to retain good talent and recruit the best, but also to increase employee satisfaction," said Deborah Brenner, founder and CEO of Women of the Vine & Spirits (WOTVS.)
Although the beverage industry employs millions of minorities, there's still a lack of diversity in senior leadership and executive roles, most of these roles are held by white men.
“Companies that win in tomorrow’s economy must have a workforce that looks like their customer base,” said Barkley Stuart, the new chairman of the Wine & Spirits Wholesalers of America (WSWA.) “And they must recognize that a diverse workforce has been proven to benefit not only employee engagement but it also directly contributes to greater success and profitability."
Besides the gender pay gap and racial discrimination, 25 percent of the 3,200 total respondents of the survey said that they are "way overstressed" at their jobs. This is likely because of the many changes in the industry making employees' to-do lists much longer.
“First, there is huge consolidation going on in the alcohol industry at all levels—producer, importer, wholesaler, and retailer. And consolidations result in employee cutbacks as part of the cost-cutting savings promised to investors," said Robert Tobiassen, president of the National Association of Beverage Importers (NABI).
Find out some of the other findings from the survey at "SevenFifty Daily" now.
This survey reveals that is time for the industry to change how it hires. In May, we spoke to Agricole Hospitality brands to see how they manage hiring and staff, what key attributes they are looking for in candidates, and how they retain staff. Listen to the episode of The Barron Report below to learn more.