The Most Labor-Intensive Industry in America
AI Summary
The video discusses the labor intensity of the food service industry, highlighting that it requires about 13 full-time employees per million dollars of revenue, making it the most labor-intensive industry compared to hospitals, which require only four. The speaker points out the rising labor costs and high staff turnover—averaging at 130%, meaning that by the end of 10 months, most of the staff is new. This high turnover and cost structure present challenges for profitability, emphasizing that food service operators often lack the cash to experiment due to their tight margins.