A Holistic View of Hospitality: Philip Camino

Philip Camino is out to save his restaurants but, in the process, may be able to help save the industry. Today we discuss how he’s expanding the concept of team to include his vendors and how wellness plays a central role in his restaurant operations.

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SHOW NOTES

• Transforming the business during Covid
• Looking at ways to mitigate risk
• Reduce costs
• Get more efficient
• Speak to landlords and stakeholders
• Building a partnership with landlords
• Collaborating with landlords rather than being against them
• Less tennants in the next 6-12months
• More failures happening within the next year
• Mid level spaces - much less demand
• Philip’s professional background
• Director of Finance at the Student Union
• Corporate job in enternatinment management company
• Corporate marketing
• Moved to LA and began in hospitality
• Lessons from a varied professional background
• People are everything
• World class artists and brands have world class teams
• Strong teams attract other talented people
• The hospitality job market
• Hiring has been hard in the past couple of years
• Even BOH hard to hire
• Essential to the running of the restaurant
• Restaurants will have a more diluted talent pool post-pandemic
• Covid is creating opportunity
• Reset of the industry
• 35% restaurant closures
• 35% less competition
• 65% of restaurants who are left will hopefully get 100% of the remaining business
• Finding a stronger team
• Wages will come down
• More top talent available
• Some of the best hospitality professionals in the world are now available
• Benefits to remaining restaurants
• Better team
• Better supplier relationship
• Better opportunities to capitalize
• Less competition
• Redefining relationships with vendors and landlords
• Widening the definition of “team”
• Principles of mutual investment
• Poor current working conditions for employees in the hospitality industry
• No health insurance
• No 401k
• Long work hours
• Initiatives for better employee compensation
• Bonuses based on actionable metrics depending on position
• Example: executive chef receives bonuses for cutting prime costs
• Receives a profit share of money saved
• Gameifying health and wellness
• Whoop app to encourage healthy habits
• Financially incentivize better recovery score
• Recovery score made up of wellness metrics to measure your stress levels
• Resting heart rate
• Sleep
• Respiratory rate
• Heart rate variability