Jay Jandrain, CEO of Butterball, shares insights from the turkey giant. He discusses how the incoming Trump administration and inflation are shaping food prices for Thanksgiving. Jay delves into the effects of immigration policies on labor in poultry processing and highlights initiatives that enhance family connections during the holiday. He also explores strategies for increasing global turkey consumption and addresses mental health, emphasizing the comforting role of Thanksgiving traditions.
The significant drop in turkey prices this year enhances affordability for consumers during the Thanksgiving holiday amid rising costs of other food items.
Butterball's commitment to improving labor conditions post-COVID reflects their focus on worker satisfaction, retention, and compliance with hiring regulations.
Deep dives
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Turkey Prices and Thanksgiving Trends
The prices of turkeys have shown a significant decrease compared to previous years, with reports indicating a nearly 20% decline this year. This drop is especially relevant as the Thanksgiving holiday approaches, where one in three turkeys sold are from Butterball, underscoring the brand's strong market presence. With overall retail prices lower, consumers can expect better deals, making turkey an economical protein choice during a time when many food items have become more expensive. The current trends indicate a return to pre-COVID Thanksgiving gatherings, with average gathering sizes expected to be around nine, reflecting people's eagerness to celebrate together.
Labor Considerations and Business Adaptation
Labor conditions in the poultry industry have improved significantly post-COVID, with companies like Butterball focusing on worker satisfaction and retention. Executives stress the importance of complying with hiring regulations to ensure a stable workforce, and they actively engage with employees to understand their needs. Anticipated changes in immigration policies and their potential implications on the labor market raise concerns, but leaders maintain confidence in their existing workforce dynamics. The focus remains on fostering a positive work environment that addresses employee concerns and enhances overall productivity amidst ongoing market fluctuations.
What would YOU like to hear about on Bloomberg? Help make shows like ours even better by taking our Bloomberg Audience Survey https://bit.ly/48b5Rdn Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Butterball CEO Jay Jandrain on how the incoming Trump administration affects the business, how inflation could impact Thanksgiving food costs and the iconic Butterball Turkey Talk-Line. Hosts: Tim Stenovec and Jess Menton. Producer: Paul Brennan and Sebastian Escobar