March 2018, Part III
Boston Mayor Sees Today At McDonald’s Of Tomorrow. Last week, Nestor Ramos of The Boston Globe chronicled Mayor Marty Walsh’s recent visit to a local McDonald’s. Ramos highlighted how Chinese-American franchise owner Carol Chin runs seven McDonald’s locations with her husband, employing staff who speak English, Spanish, Chinese and more. 20-year-old Janeliz Bonilla helps customers navigate touchscreen menus and brings food to their tables. “A woman- and minority-owned business with a diverse staff and customer base, smack in the heart of a critical business redevelopment district? Frankly, that sounds like exactly the kind of place that people in power should be spending their time,” wrote Ramos.
Fixing Misleading CEO Pay Ratios. MIT Sloan School of Management’s Robert Pozen and Kashif Qadeer recently penned a Wall Street Journal op-ed on the SEC pay-ratio rule, explaining why “soaring CEO pay” is not the reason behind estimates that ratios will be two to three times as high for retailers as for tech, drug or financial companies. “…the SEC has mandated methodologies that create misleading pay ratios for companies that depend heavily on part-time workers,” they said. “To allow full-time equivalents, the SEC would have to issue a rule amendment—a long process involving public comments. But the SEC’s staff could quickly issue an administrative interpretation allowing part-time pay to be annualized.”
Panda Express Is A Family. On March 22, The New York Times profiled Andrew and Peggy Cherng, co-founders and co-CEOs of Panda Restaurant Group, the parent company of Panda Express, Panda Inn and Hibachi-San Culinary. The Cherngs have spent the last 45 years building a restaurant empire with over 2,000 international restaurants that had more than $3 billion in sales last year. The company is family-owned, furthering the Cherng’s desire to maintain trust and stability through customer service, which they pass along to their employees through training initiatives. “We practice continuous learning to understand how we can be an employer of choice, which includes additional training and systems to reinforce our core values. Our hope is to foster a relationship of mutual trust and love with our associates,” Ms. Cherng said.
Pairing Isn’t Just For Food In This Mentorship Program. Last week, The Louisville Courier Journal reported on the Women Chefs of Kentucky Initiative, founded by restaurant-owner Edward Lee and his business partner Lindsey Ofcacek. The program focuses on pairing five early-career chefs with skilled professionals to offer mentorship and training opportunities. Program participant AuCo Lai said she looks forward to learning how chefs incorporate kitchen sustainability and taking her mentor’s additional advice. “This gives us a platform that we don’t normally have access to and I think it’s super important,” said Lai.
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