Franchise Hiring Sees Big Jump In October
Written by Tim Morral
ADP payroll report shows dramatic increase in franchise jobs during October, with restaurant and automotive franchises leading the push for new hires.
Hiring is often seen as a bellwether of business confidence, particularly in the small business and franchising sectors. When small business owners and franchisees engage in recruiting and hiring, it's often because they expect their companies to experience growth in the coming months.
According to payroll provider ADP, franchised businesses added 25,060 jobs in October--a significant jump from the 15,040 jobs added in September and the 16,160 jobs added in August. The increase in franchise hiring during October bodes well for the franchise industry, with many experts believing that it marks a turning point in franchise optimism.
In line with recent trends, restaurant franchises added the most jobs in October at 11,520, an increase from the 9,190 jobs restaurant franchises added in September. Automotive franchises also experienced noteworthy gains in October, adding 5,150 jobs following a loss of 1,090 jobs in September. Food retailing, leisure and rental franchises reported modest hiring losses during October.
"Franchise industry payrolls showed encouraging growth during the month of October as more than 25,000 jobs were added across a variety of industries," said Ahu Yildirmaz, senior director at the ADP Research Institute. "October's gains were well above recent months and the 12-month average monthly growth rate ... The franchise industry's job creation this month represents 20 percent of the total employment growth, as reported in the October ADP National Employment Report."
The takeaways from ADP's October franchise hiring report are that restaurants and other franchises appear to be experiencing sustained growth and that franchises may be catching up with the cautious optimism that has been reported in other small business sectors.
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