To add on, his first dining experience was horrible — the rude staff and subpar hotpot meal left him feeling very unimpressed.
Most of the teachers there are experienced restaurant managers, which builds a system of apprenticeship for frontline staff to learn from senior employees.[Roasted Honey Veggies Dijon Maple]
I don’t care about money.
The high school dropout used to work as a welder in a government-run tractor factory in his hometown of Jianyang in Sichuan, China.[2 Playlist Not A Xmas Exactly Blogmas 8211 ]
In 1994, he opened the first Haidilao outlet, which was a small 400-square feet space with only four tables.
Although he is a new entrant to the list, the now-Singapore citizen is already known as China’s richest restauranteur.[Update Year 8211 Where This Are A We World Little Life The Countries 22 Visiting After In]
Zhang said he never regretted his decision to quit, claiming that the “factory never made a profit” anyway.It’s your view of the world that decides your attitude towards money.
A living example is the person who runs Haidilao’s US business, who started off a restaurant doorman.
Beyond that, hot face towels, bib covers, protective bags for mobile phones are also offered to customers prior to dining.Just because you have a degree from Harvard or from Peking University, we won’t give you any special favour.[Dubai Edition Shopping Haul]
This stringent hiring process helps them acquire only competent people.
As such, employees are motivated to work harder to get promoted.[Yum Yums Vintage]
Featured Image Credit: Theodore Kaye for Forbes / Haidilao
Also Read The Real Crazy Rich Asians: 22 Sâpore Individuals Who Made It To Forbesâ 2019 Billionaires List
The post How Haidilao Founder Hit Jackpot With His US$12B Hotpot Chain – Now S’pore’s Third Richest appeared first on Vulcan Post.
With a net worth of US$6.8 billion (his real-time net worth has increased to US$8.2 billion), Zhang has also been listed as the 224th richest man in the world.[Henry The Colorful Filled World Wilson Of Pattern]
The 48-year-old runs a successful Sichuan-style hotpot chain that raked in US$10.4 billion in sales from his 370 restaurants worldwide.
Besides Haidilao, Zhang also holds a majority stake in Haidilao Catering and Hai Di Lao International Holding (parent company of Haidilao); as well as Yihai International, a food distribution and seasoning manufacturer for Haidilao.[Africa Goodbye Europa Hello]
Outstanding employees receive benefits such as free apartments, parental subsidies, educational allowances for their children, and even a fund for natural disasters.
A Haidilao staff will help set up the hotpot and after the customer is done, the staff will return to help tidy up and return the tableware.[To Skincare On This Crush New Spring]
The funds raised are slated to help finance the chain’s rapid expansion and implement new AI technology to automate its supply chain.Haidilao outlet / Image Credit: Fermag
In an interview with Forbes, Zhang said that Haidilao has been opening a new restaurant every three days.That is how entrepreneurs think.Haidilao staff serving diners / Image Credit: Thatsmags
Restaurant managers also receive financial incentives — Haidilao reportedly offers them 3 per cent of the restaurants’ profits.[ 50 Make Happy Me Things Tag That]
Banking on this trend, Haidilao has expanded online to offer food delivery services on Alibaba’s e-commerce platform and its own website.Haidilao’s service team / Image Credit: Haidilao US
Critical factors that motivate Haidilao employees are the company’s attractive incentives and welfare packages.[Quinoa Chicken Soup Lemon]<
- Haidilao founder Zhang Yong has a net worth of US$8.2 billion In 1994, he opened the first Haidilao outlet with just four tables Zhang’s management philosophy is very employee and customer-centric, which contributed significantly to Haidilao’s successHaidilao’s 370 restaurants worldwide raked in US$10.4 billion in sales Haidilao went public in September 2018.
Those dining solo are offered a teddy bear to accompany them.Live noodle-pulling performance for diners / Image Credit: Wall Street Journal
Diners also get to enjoy a live noodle-pulling performance and Sichuan’s traditional mask dance, in which the performer changes his or her mask so quickly that it appears instantaneous.[This Coming Back To Republic Sugar Melbourne Is February]Zhang Yong in a 2018 interview with Forbes
At the end of the day, Zhang believes in fair opportunities for social mobility through paying and rewarding employees well.
His restaurant does not depend on chefs to prepare the food, so Zhang turns to good service and entertainment to keep customers coming back for more.[Camping Everything Need Know Wild A You Through About To Scotland In Campervan]Zhang Yong in a 2018 interview with Forbes
Sharing about business expansion plans, Zhang said that he plans to enter new markets where Chinese migrants live.
“I personally made sure that any guest who came through my door would return,” he told Forbes.[In Collab My Whats Handbag]
As such, Zhang emphasised that overseas expansion is a “must” for Haidilao.
This is exactly why he is so determined to offer exceptional customer service in his restaurants.[Things Bali To 10 With Days In Do How To On Recommendations Spend]
When it comes to performance evaluation, the managers are assessed based primarily on customer satisfaction and staff morale, beyond just revenue numbers.Free Manicures, Massages For Customers
Zhang didn’t even eat in an actual restaurant until he was 19 years old.[In The UK Rockin8217 Video Vans Exploring Three Campervan Weeks A VW]
This has helped to keep employee turnover low — frontline staff turnover is only at 10 per cent, while management staff turnover is near zero.
He later quit the job when he was embroiled in a dispute over a company apartment for him and his fiancÃ©e Shu Ping, who is now his wife and the co-founder of Haidilao.[Lot Like You Don8217t A To Wearing Makeup Products If Of Love]
This practice makes managers motivated to identify talent as they receive a higher percentage of profit from their apprentice’s restaurant than from their own.That was a huge amount of money for a group of twenty-somethings in the 1990s, so they were all a bit startled.
His three business partners are the ones who helped him with the early funding of Haidilao.[2017 Collab Favs Random Autumn]
According to a Frost & Sullivan industry report, Zhang’s 60,000-strong employees have among the highest retention rates in China’s hospitality industry.
This is why the core philosophy of Haidilao is that “you can change your life using your own hands“.[For 40 40 Years Lessons]New Haidilao Outlet Opens Every 3 Days
In September 2018, Haidilao raised US$963 million in a Hong Kong initial public offering (IPO) in a bid to take the brand global.
Alternatively, an apprentice can choose to run a new location on his own with the help of his new manager — but the latter will get a cut of the restaurant’ profit.Giving them responsibility and autonomy is how you show trust.[Third Founder US12B Richest Haidilao S8217pore8217s 8211 Hit How Chain Hotpot With His Jackpot Now]
This is to accommodate to customers who want to have Haidilao hotpot in the comfort of their own homes.
Though I didn’t contribute much in terms of start-up money, I assumed the position of general manager and promised the others that our assets would grow to 150,000 yuan (~S$30,171) within five years.[To Eat Tips Weight More 5 Reduction Loss Mindful 8211 Stress]
For one, Haidilao makes it a point to only promote from within.
He didn’t have a cooking background or possess the basic knowledge in preparing a Sichuan hotpot, but dived into it anyway because he needed to “support [himself] … [and] eat“.[DISCUSS TOYS SEX WE LETS SHALL]
He expanded the outlet by adding a whole new floor, and opened a second outlet in 1998.
In this year’s World’s Billionaires List, Forbes has named Haidilao founder Zhang Yong as Singapore’s third richest.[Our Is Collection Jungalow Travel Here]Zhang Yong in a 2013 interview with The Wall Street Journal Haidilao Only Promotes From Within
Besides his customer-centric philosophy, Zhang also attributes his company’s success to his employees.Free manicure services at Haidilao / Image Credit: Haidilao Singapore
It offers complimentary drinks and snacks, card and board games, manicure services, and even shoulder massages to waiting customers.[X He Physically Makes Now Fit Fit This Made Founder AirAsia Once Msians Financially]
He added that he utilised strategies like discounts and free snacks, but also took customer feedback seriously.
New Haidilao destinations include England, Australia, Canada, Malaysia, Thailand and other parts of Southeast Asia.[In Four S8217pore 50x P30 Cameras Leica 6 Launches Series On Huawei April Zoom]
We rarely hire from outside.
In 2010, Haidilao even established its own university to train its restaurant managers.[Young Night 2019 Collectors]
The IPO has valued the company at US$12 billion, making it the first Asia F&B chain to surpass US$10 billion in market value.
I swore that if I couldn’t manage it, I would compensate them.[You Car Service Tax Carro8217s Lets Own S1199Mth Covers From A Insurance Road Subscription 8211]
When a manager takes on a new location, he brings a third of his restaurant’s staff with him, leaving his apprentice behind as the new manager.
“Much of our history and customs can be learned through food,” he told Forbes.The IPO raised nearly US$1 billion and valued the company at roughly US$12 billion.[With Business Casual Jakes Look]
I was penniless, so the others were the real investors.
Most of Haidilao’s employees tick the same boxes as Zhang when he first started out: young, with limited education, and from small towns or rural areas.[Batch Work Free Finally Time How Have And To More]He Was Once A Factory Worker Earning S$19/Day Zhang Yong, co-founder and CEO of Haidilao / Image Credit: Graham Uden for Forbes
Despite the significant success Zhang enjoys today, he actually has very humble beginnings as a factory worker, earning just 93 yuan (~S$19) a month.
I’m from the countryside, where rural people believe that if you take money from other people and you don’t bring benefit to them, then you are a liar.[The Italy Of Exploring Venice Canals Photo Journal]
It’s better to scale fast and be everywhere, instead of having a single towering presence.
Foreigners are to thank for this, he said, for they have a huge curiosity for Chinese culture.[Hat Lamp Bamboo DIY Fringe Pendant]Zhang Yong in a 2017 interview with Bloomberg
When Haidilao hires a restaurant manager, the candidate has to pass all theory and practical tests for all 45 roles — from cleaners to chefs — in their restaurant.
There are also additional incentives for employees who refer their family and friends to work there.Started Up Haidilao With Less Than S$2K
Haidilao was actually founded by two couples: Zhang Yong and wife Shu Ping, as well as Shi Yonghong and wife Li Haiyan.[Renaissance Art Views In Rooftop Architecture Photo Journal Italy Florence And].There is no glass ceiling — everyone has a fair opportunity to rise through the ranks regardless of their background.
Such exemplary service has brought a novel approach to the dining experience, and has been the key competitive advantage that sets Haidilao apart from its competitors.[Time In The Starts Kitchen Family]Zhang Yong in a 2011 interview with Economic Observer Haidilao food delivery / Image Credit: Rayallychina.wordpress.com
In recent years, hotpot restaurants have become increasingly popular.
Putting faith in my staff has paid off for me.[London With In Lytle Lulu Home At]Zhang Yong (left) and wife Shu Ping (right) / Image Credit: Getty Images
Shu Ping is now Singapore’s 14th richest individual (she is also the only woman to have made it onto the list), while Shi Yonghong is the executive director of Haidilao with a US$3.5 billion stake.
Beyond China, Haidilao has more than 30 outlets overseas in countries like Singapore (which has the most number of outlets), Taiwan, South Korea, the United States, Japan and Hong Kong.The entire investment was less than 10,000 yuan (~S$2,011).[One Colors Room Seven Paint]
He added that new locations break even within one to three months.If you [want to expand], you view money as a resource for investment.Zhang Yong in a 2011 interview with Economic Observer
Zhang invested all their money in the restaurant and within a few months, Haidilao became the “largest hotpot restaurant” in the Jianyang district.[Rebecca Redux]