Hurricane Lane Causes Loss of Millions in Revenue for Hawaii Businesses
While Hurricane Lane thankfully didn't make landfall in Hawaii, the storm still managed to have a huge economic impact on the state. Businesses and island workers lost millions of dollars in revenue and wages in the days leading up to the storm.
Hawaii’s government will pay an estimated $5-10 million for the tens of thousands of state and county workers who were put on paid administrative leave.
Hurricane Lane’s impact on retail stores and restaurants
Revenue from retail stores and restaurants equals up to and average of $19 million per day for Hawaii. Retail shops and restaurants that rely on foot traffic were most impacted by Hurricane Lane as many malls and stores were shut down for two to three days over the busiest days of the week – Friday, Saturday and Sunday. Ports and transportation businesses also closed which meant delays in wholesale orders that contributed to lost sales. Some businesses such as hardware and grocery stores did see a brief increase in sales as people tried to prepare for the storm. The Big Island’s Hilo was hardest hit while the rain and wind had minimal impact on Oahu.
Hurricane Lane’s impact on tourism
As Hawaii’s most important economic contributor, tourism generates about $51 million dollars in revenue every day. While some flights were cancelled and many visitor activities and attractions were closed as Hurricane Lane approached land, the head of Hawaii’s Tourism Authority doesn’t believe that the storm did any long-term damage to Hawaii as a safe tourism destination.
Partnering with Makai HR
Partnering with Makai HR means building a personal relationship that aims to make your life as a business owner easier. We remained open 24/7 throughout the weekend in order to serve our clients. We hope you, your employees and your families were not too inconvenienced by Hurricane Lane and want you to know that we were thinking of you all.
When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are in compliance with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies who partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!