By Ryan Ashton
Restaurant Industry Labor Shortage
A few weeks ago, our friends at Black Box Intelligence shared the results of a recent survey that uncovers some sentiment from current and former hourly restaurant workers, and looks more closely at the factors contributing to the current restaurant industry labor shortage and retention challenges.
With a number of our own Clients operating within the restaurant vertical. We hear firsthand the challenges that many are facing with respect to recruiting, hiring and retaining the quality staf. That are critical to the operation and success of any organization. Restaurant industry labor shortage causes issues for many organizations.
It should come as no surprise. ZipRecruiter recently reported that there were upwards of 15 million job postings online, an increase from the 10 million postings before COVID upended the current workforce landscape.
The pandemic has taught us all a number of valuable lessons, both personally and professionally. One area that it has cemented is the desire to have more control over our workplace needs and preferences. Restaurant need to rethink their hiring and retention strategy.
Hiring and Retention Challenges
Taking a look back at the Black Box Intelligence study – of the four key areas that were surfaced. The topic of wages and benefits is an area that employers can be in control. Of almost immediately to affect positive change. Both for restaurant operators and the employees themselves.
Our own studies have shown that employees are looking for wage-related benefits that give them access to their pay, when they need it, instead of having to wait for their next paycheck – which helps with hiring and retaining employees.
With the advent of new earned wage access solutions, like Instant Pay and Instant Tips. Organizations now have no excuse not to implement these solutions that help make access to daily pay a reality. This will help solving the restaurant industry labor shortage and hiring issue.
And the results have proven themselves. As our recently-released data report indicates, Clients that have implemented Instant’s earned wage access solutions are able to help their employees with their own financial goals, and also gain business value through an increase in recruitment and retention.
Implementing an earned wage access solution like Instant Pay has measurable business benefits. While also aligning with the expectations and desires of today’s evolving workforce.
To learn more about Instant Pay, our fee-free earned wage solution that is available at no cost to both employers and employees, simply get in touch with us by requesting a 10-minute demo here.
