With the restaurant industry being one of the hardest hit by the pandemic, the climb to recovery is steep. According to recent research*, employment rates are increasing, but the industry is still 1 million workers under pre-pandemic levels. Not only has dining in dramatically declined and reduced staffing needs, but many restaurants have permanently closed their doors, and employees who have been in the restaurant industry for years are not in a rush to head back given the unpredictability that lingers.
The industry’s staffing issues are challenging: Restaurants operate on a low margin and few can offer competitive pay and benefits. With the pandemic came increased federal unemployment benefits for some employees, while others were forced into new job roles and decided to stay on those paths rather than return to restaurant work.
Today’s restaurants need to be flexible and innovative in their efforts to recruit and retain employees. Many restaurants have started offering more appealing employment packages to attract more employees. While that may have been merely an option before the pandemic, it will now be an ongoing necessity for recruiting and retaining experienced employees.
One simple, reliable way to help address restaurant staffing challenges is by offering a prepaid wages benefit option when recruiting employees to compete with other restaurants also looking to hire. With a prepaid card, you can give employees early wage access and even provide them with their tips at the end of the day. They don’t have to wait until a check is cut, and you don’t have to worry about cash management. This is also a great option for those team members who might not have access to a bank account. You’ll build your brand with faster payments than the competition and can also benefit by putting your corporate identity on a card that employees use, while they enjoy the benefits of a secure, convenient and easy-to-use payment method.
FIS® is the leader in prepaid solutions, processing more than 1.3 billion transactions annually. Let us simplify and enhance your business operations with our full range of prepaid payment options.
*National Restaurant Association 2021 State of the Restaurant Industry Mid-Year Update