In the midst of labor shortages and retention challenges, offering benefits that go beyond the ordinary is what will set your restaurant apart in today’s competitive job market.
You’ve already taken the leap by offering earned wage access (EWA) to your employees. The next step of incorporating an electronic tips disbursement solution for your staff couldn’t be easier.
The Benefits of Integrating Tips with Earned Wage Access
Since implementing EWA into your employee pay programs, you’ve likely seen some of the benefits for both your organization and your employees. By layering in an electronic tips payout solution, the benefits are even greater:
Increased Security: One benefit of implementing an electronic tips program is the security it provides. By paying employees their tips electronically and in real-time, concerns about carrying cash after work are eliminated. This not only reduces the risk of theft but also ensures that employees have a secure and convenient way to access their earnings, leading to greater peace of mind for both employers and staff.
Minimized Manual Tip Processing: Adopting a tips program can also minimize administrative work for managers after closing time. At Instant, our fee-free tips solution does all the heavy lifting, saving both time and effort. Rather than counting out tips and spending the time required to manage physical cash, managers just input the tip amounts and our solution handles the rest. This streamlined process frees up valuable time for your managers that can be better spent on other essential tasks.
Improved Employee Financial Wellness: According to our Wages and Wellbeing study, 54% of Americans worry about making their money last until payday several times a week or more. This is a prevalent issue in the restaurant industry, especially among tipped workers. Providing tipped workers with the ability to access their tips at any time can have many benefits regarding improved overall financial wellness and reduced financial stress.
Increased Job Market Competitiveness: In the current job market, offering benefits that meet the demands of the workforce will set you apart from competitors. By offering EWA, your restaurant has already taken a giant leap forward. So, why not take it one step further? By offering instant access to tips, your restaurant can further enhance its competitive edge and appeal to top-tier talent.
Higher Productivity and Retention: Implementing EWA has been proven to increase employee productivity and retention. At Instant, our clients have seen a 25% reduction in absenteeism and a 27% increase in employee retention after implementing Instant Pay. These statistics are just as impressive when implementing an electronic tips program. When employees have instant access to their earned tips, it boosts their overall job satisfaction and morale, leading to higher productivity and retention company-wide.
How to Implement Tips into Your Restaurant’s EWA Program
Just as EWA programs are built to implement seamlessly into your existing payroll system, tips programs are built to do the same. If you’re already offering your employees EWA, it’s particularly easy to implement tips into your existing program.
Instant Financial’s platform was built with ease of use in mind. Our tips offering, Instant Tips, is the easiest and most advanced way of getting your employees fee-free access to their money. After implementing seamlessly into your existing EWA program, managers simply input tip amounts each night and employees get a notification that their tips are available on their mobile phone within the Instant app. Additionally, if you have a point-of-sale system that we can integrate with, you can have tips payments disbursed automatically – which reduces the workload for managers even further.
When utilizing Instant Tips and Instant Pay, both products can be managed in parallel, offering a seamless experience for employers. The process is hassle-free, as our team handles implementation and is available to provide any assistance post-implementation.
To learn how you can easily implement tips into your restaurant’s earned wage access program with Instant Financial, schedule a demo today.