The restaurant labor market has been historically very competitive, but it’s gotten worse as COVID-related restrictions began to relax, and restaurants started reopening and rehiring. This created a situation where the number of open jobs exceeded the number of applicants to fill them. Consequently, hiring and retaining workers has become an everyday nightmare for many restaurant operators – a challenge on top of myriad other obstacles that restaurant operators face on a daily basis.
This type of worker shortage greatly affects restaurant employees who have already returned to work, as there’s a likelihood of becoming overwhelmed with the amount of work, which makes them more likely to leave. In addition, worker shortage has a domino effect across other aspects of a restaurant’s operations, including food quality, customer service, cleanliness, and bylaw compliance.
What makes the matter worse is that restaurants have to compete not only with each other, but also with other industries such as delivery and gig jobs that pay workers after they complete their job.
In this environment, employers must come up with the right benefits and incentives that would motivate employees to join their company and stay long-term.
This is where Instant Pay can help – without any cost to either the employee or the employer. Instant Pay is an earned wage access solution that allows employers to offer their employees free access to a portion of their daily earnings after they complete their job. So, workers can choose to get paid after every workday, without having to wait for payday.
Instant Pay is a great motivator for employees to join and stay with a company long-term, show up for work and ask for extra shifts because they know they’ll have money right away. The most common Instant Pay uses include paying bills, buying groceries, and getting gas.
Here is just a sample of what Instant Pay users are saying:
“I like having the option of getting money every day…it really comes in handy because I need gas right now.”
– Johnnell Thomas
“Really easy to use. A real lifesaver in between paydays.”
– Karl Swift
“It’s a great way to save money and pay bills.”
– Dominick Fischburg
Restaurants that can offer their staff this level of financial freedom and flexibility become an employer of choice for many workers in different industries.
To help restaurants in their hiring and retention efforts, we developed this Instant Pay Product Guide that talks about how Instant Pay works, how to implement it, and what results other big restaurant brands have achieved.