Today, restaurant operators must work harder than ever to appeal to the workforce and set themselves apart from the competition. They are realizing that the companies with the best pay and benefits will win. However, for many restaurants, paying dramatically higher wages isn’t realistic. That’s why businesses are getting more creative with their benefit offerings.
It’s become not uncommon for restaurant operators to offer one-time bonuses such as monetary or meal incentives to attract more applicants and motivate them to show up for in-person interviews. Unfortunately, one-time bonuses are not sustainable and can’t guarantee new workers’ long-term employment.
A more sustainable benefit that has been growing in popularity in the last 3 years is earned wage access (EWA) that gives employees faster, more flexible access to their money – when they need it. According to the wage study by CGK, nearly half of all employees and 3 out of 4 Gen Z workers say they would be more interested in applying for a job if an employer offered earned wage access. It makes sense for employers to offer this instant pay benefit to stay competitive in today’s gig economy with the tight labor market, where the growing majority of the workforce is used to getting what they need with the tap of a button.
A Proven Solution
For earned wage access to be a sustainable solution to the restaurant worker shortage, it needs to be within reach for businesses, no matter how tight their margins are. That’s why we created Instant Pay, an EWA solution that provides employees with free access to a portion of their daily earnings every workday.
With no startup costs and no ongoing fees to businesses, Instant Pay is one of best recruitment and retention solutions available, in that it truly benefits both organizations and their employees. Owners of McDonalds, Taco Bells, Checkers and Rally’s are all using Instant Pay and reporting noticeable improvements in their turnover rates.
To help restaurant operators in their hiring and retention efforts, we developed this 3-page ebook that talks about earned wage access as a solution that has already helped thousands of businesses improve recruitment and retention, decrease absenteeism, and increase employee loyalty and engagement – cutting on the expense of onboarding and training new employees.