THE COST OF LIVING IS HAVING AN IMPACT ON MOST SECTORS IN THE UK, BUT THE RISING COSTS AND INFLATION ACROSS THE COUNTRY IS RESHAPING THE HOSPITALITY INDUSTRY IN MORE WAYS THAN ONE.
Wages, recruitment, training, and benefits make up the significant expenses in the hospitality sector, which, in turn, impact a businesses pricing and profitability.
The recent increases in the cost of living are leading to employees needing greater wages, to meet the demands of exponential inflation. Now more than ever, hospitality businesses are having to rethink strategies to recruit and retain talent, whilst looking after their employees mental, physical, and financial health.
As the prices surge, employees may encounter financial hurdles, exacerbated when wages lag behind escalating expenses. Consequently, turnover rates soar in the hospitality sector as workers pursue better-paying roles or struggle with keeping afloat. To create and maintain a skilled workforce, businesses are prioritising competitive pay, relevant benefits, and incentives.
Here at Hospitality Rewards, we know that giving employees the benefits and recognition they deserve, is one way employers can make a difference to their staff’s wellbeing in these times of economic stress. We provide a plethora of money saving tools that really make a difference including free cashback on every day spends, discounted gym memberships and cinema tickets, discount codes, and amazing deals at hospitality venues, so that hospitality workers can still live well and save money.
A recent case study into our cashback card saw one member save over £250 in 4 months just from using their card on every day spends at Asda, Curry’s and Halfords. Another member saved £400 in cashback when using their card to purchase new kitchen appliances. This is just one of the ways Hospitality Rewards are helping people in hospitality to make their wages go further, and help businesses retain their talent.
It costs a business less than 10p a day, per employee, to get access to these benefits, which is a small price to pay for a motivated, appreciated, and loyal workforce, in these unprecedented times!
If you would like to see how Hospitality Rewards can help you and your team with saving money and living better, why not book a free demo by clicking here.