Months of furlough and job losses mean financial pressures are at an all-time high for workers in the hospitality industry . Almost 4 in 5 hospitality workers said that they were worried that they wouldn’t be able to pay household bills and cover living costs as a result (Unite Hospitality).
The ONS recently released figures that show that borrowing of £1,000 or more has increased from 35% to 45% since June last year. With lockdowns likely to be extended past the springtime, these figures are likely to worsen. There is light at the end of the tunnel for the industry and its people, and employers can be proactive now in stopping those issues from snowballing. By understanding your workforce, you can implement the right support that’s going to directly benefit them and benefit your organisation in the long run.
As a Fourth customer, you can now access a free independent financial wellbeing survey designed in conjunction with Wagestream and The Cognition Company to download and check in with your staff. Download here!
Wagestream have teamed up with Owain Service (Deputy Director of the Prime Minister’s Strategy Unit), CEO of the Cognition Company, and Edward Gardner, Director of Behavioural Science at the Cognition Company, to create the survey independently. Their combined experience means this survey has been designed to get to the heart of the issues faced by your staff so that you can truly understand the issues they face.
The survey pack includes:
- A how-to guide on completing the survey
- short, simple survey to share with your staff
- benchmarking report to easily compare your results with the national average
Note: the survey is built in google forms. If your organisation does not use Google Mail or Google Suite, then get in touch and we can help build it in a survey programme more suitable.
If you would like support running the survey and analysing the data or any questions then do not hesitate to get in touch with the Wagestream team. They will be on hand to help with any queries. Get in touch!
The figures from our October Insights on Hospitality Recovery report, a series in partnership with Wireless Social, reveal it was another incredibly challenging month for the hospitality sector, with further Government-imposed restrictions impacting trading and consumer confidence
Financial pressures are at an all-time high as we move into a second lockdown. We know supporting your employees’ financial and mental wellbeing is really important to you during these challenging times and hope that exploring Fourth X Wagestream will support you in these efforts, enabling you to give your team access to their furlough income on demand.
The hotel industry was faced with disruption and increased costs before the COVID-19 global pandemic. Since, restrictions on leisure and travel and new health & safety operating protocols have resulted in increased costs, fluctuating demand and reduced occupancy, covers and revenues, making it extremely challenging to operate profitably.