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Months of furlough and job losses mean financial pressures are at an all-time high for workers in the hospitality industry.
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.
Suppliers serving the hospitality sector have unsurprisingly been adversely impacted by the pandemic, with reports of revenues of less than 10% of 2019 levels during the first lockdown.
Many of us will look back on 2020 as the year that fundamentally changed the hospitality industry. From monitoring the health of our employees, team members wearing PPE, to constantly changing rotas to accommodate consumer demand, the pandemic has certainly changed the way we operate and our traditional measures of success.
Fourth now offering the Wagestream Financial Wellbeing Platform as part of the Fourth Workforce Management solution, at no additional cost to customers using the payroll module.
The data revealed that August began to show encouraging signs of recovery across the industry, largely driven by the Government’s Eat Out to Help Out (EOTHO) scheme, the warm weather, and the fact that people began to feel more comfortable and confident to start venturing out again.
With safety and cleanliness at the forefront of everyone’s mind, and recent researching suggesting that enhanced cleaning standards will cost the hotel industry around £7 Billion, it is having a significant impact on everyone’s operational and labour costs.
We all know legislation is tightening around allergen labelling and calorie counts, but this isn’t the only reason hospitality businesses should seize the opportunity to get on top of this vital data. Increasingly, customers want to know what’s in the food they eat in restaurants and take away.
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