In the face of ongoing staff retention issues and rising living costs, many forward-thinking hospitality companies are turning to innovative solutions to stand out in a highly competitive industry.
One such solution gaining popularity is Paytime. The pioneering platform provides hospitality businesses with technology that gives employees access to financial wellbeing tools. This includes resources aimed at improving employees’ financial literacy and overall wellness, such as budgeting tools, automated savings plans, access to financial counsellors, and educational content on managing finances.
Earned Wage Access: Immediate financial relief for employees
At the core of Paytime’s offering is Earned Wage Access (EWA), that allows workers to get paid immediately after finishing a shift, instead of waiting for the traditional weekly pay cycle. This is invaluable during times of economic uncertainty and rising living costs, enabling employees to address unexpected expenses swiftly. For instance, should a worker’s car breakdown, they can access a portion of their earned wages instantly to cover repair costs, ensuring they get to work without delay.
Enhancing job satisfaction and reducing financial stress
Such forward-thinking strategies give businesses a competitive edge in attracting talent. As the costs of essentials like food, rent, and living expenses continue to rise, offering employees a way to manage their finances more effectively is proving to be a powerful tool in reducing financial stress and enhancing job satisfaction.
Global brands leading the way with earned wage access
Major global brands such as Starbucks, McDonald’s, Pizza Hut, Hungry Jacks, and numerous others have already implemented earned wage access, with many more poised to follow.
The business impact of Paytime’s financial solutions
Steven Furman, CEO of Paytime, believes this solution has the potential to revolutionise the retail and hospitality industries, where shift-based work is common.
The results from businesses that have implemented Paytime’s solution are compelling. Paytime clients have seen:
- A 25 per cent+ reduction in staff turnover;
- A 20 per cent increase in productivity with easier shift filling, as workers are more inclined to accept extra shifts knowing they can access their pay immediately.
Long-term employee loyalty and job satisfaction
Furman also points out that employees stay 73 per cent longer in their roles when offered access to Paytime’s comprehensive financial wellbeing solution.
Seamless integration and cost-free implementation
One of the most attractive aspects of Paytime is that it requires no implementation costs for businesses. It integrates seamlessly with existing payroll systems, does not impact company working capital and is live in just two to four weeks.
The advantages are clear: hospitality companies are seeing tangible improvements in both employee satisfaction and productivity.
Rising demand for financial flexibility among employees
Independent research reveals that 81 per cent of Australians prefer accessing their earned wages before payday, further highlighting the demand for solutions like Paytime.
Additionally, data from Seek shows a 41 per cent increase in hospitality job ads, making it more critical than ever for businesses to differentiate themselves in the job market.
The future of hospitality staff retention
With no cost to implement, no payroll disruptions, and no negative impact on cash flow, many hospitality businesses are adopting this ground-breaking solution.
Industry leadership through employee financial wellbeing
By integrating Paytime’s financial wellbeing tools, companies aren’t just meeting their employees’ immediate financial needs – they’re positioning themselves as industry leaders, dedicated to retaining talent and driving long-term success. This innovative approach underscores a dedication to improving staff wellbeing and fostering a supportive work environment.
