Financial Well-Being Programs for Restaurants

Several months ago, MRM published our article on absence management and well-being programs. We noted that to compete for talent, the restaurant sector should consider benefits beyond traditional health and welfare offerings. This article focuses on one of the aspects of well-being, financial assistance. 

The Big Picture- it’s Complicated and StressfulConsider these items:

Since the COVID pandemic: 

Wages and hourly rates are up. Until the recent bite of inflation, employees had more disposable income. Easy access to other job options. There is greater concern over medical benefits. Government subsidies increased individual savings rates.Subsequently:

In 2022, inflation has become a serious issue. Restaurant sector employees are particularly impacted by the increase in fuel costs (they do not have work from home options), rent increases (owning a home is insulation against housing inflation, but rental costs have exploded) and food.  And stock market concerns tend to scare…