Employee benefits are critical for employee wellbeing. When it comes to choosing the right programs for your workforce, hospitality employers face a unique set of challenges.
Not only has the hospitality sector been impacted by the ongoing pandemic, but hospitality employers must also attract and retain top talent to address labor shortages while delivering comprehensive benefits to meet evolving employee needs.
According to Joblist’s second-quarter survey of 13,000 job seekers, more than 33% of former hospitality workers said they won’t return to the industry primarily due to low pay and lack of benefits.
Today, innovative hospitality companies are starting to offer increasingly valuable benefits to attract the best employees and keep them around longer, too.
Here are the top four employee benefits every hospitality company will offer this year to stay competitive:
1. Financial wellbeing for hospitality workers
What if one program could attract talent, lower turnover rates, reduce absenteeism, and improve employee health, all while raising job satisfaction and elevating your brand as an employer?
For hospitality employers, offering financial wellbeing as an employee benefit has these proven results.
Hospitality workers at all incomes and asset levels experience financial stress. As a result, employers are partnering with financial wellbeing providers like LearnLux that are engaging for hourly workers, executives and everyone in between. Modern programs are fast to set up and launch, allowing hospitality employers to promote this impactful benefit during their ongoing hiring efforts and during key decision points like open enrollment and tax season.
Access to unbiased Certified Financial Planner™ and interactive online tools are key components of financial wellbeing programs for hospitality workers. Top employers also prioritize programs that can reach a dispersed workforce, and never sell products.
With holistic employee wellness strategies in mind, hospitality companies are adding this #1 most asked-for benefit to their benefits strategies to stay competitive this year.
2. Caregiver benefits
Hospitality employees wear a lot of hats. For many, their work continues at home as well. Reports show that three out of four workers in the United States have caregiving responsibilities to a parent, spouse, or senior loved one.
A recent research report from Harvard Business School's Future of Work Project shows that a growing "caregiver crisis" is creating millions of dollars in hidden costs for U.S. firms from employee turnover and absenteeism.
Innovative employers in the hospitality sector are now considering employer-paid memberships to online caregiver resources, paid family leave, and programs for finding and managing care.
3. Parental leave
Maternity and paternity leave can be a powerful benefit when it comes to attracting and retaining talent in your hospitality workforce.
Offering a competitive maternity and paternity leave benefit at your company can finally reduce the cost of turnover from employees who feel unable to continue work immediately after a life-changing event like starting a family.
With a long-term talent acquisition and retention strategy in mind, parental leave is a must-have for hospitality employers.
4. Commuting allowance
Getting to and from work can be one of the biggest challenges your employees face during their workdays, and that’s saying a lot when you work in hospitality.
Offering a commuting allowance shows that you understand and appreciate the effort they take to be on-site every day and do their best work. A commuting benefit can be offered as either a subsidy, pretax payroll deduction or a combination of both.
Beyond immediate competitive advantage, adding innovative benefits will help hospitality companies create a workforce environment where employees' health and wellbeing can thrive.
Having the right talent on your team (and keeping them long-term) will be the way that top hospitality organizations will rise above the rest.