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More in this Series
- How Restaurants and QSRs Can Motivate Their Employees to Return to Work and Improve Diners’ Experiences
- Restaurants and QSRs Can Attract More Customers With New Technology
- How Restaurants Can Support Employees Through a Possible Recession
- Empowering the Restaurant and QSR Industry to Rise Above Current Challenges
As full-service and quick-service restaurants (QSRs) have adapted to updated pandemic-related restrictions and guidelines over the past few years, employees have felt the brunt of that work.
Record-high inflation rates are rising across the board.1 As the industry works through the challenges associated with inflation, it’s important for owners and operators to ensure they’re looking after their employees.
Food prices have climbed 7.9% for the year ending February 2022, according to the U.S. Bureau of Labor Statistics’ Consumer Price Index.2 QSR and restaurant employees are dealing with the effects of inflation both at work and in their personal lives. If employees are overwhelmed with financial stress, this may impact them at work, potentially resulting in poor customer service or decreased morale.
Support Employees’ Wellbeing
In January 2022, restaurant menu prices increased at their highest rate in 40 years3. These increases in costs are a burden for restaurants and QSRs4 and some may have a difficult time taking on new investments to support their current employees and attract new talent. However, increased benefits such as on-demand pay may be a cost-effective solution to make employees feel more supported.
An on-demand pay benefit may help businesses stand out as they look to fill open roles. On-demand pay may also help the industry keep their current employees longer, resulting in higher retention rates.5 According to a 2021 Mercator Advisory Group report sponsored by DailyPay, on-demand pay reduces employee turnover by up to 73%.6
To learn how DailyPay may help restaurants and QSRs invest in their employees, book a demo today.
This post is part of a larger series, so check back soon for more insights into Restaurants and QSRs.
- Part 1: How Restaurants and QSRs Can Motivate Their Employees to Return to Work and Improve Diners’ Experiences
- Part 2: Restaurants and QSRs Can Attract More Customers With New Technology
- Part 3: How Restaurants Can Support Employees Through a Possible Recession
- Part 4: How Restaurants and QSRs May Help Employees During Supply Chain Disruptions
All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial advice or other professional advice by DailyPay. No fiduciary obligation or duty exists or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.
1 https://www.nbcnews.com/business/consumer/inflation-march-2022-hits-record-high-data-stats-details-rcna23654:DailyPay, 2020
2 https://www.bls.gov/opub/ted/2022/consumer-prices-for-food-up-7-9-percent-for-year-ended-february-2022.htm:DailyPay, 2020
3 https://www.restaurantbusinessonline.com/financing/restaurant-menu-price-inflation-highest-40-years:DailyPay, 2020
4 https://www.npr.org/2022/05/11/1096975182/restaurants-pandemic-inflation-food-prices:DailyPay, 2020
5 https://www.benefitspro.com/2022/03/28/why-on-demand-pay-is-the-employee-retention-benefit-you-need-in-2022/?slreturn=20220424093408:DailyPay, 2020
6 https://www.dailypay.com/mercator-report-2021/:DailyPay, 2020
More for QSR & Restaurants
Learn how on-demand pay may address top challenges across the industry.
