For hospitality employers who are prepared to go the extra mile and help their team members through this challenging time, the cost-of-living crisis could represent a golden opportunity.
A recent YouGov survey conducted for the employment website Indeed showed that 25-to-39-year-olds are feeling the cost-of-living pressure most of all, with 17% looking for new employment to support them through the crisis.
We won’t get hung up on all those mind-bending percentages because the maths isn’t important.
When you consider the problems that many hospitality employers are already facing when trying to retain their present staff and recruit new ones, doesn’t not offering support to our team members through this horrendous economic crisis feel like a major ‘shooting ourselves in the foot’ error of judgement?
After all, let’s not forget that one of the biggest aims of Hospitality Apprenticeships Week 2022, held only a few short weeks ago, was to showcase “what working in our amazing sector means, and the career opportunities it represents… not only helping to solve the current staff shortages but futureproofing the industry by attracting the brightest and best.”
That’s what Kate Nicholls, Chief of UKHospitality, said. But how will hospitality employers ever solve their staff shortages and attract the brightest and best if they’re not prepared to take better care of the people who are already working for them?
If two hotels are looking for staff, one of them is offering highly competitive pay and benefits like The Eden Hotel, and the other isn’t offering their team members any support at all, which hotel will the best and brightest candidates want to work for?
If two restaurants offer the same pay rate but, while one offers no incentives, the other offers free meals at work and a healthy discount on meals outside of work, which restaurant will receive the most applications whenever they have a vacancy?
It’s a bit of a no-brainer question, isn’t it? The answer is obvious.
At Prime, we always advise our clients to:
What other forms of support could you offer?
Remember, the cost-of-living support you offer your team members can be something other than financial.
Paying your staff a competitive wage or, at the very least, a real Living Wage is by far the best way to help them weather the cost-of-living storm, retain more staff (and attract new ones), and boost your reputation as an employer.
The Real Living Wage is an independent calculation based on the minimum a worker needs to cover the basic costs of living. It is set by the Real Living Wage Foundation, which, on 22 September 2022, announced that the new hourly rates for the Real Living Wage will be £10.90 across the UK (a £1.00 rise on the previous figure) and £11.95 in London, which is an increase of 90p.
Unfortunately, the Real Living Wage is only voluntary and currently paid by just 11,000 employers across the UK. When Katherine Chapman, director of the Living Wage Foundation, announced the new hourly rates, she said, “With living costs rising so rapidly, millions are facing an awful ‘heat or eat’ choice this winter – that’s why a real Living Wage is more vital than ever.
“We know that the Living Wage is good for employers as well as workers; that’s why the real Living Wage must continue to be at the heart of solutions to tackle the cost-of-living crisis.”
Remember, the Real Living Wage is the minimum a worker needs to cover their basic costs of living. If it is something you still need to introduce, we strongly encourage you to do so. If possible, we’d encourage you to pay your team members even more as well as implementing some of the other support suggested in this article.
Without your team members, your business wouldn’t exist. That’s why it is vital to do everything you can to support them through this cost-of-living crisis. It’s also why this cost-of-living crisis gives you the golden opportunity to rise head and shoulders above your competition by actively demonstrating what a conscientious, supportive and forward-thinking employer you are – the kind of employer that your current people will be proud to work for and future candidates will clamour to work for.
Trust us, that will give you a massive advantage the next time you’re hiring new staff.
To find your next ideal team member, all you’ve got to do is contact our friendly expert advisors on 020 7580 4398 or email firstname.lastname@example.org and we’ll do the rest. We’re looking forward to working with you soon!