Financial Wellbeing Practical Support For Your Staff
Steps to support financial wellbing in hospitality
1. Be transparent about pay Many hospitality staff rely on casual or irregular hours, which can make understanding their pay confusing. Providing clear explanations of pay rates, penalty rates, and superannuation contributions helps build trust and ensures employees feel confident they’re being paid fairly. 2. Offer practical financial education Not everyone in the industry has the financial literacy skills to budget, save, or plan for the future. Offering basic financial education can empower your team to take control of their finances. Consider running workshops or sharing accessible resources that cover topics like: • Budgeting on a variable income • Managing debt • Saving for short-term goals You don’t need to do it alone- many local financial advisors, accountants, or even superannuation providers are happy to offer free or low-cost sessions tailored to your team’s needs.
In hospitality, we know many employees live week-to- week, managing tight budgets and irregular incomes. This financial pressure can be overwhelming, leading to stress that affects not only their personal lives but also their performance at work. As employers, supporting the financial wellbeing of your team isn’t just a compassionate choice - it’s a smart one. Financially secure staff are less stressed, more focused, and more engaged, which ultimately benefits your business.
So, how can hospitality businesses make a meaningful impact on the financial wellbeing of their staff?
Understanding Financial Wellbeing
Financial wellbeing is about more than a fair pay cheque. It’s about equipping your team with the knowledge, tools, and support to manage their money effectively and feel secure about their financial futures. This might sound like a big challenge, but even small steps can make a significant difference for your employees.
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Tasmanian Hospitality Review Oct/Nov Edition
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