Hospo Health
Why Financial Wellbeing Matters in Hospitalty
3. Rethink benefits to make them truly helpful When money is tight, small perks can have a big impact. Think beyond traditional benefits and offer practical, everyday support such as: • Meal discounts or free meals for staff during their shifts • Transport subsidies to help with commuting costs • Access to financial counselling for employees who need one-on-one advice These benefits demonstrate that you understand your team’s reality and genuinely care about their wellbeing. 4. Ensure pay reviews are regular and fair Regularly reviewing wages is critical to ensuring your pay rates remain competitive with industry standards. While it’s not always easy to offer higher wages in hospitality, even small adjustments can make a big difference for staff living week-to-week. If pay increases aren’t feasible, think about ways to enhance value for your team through non- monetary benefits or incentives. Showing your staff that you’re committed to improving their financial security - however you can - helps build trust and loyalty. 5. Provide resources for crisis support Sometimes, financial stress can reach a crisis point. Make sure your team knows where to turn if they’re struggling. Share information about local support services like emergency relief programs, no-interest loans, or free financial counselling hotlines. Having this information readily available shows your commitment to their wellbeing and gives them a vital safety net.
For many hospitality workers, financial stress is a daily reality. By addressing financial wellbeing, you can help create a healthier, happier workforce. Not only does this improve staff retention and job satisfaction, but it also translates to better customer experiences and stronger business outcomes. Supporting financial wellbeing doesn’t have to be expensive or complicated. Small, practical changes can make a big difference to your team’s day-to-day lives - and their ability to thrive in the workplace. You can view and download the HOSPO Health Wellbeing Framework by visiting: https://hospohealth. com.au/wellbeing-framework/ , which includes simple, actionable steps to support the financial and overall wellbeing of your team. This article is part of our ongoing series on improving workplace wellbeing in Tasmania’s hospitality sector through the adoption of our HOSPO Health Wellbeing Framework
43 Tasmanian Hospitality Review Oct/Nov Edition
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