Top Ways Banking & Payroll Have Changed In Today’s Digital World

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Digital payroll for restaurants is a key factor to attract and retain top talent. In the on-demand world that we live in, getting money in employees’ hands as quickly as possible is crucial for standing out amongst the competition. It’s also now possible through a new form of banking. RASI sits down with RASI Partner, Blake Mhyran and Charlie Kleiner of Branch, to discuss the various ways in which digital banking can aid restaurant operations in becoming more efficient. They also discuss how making payroll a digital affair benefits employees in finding their own financial success!

The process of restaurant payroll has shifted to digital

The reality of the restaurant world is that its demographic of workers are exposed far more to the broader impacts of the pandemic than those within the corporate world. This has changed the game when it comes to banking and payroll. Restaurants need to create safe settings in which they can pay their employees in a timely fashion, beneficial to both parties. The top 4 areas of change?

  • Contactless experiences
  • Methods to pay employees faster
  • The move to fee free digital banking
  • Digital tip mechanisms

When COVID first hit, guests ordered food to go on a daily basis and only paid with their cards. Stores were left cashless and operations had to pivot towards daily tips, yet they had no cash on hand. The move to digital banking has been monumental in changing this issue. Additionally, workers don’t have to wait two weeks to get tips on their paycheck. For both the operational side of businesses and for the livelihood of the worker, this is a major benefit.

The shifts and trends that have happened within the restaurant industry aren’t going to change. People aren’t going to go back to using cash because they like the ease and convenience that rides alongside digital banking. No one wants to wait in line at a bank branch to deposit a check; they want to snap a photo on their phone and have the money transferred almost immediately. The trend was headed in that direction in the last 5-10 years, and COVID simply forced the change to happen on a global basis. Restaurants and businesses alike are still going to need the solutions for those contactless, digital payments moving forward.

How restaurants and franchisees are attracting & retaining top talent through digital banking

The industry is beginning to see a lot of restaurant workers shift into gig economy platforms that are more on-demand. This is because they have more scheduling flexibility, and the ability to receive paychecks quicker. Because of this, there’s been a huge push away from people working in a traditional restaurant setting.

  • Utilizing digital banking platforms can help to mitigate this issue.
    • Restaurants can stay competitive and provide their employees with better banking solutions.
      • Utilizing modernized payroll solutions comes down to digital direct deposits.
        • This enables an employer to say, “here are your funds, right away.”
        • Regardless of what that looks like dependent upon the tools used, employers can also shorten the pay cycle so that employees can get their paycheck a couple of days earlier than they traditionally did before digitized banking.
    • The restaurant world is historically an entry point to the working world for a lot of individuals. So, in terms of being nimble and efficient, what if an employer could actually help an employee enter the banking world for the first time?
      • It’s an opportunity that has never been there before. Traditionally, the younger generations don’t understand or don’t pay attention to all the nuances within the banking world. Examples: Overdraft fees and credit scores. However, modernized banking solutions have changed that notion.
      • Entering an employee into the banking world, without having to worry about overdraft fees or general cost associations, is a unique tool that a restaurant owner can utilize to hire and retain talent.
    • In terms of helping the business out, these digital payroll solutions will not only help to streamline payments, but it’ll also help payroll become so much easier as well.

WATCH THE FULL VIDEO BELOW TO LEARN HOW THE APP LANDSCAPE IN TODAY’S DIGITAL ERA HAS CHANGED THE FUTURE OF BANKING:

Top operational benefits through digital banking

  • Controlling Cash Flow: Operators can true-up payroll and not deal with floating checks
    • Digital banking brings the ability to have monies transition out of the bank account on a quicker basis
      • This enables the operator to truly understand where their operational account lies
  • Eliminating Paper Checks: Getting the money in the hands of the employees digitally
    • This helps takes places the fiscal accountability on the employee rather than the manager
  • Creating Cost Savings: Eliminating the need to re-run payroll when employees lose or misplace their paystubs
  • Generating Time Savings: Digital banking facilitates a quick and streamlined payroll process
    • This is due to the fact that managers no longer need to cut and deliver paper checks

LISTEN TO THE FULL PODCAST EPISODE BELOW!

Listen to the top trends that Branch has seen with innovative restaurants leading the way in the digital era, and why the attraction for hourly workers has increased.

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