Digital payroll for restaurants is critical in attracting and retaining top talent. In the on-demand world 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. Continue reading to learn about the various ways in which digital banking can aid restaurant operations in becoming more efficient and how making payroll a digital affair benefits employees in finding their financial success!
The process of restaurant payroll has shifted to digital
The reality of the restaurant world is that the worker demographic is exposed to the broader impacts of the pandemic far more than those in the corporate world. This fact 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. Four top areas of change include the following:
- 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 daily 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, which is a significant benefit for businesses’ operational side and the worker’s livelihood.
The shifts and trends 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 trickling 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 will still 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 many restaurant workers shift into on-demand gig economy platforms because they have more scheduling flexibility and receive paychecks more quickly. Because of this, there’s been a significant push away from people working in a traditional restaurant setting. Utilizing digital banking platforms can help mitigate this issue because restaurants can stay competitive within the job market by providing their employees with better banking solutions for two main reasons:
- Utilizing modernized payroll solutions comes down to digital direct deposits; and, depending on the tools used, employers can shorten the pay cycle to get their paycheck a few days earlier than they traditionally did before digitized banking.
- The restaurant world is historically an entry point to the working world for many individuals. This presents an opportunity for an employer to help introduce employees to the banking world for the first time without worrying about overdraft fees or general cost associations.
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Top operational benefits through digital banking
Beyond the benefits of attracting and retaining employees with digital banking benefits, there are many operational benefits to a restaurant operator as well. The top benefits of digital banking include:
- Offers operators the ability to better control cash flow and true-up payroll since they don’t have to deal with floating checks
- Brings the ability to have monies transition out of the bank account on a quicker basis, which enables the operator to truly understand where their operational accounts lie
- Helps to eliminate paper checks and gets money in the hands of the employees digitally, placing the fiscal accountability on the employee rather than the manager
- Creates cost savings by eliminating the need to re-run payroll when employees lose or misplace their paystubs
- Generates time savings through the facilitation of a quick and streamlined payroll process
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