Level x Williams Stanley & Co Video Interview
In this conversation, Tom Stanley, a restaurateur turned accountant, discusses the current trends and challenges in the hospitality industry, focusing on employee benefits, rising costs, staffing issues, and the importance of On-Demand Pay solutions. He emphasises the need for hospitality companies to adapt to changing market conditions and prioritise employee wellbeing to enhance retention and overall business performance.
Key Takeaways
The hospitality industry is facing rising costs and a shift towards employee wellness.
Tools like Level are essential for improving financial wellbeing in hospitality.
Staffing challenges have evolved post-COVID, leading to a transient workforce.
Employee turnover can be costly, emphasising the need for retention strategies.
Financial education is lacking among hospitality workers, impacting their wellbeing.
On-Demand Pay can alleviate financial stress for employees living paycheck to paycheck.
Implementing new solutions can be challenging for companies under pressure.
Engaging with modern technology is crucial for staying competitive in hospitality.
Companies should prioritise employee experience to improve guest satisfaction.
Adopting a curious mindset towards new tech can benefit hospitality businesses.