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.
STEPS TO SUPPORT FINANCIAL WELLBEING IN HOSPITALITY
- 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.
Why not introduce a simple explainer sheet or host a quick info session to walk staff through their payslips? This small gesture can help them feel valued and reduce unnecessary stress about money.
- 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.
- 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.
- 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.
- 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.
WHY FINANCIAL WELLBEING MATTERS FOR THE HOSPITALITY WORKFORCE
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 here, 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.
* This article was written for and published in Hospitality Review magazine, February/March 2025.