Dive Brief:
- Individuals working in the food and beverage industry rate well below average when it comes to happiness and financial fitness, according to a recent survey from Salary Finance.
- Data shared with HR Dive revealed those in the industry — which includes those working in "catering, café[s], restaurants, pubs [and] bars" — are 21% less happy than their counterparts in other industries. It also showed they are 36% less "financially fit" than the average worker.
- Of the industries surveyed, those in "IT software, development and infrastructure" were the happiest, while workers in "pharmaceuticals, cosmetics" were the most financially fit.
Dive Insight:
It may come as no surprise that those in the food and beverage industry rate low in both happiness and financial fitness. Restaurants, in particular, are plagued by high turnover. And the industry as a whole isn't known for strong employee value propositions (EVP).
Some are bucking that trend, of course, like Philadelphia's Mission Taqueria, which previously told HR Dive it is banking on paid leave, 401(k) matches and creative challenges to keep workers engaged and financially fit.
Still, some EVP trends embraced by other industries — like higher hourly starting wage rates in retail — haven't caught on in a meaningful way in food and beverage. But as employers begin to better understand the toll that stress can take on employee productivity, more have introduced mental health initiatives and financial wellness benefits.
A disconnect remains between offerings and utilization, however. A Bank of America report released last month, for example, revealed a lack of employee awareness and understanding of certain benefits. Some research suggests that employees may be overwhelmed by multiple vendors; other information shows that employees often just don't understand what's available to them.
With employee productivity and retention on the line, it's up to HR to ensure that communication about employee benefits meets workers where they are — and at the right time.
