A recent survey conducted by the CGA and Fourth’s Business Leaders has found that hospitality leaders are optimistic about the prospects 2022 has to offer. The poll shows that 65% of multi-site business leaders are confident about the next year for the market. This has increased from 59% in December 2021.

 

Why has confidence increased?

Despite the recent news that the 12.5% temporary VAT rate has now returned to 20%. The survey demonstrates that multi-site businesses are starting to find their feet again with 84% confirming that they are now operating at a profit. This is 4% more than in December 2021. Furthermore, the hospitality sector is now become very attractive for investors and consumers and the sector is quietly confident that profits and sales will continue to improve in the second quarter of this year.

 

Staffing shortage cause for concern

Despite the increased confidence for leaders in the hospitality sector there are considerable challenges that the sector is currently facing. Not only is the sector being affected by increasing inflation and the cost-of-living crisis but it is also facing widespread staffing issues.

As the hospitality sector emerges from the pandemic, staff shortages are becoming a major issue. This shortage is causing job satisfaction to fall with 45% saying that their job is now less appealing than it was previously. The most common reasons cited by employees to explain staff shortages were:

  • Unsociable hours (54%)
  • Increased workload (49%)
  • Pay not matching the job (47%)

 

What improvements would staff like to see?

The survey Transforming The Employee Experience In Hospitality has shown that teams would welcome implementation of technology into the workplace. This technology said to be most welcome are:

  • Digital clock-in/clock-out
  • Smart scheduling
  • Shift management

This demonstrates that implementing technology to improve employee experience is crucial in keeping members of staff engaged. Therefore, hospitality businesses that adopt technology to provide a good employee experience will in many cases, have a better employee retention rate.

 

How can we help?

At Hawsons we have a dedicated team of leisure and hospitality accountants at our offices in Sheffield, Doncaster, and Northampton.

As the sector continues to become ever more challenging, with changes in fierce global, nation and regional competition leading to unrelenting pressures to maintain margins, it is more crucial than ever to seek sound and proactive advice.

At Hawsons our dedicated team of specialist hotel, pub and restaurant accountants offer professionals advice and guidance that is tailored to their individual needs and requirements, providing a full range of proactive services.

Free initial meeting

Richard Burkimsher, Partner

Richard Burkimsher

Partner, Northampton

01604 645 600

Scott Sanderson

Partner, Sheffield

0114 266 7141

Martin Wilmott

Partner, Doncaster

01302 367 262

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