Why did San Carlo need Stream?
San Carlo was looking to address recruitment and retention challenges specific to hospitality, and identified financial literacy and awareness as a critical issue for its workforce.
"I've learned a lot more about financial wellbeing, particularly in the last 24 months, about having a good and acute understanding of your own financial awareness."
What challenges did Stream solve?
David highlighted that financial literacy, including understanding income and expenses, is critical. He noted a stigma within the hospitality sector that often views roles as transient rather than career-focused. San Carlo has taken steps to shift this perception, emphasising employee wellbeing and offering initiatives like Stream to support their staff. Flexible pay gave San Carlo a way to support employees who were struggling, partly by making it easier to offer more shifts, while the savings tool gave staff a structured way to start setting money aside for the first time.
"I think flexible tools like Stream allow us to offer more shifts, so if people are struggling a little, we can nurture things in a way that will allow them to look after their own financial wellbeing."
The introduction of Stream has also allowed employees to manage their finances better, enabling them to save for the future or cope with busier periods like Christmas without falling into financial difficulties.
"With the saving tool, they were able to start setting aside some money... ultimately for their own financial wellbeing."
What was the business impact?
David reflected on the broader impact of these initiatives, stating that they’ve fostered loyalty and gratitude among employees. He shared stories of staff thanking him for the positive difference the platform has made in their lives, helping them plan for holidays or other goals.
"A number of employees have come to me several times, thanking me for bringing this benefit."
In closing, David urged other businesses to prioritise employee wellbeing, especially in challenging times, and to consider the comprehensive benefits of financial tools like Stream.
"I would advise any business to take it very seriously and see what they can do, and most importantly, speak to the people."
