[UK] Ceridian launches on-demand pay solution Dayforce Wallet

Ceridian - a global leader in HCM technology - today announced the availability of Dayforce Wallet, a revolutionary on-demand pay solution, in the UK, GlobeNewswire reports.

This contemporary solution offers employees easy access to their earned pay when they need it instead of being forced to wait until the end of the month as they would with traditional pay cycles. Workers benefit from extra financial control as their earned wages can be accessed for anything from managing daily expenses or unexpected bills to investing sooner, with no fees for the employee.

The announcement comes at a time when many UK employees have heightened concerns about making ends meet. A new national study conducted by The Harris Poll, on behalf of Ceridian, revealed more than half of UK employees (53 per cent) say managing their personal finances has become more difficult over the past 12 months. The issue is bleaker for those between the ages of 18-34 (61 per cent) who say that an unexpected expense of less than £500 would prevent them from being able to pay their other financial obligations, such as housing, insurance, childcare, or utilities.

“Most fixed pay cycles don’t line up with the real-time nature of personal expenditures putting employees and their households at a greater risk for increased financial hardship,” Wendy Muirhead - Managing Director for EMEA, Ceridian - said. “The pandemic, a subsequent labour shortage, and record levels of inflation have placed employers in a difficult position when it comes to the recruitment and retention of their talent. By bringing Dayforce Wallet to the UK, we are helping employers support employee financial wellness, while empowering people to have early access to their earned wages at no cost to them. All this translates into better financial security for workers.”

This launch follows the success of Dayforce Wallet in North America. At the end of Q3 2022, more than 1,340 employers across the United States and Canada have reportedly signed on to offer Dayforce Wallet to their employees and the average registration rate was 45 per cent of all eligible employees. 

The survey found that companies currently offering Dayforce Wallet fill open positions 15 per cent more quickly than companies not offering the solution. In addition, employees using Dayforce Wallet have a 21 per cent lower 90-day attrition rate compared to other employees.

The success seen by employers mirrors a desire shown by employees to take full control of their financial wellbeing. The study reportedly found that three-in-four (75 per cent) UK employees, between the ages of 18-44, would be more likely to consider working for an employer that provides free early access to their earned wages on-demand over an employer that does not.

"Our commitment to every employee includes providing them with access to their earned wages at the pace that best meets their needs, and we are thrilled to partner with Ceridian to meet these expectations," Zoe Stephens - Group HR Director, Blatchford - said. "Dayforce Wallet allows us to accommodate the diverse needs of our employees, increase employee engagement whilst staying competitive in the changing world of work.”

Source: GlobeNewswire

(Quotes and survey results via original reporting)

Ceridian - a global leader in HCM technology - today announced the availability of Dayforce Wallet, a revolutionary on-demand pay solution, in the UK, GlobeNewswire reports.

This contemporary solution offers employees easy access to their earned pay when they need it instead of being forced to wait until the end of the month as they would with traditional pay cycles. Workers benefit from extra financial control as their earned wages can be accessed for anything from managing daily expenses or unexpected bills to investing sooner, with no fees for the employee.

The announcement comes at a time when many UK employees have heightened concerns about making ends meet. A new national study conducted by The Harris Poll, on behalf of Ceridian, revealed more than half of UK employees (53 per cent) say managing their personal finances has become more difficult over the past 12 months. The issue is bleaker for those between the ages of 18-34 (61 per cent) who say that an unexpected expense of less than £500 would prevent them from being able to pay their other financial obligations, such as housing, insurance, childcare, or utilities.

“Most fixed pay cycles don’t line up with the real-time nature of personal expenditures putting employees and their households at a greater risk for increased financial hardship,” Wendy Muirhead - Managing Director for EMEA, Ceridian - said. “The pandemic, a subsequent labour shortage, and record levels of inflation have placed employers in a difficult position when it comes to the recruitment and retention of their talent. By bringing Dayforce Wallet to the UK, we are helping employers support employee financial wellness, while empowering people to have early access to their earned wages at no cost to them. All this translates into better financial security for workers.”

This launch follows the success of Dayforce Wallet in North America. At the end of Q3 2022, more than 1,340 employers across the United States and Canada have reportedly signed on to offer Dayforce Wallet to their employees and the average registration rate was 45 per cent of all eligible employees. 

The survey found that companies currently offering Dayforce Wallet fill open positions 15 per cent more quickly than companies not offering the solution. In addition, employees using Dayforce Wallet have a 21 per cent lower 90-day attrition rate compared to other employees.

The success seen by employers mirrors a desire shown by employees to take full control of their financial wellbeing. The study reportedly found that three-in-four (75 per cent) UK employees, between the ages of 18-44, would be more likely to consider working for an employer that provides free early access to their earned wages on-demand over an employer that does not.

"Our commitment to every employee includes providing them with access to their earned wages at the pace that best meets their needs, and we are thrilled to partner with Ceridian to meet these expectations," Zoe Stephens - Group HR Director, Blatchford - said. "Dayforce Wallet allows us to accommodate the diverse needs of our employees, increase employee engagement whilst staying competitive in the changing world of work.”

Source: GlobeNewswire

(Quotes and survey results via original reporting)