Home » One-in-two employees say managing their personal finances has become more difficult over the past 12 months
London, United Kingdom, November 09, 2022 – Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced the availability of Dayforce Wallet, a revolutionary on-demand pay solution, in the United Kingdom (UK).
This modern solution disrupts the concept of traditionally rigid pay cycles as it gives employees easy access to their earned pay when they need it – instead of being forced to wait until the end of the month. 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 – all without fees for the employee.
Today’s announcement comes at a time when many UK employees are facing 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%) 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%) 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,” said Wendy Muirhead, Managing Director for EMEA, Ceridian. “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 widespread success of Dayforce Wallet in North America. As of the end of Q3 2022, more than 1,340 employers across United States and Canada have signed on to offer Dayforce Wallet to their employees – effectively turning payroll into a strategic employee benefit. Further, the average registration rate was 45% of all eligible employees. Today, companies that offer Dayforce Wallet fill open positions 15% more quickly than companies not offering the solution. Also, employees using Dayforce Wallet have a 21% 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 found three-in-four (75%) 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,” said Zoe Stephens, Group HR Director, Blatchford. “Dayforce Wallet allows us to accommodate the diverse needs of our employees, increase employee engagement whilst staying competitive in the changing world of work.”
About Dayforce Wallet
Dayforce Wallet combines a digital wallet with a Dayforce Prepaid Mastercard® for an experience that gives employees on-demand access to their earned wages.
As a feature of Dayforce Payroll, Dayforce Wallet is designed to continuously calculate employees’ earned wages net of taxes and deductions.
Dayforce Wallet accounts for the appropriate HMRC remittances, arrestments, and deductions with each on-demand pay request.
Every on-demand pay request will generate its own earning statement and appears on the standard earning statement generated for the full pay period.
There are no changes to existing payroll process including the funding, timing, and close-out of pay. This means no additional time spent on reconciliations and corrections.
On-demand payments can be subject to employer-enabled parameters, providing administrators with greater visibility and peace of mind.
To retain valued employees and attract new talent with Dayforce Wallet, visit: Ceridian.com/DayforceWallet
Survey Methodology: This survey was conducted online within the U.K. by The Harris Poll on behalf of Ceridian from September 7-8, 2022 among 1,145 employed U.K. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
About Ceridian Ceridian. Makes Work Life Better™. Ceridian HCM Holding Inc. is a global human capital management software company. Dayforce, its flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. The Dayforce platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes. Visit Ceridian.com or follow us @Ceridian.