Ceridian is adding two features to its flagship Dayforce product, including pay-on-demand functionality and succession-planning package.
Dayforce On-Demand Pay allows employees to request payouts based on their earnings at any time through the Dayforce mobile app, and the payout is funneled into a digital wallet. Ceridian said it’s the first HCM technology company to bring such an on-demand payment solution to market.
The pitch behind On-Demand Pay is about promoting financial wellness, which in turn helps attract top talent and increases engagement and productivity. “Companies today are mindful of their employees’ financial and mental wellbeing and seek solutions that will enable their people to be productive and satisfied at work,” said Ceridian Chief Strategy Officer Erik Zimmer. “Dayforce On-Demand Pay may help alleviate stress so employees can focus on their work and not their finances.”
For example, when unexpected expenses arise many employees rely on payday loans to cover costs, Ceridian said. Rather than do that, Dayforce On-Demand Pay allows employees to instead take a payout based on their earned wages when they need it. “The fact is, traditional payroll doesn’t meet the real-time payment needs of a modern workforce,” said Zimmer.
Payout availability is calculated using Dayforce’s unified solution for payroll and time. Through real-time calculations, available payouts are automatically updated whenever a time, benefits or HR record is changed.
Dayforce Succession Planning
Separately, Ceridian launched a package of new succession planning capabilities designed to provide employers with real-time insights that help identify appropriate candidates within their companies to fill key roles in the event of expected or unexpected departures.
Ceridian’s picked a good time to launch the product, called Dayforce Succession Planning. The labor market’s still tight at nearly every level and employees are less hesitant to seek–or at least respond to offers of–new opportunities. In such an environment, “organizations need to be prudent with how they are managing their own talent,” said Lisa Sterling, Ceridian’s chief people and culture officer. “Without an ongoing discussion around proper succession planning, organizations can be left scrambling to fill the void when key team members depart.”
Ceridian calls Dayforce Succession Planning “part of a holistic talent management solution” that provides organizations with the ability to:
- Track key traits and succession information in an employee profile to help identify where employees are in their career path.
- Create succession plans for any position, from executive roles to entry-level employees, to identify bench strength and ensure the right employees are included.
- Evaluate employees with a talent matrix that visually compares performance to potential, which helps leaders identify suitable candidates for key roles.
- Access real-time data from across their HCM platform, such as performance history, credentials, compensation data, and flight risk analytics, to make more informed decisions.
Finally, Ceridian announced plans to develop payroll capabilities for the Australian, New Zealand and Irish markets, and said it’s “actively working” to provide an advanced analytics solution to complement make it easier to build reports in Dayforce. It also announced plans to incorporate benefits decision support, engagement surveys and compensation benchmarking into Dayforce.
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Image: Cerdian
