Ceridian announced the availability of Dayforce Wallet, its on-demand pay solution, in the UK. The company said it created the solution to “disrupt” traditional pay cycles and give employees access to their pay when they need it.
Dayforce Wallet combines a digital wallet with a Dayforce Prepaid Mastercard to give employees their earned wages on-demand, Ceridian said. It also comes with no additional fee to be paid by the employee. However, payments can be subject to employer-enabled parameters..@Ceridian announced the availability of its an on-demand pay solution Dayforce Wallet in the UK. #HR #HRTech Click To Tweet
The launch follows 2020’s release of Dayforce Wallet in North America. Since then, more than 1,340 employers across U.S. and Canada have signed on to offer Dayforce Wallet to their employees.
The launch of Dayforce in the UK comes as on-demand pay becomes more sought-after by candidates. The possible economic crisis and the rising cost of living costs has made its features more appealing. Ceridian believes the solution will attract candidates to the companies that offer it, especially as employees seek to take back control of their financial wellbeing.
A national study conducted on behalf of Ceridian by the Harris Poll revealed that more than half of UK employees – around 53% – are have had more difficulty managing their personal finances over the past 12 months. The issue was especially acute for those between the ages of 18-34. Around 61% of people in that age group said that a large, unexpected expense would prevent them from being able to pay their 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 Ceridian’s Managing Director for EMEA Wendy Muirhead. “The pandemic, a subsequent labor shortage and record levels of inflation have placed employers in a difficult position when it comes to the recruitment and retention of their talent.”