One-third of employed Canadians across income levels – including those earning over $100K – run out of money between pay periods
TORONTO and MINNEAPOLIS, July 07, 2021 (GLOBE NEWSWIRE) — Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced the availability of Dayforce Wallet, an industry-first, on-demand pay solution, in Canada. This new solution disrupts the concept of the traditional payday as it gives employees easy, on-demand access to their pay for everyday expenses or emergency funds – all without direct fees for either employer or employee.
The launch comes on the heels of a new national study, conducted by Maru/Blue on behalf of Ceridian*, that underscores the importance of empowering employees to receive early access to their earned wages. More than one-in-three employed Canadians (34 percent) revealed they run out of money between pay periods, with 42 percent agreeing employees should have the option to receive the wages they’ve earned at the end of each workday/shift. The desire to receive wages on-demand is highest amongst those aged 18-34 at 56 percent.
“For far too long, we’ve been paying employees in arrears, using outdated payroll technology that hasn’t evolved with the modern workforce. This long-standing precedent places employees on their back foot financially, and in today’s climate, leads many Canadians to rely on high-interest lending options between pay periods,” said Seth Ross, GM, Wallet and Consumer Services at Ceridian. “With Dayforce Wallet, employers are transforming payroll for the better by offering a new employee pay experience that supports financial wellness and pays their people at the pace of real life. We are turning employee payroll into a strategic advantage for our clients.”
In today’s competitive labour market, Dayforce Wallet provides meaningful value to talent acquisition and engagement efforts. A recent review of customers who use Dayforce Wallet shows they’ve experienced 42 percent lower voluntary turnover among those employees using the solution1. The same study shows Dayforce Wallet customers experienced a five percent higher close rate on open positions and a nine percent faster time to close for open roles.
These results echo the sentiment found amongst employed Canadians in the Maru/Blue study where 43 percent of respondents said they would be either extremely or somewhat likely to consider an employer that provides access to earned wages on-demand over an employer that does not.
Dayforce Wallet is now available to Dayforce customers in Canada. Its availability follows a successful launch in the United States where more than 500 employers, including Danone, Buehler’s Fresh Foods, and Aaron’s, have signed up to offer Dayforce Wallet to their employees.
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.
- Dayforce continuously calculates employees’ earned wages net of taxes and deductions. Each on demand pay request is processed as a compliant payroll, with the appropriate pay slip and tax remittances.
- There are no direct fees to either the employer or employee.
- Dayforce Wallet is compliant with federal and provincial remittance requirements.
- Payroll is still closed-out and funded on the weekly, bi-weekly, semi-monthly, or monthly cycle.
- There are no changes to existing payroll process including the funding, timing, and close-out of pay. This means administrators do not have to spend time reconciling at the end of the pay period.
- Users can download the solution as an app on the Apple App Store and on Google Play.
To learn more, visit: DayforceWallet.com.
Ceridian. Makes Work Life Better™.
Ceridian is a global human capital management software company. Dayforce, our flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. Our 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.
*Study methodology: From June 9th to June 11th 2021 an online survey of 3,014 randomly selected Canadian adults (of whom 1,633 are employed) who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 1.7%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
The Dayforce Prepaid Mastercard® is issued by Peoples Trust Company under license from Mastercard International Incorporated. Funds loaded onto the card are held by the issuer Peoples Trust Company. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1 Versus our broader group of customers
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2483aff4-42a7-4d02-9245-c87d8c9822fb
Powered by WPeMatico