Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced continued momentum for Dayforce Wallet – Ceridian’s market-leading on-demand pay solution – with more than $1 billion in earned wages delivered to users since launching in 2020. This growth is supported by research showing the product’s strong appeal to both employees and employers, with more than 1,450 organizations – including David’s Bridal, OTG Management, and The Budd Group – signed up to use Dayforce Wallet for on-demand pay.
Dayforce Wallet allows workers to access their earned wages any time, which is a critical workplace benefit for employees needing to manage daily expenses or unexpected bills in between pay periods. The modern pay experience resonates with employees, with the typical user conducting 25 transactions per month on average.
“In an economy where people are experiencing record-levels of financial stress, we’ve seen our customers embrace Dayforce Wallet as a financial wellness tool that radically impacts their employees’ lives for the better,” said Deepa Chatterjee, COO, Dayforce Consumer Services, Ceridian. “Delivering $1 billion in earned wages shows significant momentum and adoption for Dayforce Wallet, and I’m encouraged that an increasing number of organizations are investing in their people through a differentiated on-demand pay solution.”
A new survey of Dayforce Wallet users in the United States reveals on-demand pay is a driver of employee engagement and retention. Nearly two-thirds (63%) reported a positive impact in their perception of their employer due to on-demand pay. Among younger users between the ages of 18 to 29, nearly half (45%) said Dayforce Wallet is a reason why they are staying with their current employer.
This study, conducted by SSRS, also highlights how Dayforce Wallet has become an essential work benefit tied to financial health and wellness, with 70% saying it has made a positive impact on their mental health. Additionally, four-in-five (81%) of Dayforce Wallet users said early access to their earned wages provides them with a sense of freedom and accessibility.
“On-demand pay provides flexibility for financially stressed employees, which materially affects organizational productivity, recruitment, and retention. On-demand pay has now been adopted across many industries and pay grades – whether used to make ends meet or provide liquidity faster than a regular pay cycle,” said Melody Brue, Principal Analyst at Moor Insights & Strategy. “With $1B in on-demand wages delivered, Ceridian has emerged as an early leader in the space by proving the appetite for, and adoption of, on-demand pay.”
For more information about Dayforce Wallet, visit: https://www.ceridian.com/products/dayforce/payroll/wallet-on-demand-pay.
Survey Methodology
In 2022, Ceridian contracted with SSRS to conduct a survey to understand the impact the Dayforce Wallet product has on both the financial and mental well-being of those who use the tool. Users and non-users were invited to participate in a self-administered online survey via an email invitation. A total of n=2,009 interviews were collected during the two-week data collection period. N=1,353 interviews were among users of Dayforce Wallet and n=656 were among non-users of the tool. Data collection took place from December 7 to December 16, 2022. The survey was administered via web in both English and Spanish. The average length of the interview was 10 minutes.
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