Ceridian Launches Dayforce Wallet in Canada to Reinvent Payday

Rhea-AI Summary

Ceridian (NYSE: CDAY; TSX: CDAY) has launched Dayforce Wallet in Canada, allowing employees to access their earned wages on-demand, addressing financial stress for many Canadians. A recent study shows that 34% of employed Canadians run out of money between paychecks, with 56% of younger workers favoring instant access to wages. Clients using Dayforce Wallet reported a 42% reduction in voluntary turnover and quicker hiring processes. Available now to Canadian employers, Dayforce Wallet aims to enhance employee financial wellness without any direct fees for users or employers.

Positive

• Launch of Dayforce Wallet enhances employee financial wellness.
• Customers reported 42% lower voluntary turnover for employees using Dayforce Wallet.
• 5% faster hiring rate for positions filled among users of the solution.

Negative

• None.

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“For far too long, we’ve been paying employees in arrears, using outdated payroll technology that hasn’t evolved with the modern workforce.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.

About Ceridian
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.

Media Contact:
Fahd Pasha
647.417.2136
Fahd.Pasha@Ceridian.com

*Study methodology: From June 9^th to June 11^th 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. 

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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

FAQ

What is Dayforce Wallet by Ceridian?

Dayforce Wallet is an on-demand pay solution that allows employees in Canada to access their earned wages at any time without direct fees.

When was Dayforce Wallet launched in Canada?

Dayforce Wallet was launched in Canada on July 7, 2021.

What percentage of Canadians run out of money between pay periods?

According to a study, 34% of employed Canadians run out of money between pay periods.

How does Dayforce Wallet impact employee turnover?

Businesses using Dayforce Wallet experienced a 42% lower voluntary turnover rate among their employees.

Does Dayforce Wallet charge fees for employers or employees?

No, there are no direct fees for either employers or employees using Dayforce Wallet.