Dayforce Wallet Momentum Continues with $1 Billion On-Demand Pay Milestone

Rhea-AI Summary

Ceridian (NYSE: CDAY) has reported significant growth for its Dayforce Wallet, an on-demand pay solution, with over $1 billion in earned wages distributed since its launch in 2020. The service has attracted more than 1,450 customers across the US, Canada, and the UK, enhancing employee financial wellness. A recent survey shows that 63% of users feel positively about their employer due to this benefit, and 70% report improved mental health. This product supports employee retention, particularly among younger workers, and is recognized for delivering flexibility amid economic pressures.

Positive

• Dayforce Wallet has delivered over $1 billion in earned wages since 2020.
• More than 1,450 organizations have adopted Dayforce Wallet.
• 63% of users reported a positive perception of their employer due to on-demand pay.
• 70% of users believe the service positively impacts their mental health.
• On-demand pay aids in employee retention, especially for ages 18 to 29.

Negative

• None.

Growth fueled by more than 1,450 Dayforce Wallet customers in the United States, Canada, and United Kingdom

TORONTO and MINNEAPOLIS, April 04, 2023 (GLOBE NEWSWIRE) -- 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.

About Ceridian

Ceridian. Makes Work Life Better™.

Ceridian HCM Holding Inc. is a global human capital management software company. Dayforce, its flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. The Dayforce 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.

Forward-Looking Statement
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, and our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to the future and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 

This press release should be read in conjunction with the risks detailed in the “Cautionary Note Regarding Forward-Looking Information,” “Forward-Looking Statement,” “Risk Factors” and other sections of Ceridian’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission. 

Media Contact: 
Hyeri Kim
Hyeri.Kim@Ceridian.com
347-572-9564