Global Retailers Choose Dayforce to Optimize Workforce Planning and the Frontline Employee Experience
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Insights
From a market research perspective, Ceridian's announcement of upcoming retail product releases is a strategic move that aligns with the growing demand for integrated human capital management (HCM) solutions. The retail sector is experiencing a significant transformation, driven by digitalization and changing consumer behaviors, which necessitates advanced tools for workforce management and operational efficiency.
By offering a single platform solution with workforce management (WFM) and global payroll capabilities, Ceridian is positioning Dayforce as a competitive product in the HCM market. Their focus on machine learning for labor forecasting and a Shift Marketplace for flexible scheduling addresses two critical pain points in retail: cost control and employee satisfaction. The integration of these features could potentially lead to increased market share for Ceridian, as retailers seek to optimize their workforce in a cost-effective and employee-centric manner.
Moreover, the addition of on-demand pay solutions reflects an understanding of the modern workforce's expectations. This could serve as a strong selling point for Ceridian, particularly in attracting businesses that prioritize employee engagement and retention. However, the successful implementation and customer adoption of these features will be crucial in determining the long-term impact on Ceridian's market position.
From a financial standpoint, the announcement by Ceridian may signal potential revenue growth driven by product innovation. The focus on industry-specific solutions such as Dayforce for the retail and hospitality sectors could lead to increased sales, particularly if these enhancements lead to demonstrable ROI for their clients in terms of reduced labor costs and improved employee retention.
The investment in machine learning and real-time workforce intelligence suggests that Ceridian is committing significant resources to stay at the forefront of technology in HCM. While this may increase short-term expenses, the long-term benefits could include improved scalability and efficiency, which are attractive to investors. However, investors should monitor the adoption rate of these new features and the company's ability to convert these innovations into sustainable revenue streams.
It is also important to consider the competitive landscape. As other HCM providers also innovate, Ceridian's ability to differentiate its offerings and demonstrate value to customers will be critical in maintaining and growing its market share. Investors should look for indicators of customer satisfaction and retention as measures of success for these new product releases.
The unveiling of Ceridian's retail-focused product enhancements highlights the importance of technological advancement in human resources. The integration of machine learning for labor forecasting represents a significant step forward in predictive analytics within HCM. This technology can enable more accurate staffing decisions, potentially leading to a reduction in understaffing or overstaffing scenarios, which are costly for retailers.
The Shift Marketplace feature reflects a growing trend in the workforce towards gig-like flexibility within traditional employment settings. This could enhance employee autonomy and satisfaction, which are key factors in employee retention. For employers, it offers a cost-effective solution to manage variable labor demands without resorting to external staffing agencies.
Finally, the focus on a reimagined time experience and mobile-first employee experience caters to the modern workforce's expectations for convenience and accessibility. These enhancements are likely to be well-received by employees, particularly younger demographics who are accustomed to consumer-grade technology experiences in all aspects of their lives. For employers, this can translate into a more engaged and productive workforce.
Ceridian unveils upcoming retail-focused product releases ahead of NRF 2024
TORONTO and MINNEAPOLIS, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced its upcoming retail product innovations, which highlight the company’s growing momentum in the sector. As the only solution that offers workforce management (WFM) and global payroll capabilities on a single platform, Dayforce – Ceridian’s industry-leading cloud software – helps retailers and the hospitality industry empower and retain frontline workers, increase operational agility when making staffing decisions, and enhance the employee experience.
Ceridian helps more than 1,280 retailers around the world optimize their workforce and improve employee engagement, attraction, and retention, including American Dream, Buehler’s Fresh Foods, Costa Coffee, Sobeys, and SPARC Group LLC, which owns and operates leading retail brands including but not limited to Aeropostale, Brooks Brothers, Forever 21, and Reebok.
“Today’s employees expect a personalized experience. Ceridian is an innovative, collaborative partner that is helping us shape the employee experience of the future,” said Julia Knox, Chief Technology & Analytics Officer, Sobeys.
"Forward-thinking retail and hospitality organizations need to embrace modern technologies, like machine learning and real-time workforce intelligence, to tackle the staffing and compliance challenges their industries face,” said Jack Bennett, Vice President and Retail Solutions Advisory Lead, Ceridian. “Coupled with Dayforce Wallet, our award-winning, on-demand pay solution, Dayforce is a single holistic platform for workforce management, pay, and talent that unlocks quantifiable value and gives retail and hospitality leaders an edge to better compete - and win - with today's boundless workforce."
Dayforce workforce management empowers frontline employees through schedule flexibility and a consumer-like experience, while driving agile retail operations by giving real-time workforce intelligence to managers. Continued enhancements include:
- Forecasting Powered by Machine Learning: In an ever-changing economic landscape, retailers can reduce costs and improve productivity by leveraging the power of machine learning (ML) in its labor planning. Dayforce ML forecasting helps managers make better decisions and optimize workforce allocation by forecasting future labor requirements down to 15-minute increments and become more precise over time.
- Shift Marketplace: Modern workforce management provides organizations and employees with a simple, intuitive way of allowing stores and locations to share their workforce across their organization. With Shift Marketplace, employees can take on unfilled shifts at any location they choose, giving employees the flexibility to meet their financial goals while allowing managers to fill their labor demand needs without incurring additional costs to bring in outside resources.
- Next-Generation Labor Planning: With Dayforce, customers can bring finance and operations together during the budget and planning processes to ensure forecasting and scheduling align with corporate targets. This process is further enhanced through scalable data models, a unified experience for long- and short-term planning, and yearly, quarterly, monthly, weekly, and daily workforce insights that can drill down to zone and position levels.
- Reimagined Time Experience: The Dayforce platform is improving the employee time experience with a human-centric user experience that prioritizes simpler workflows, simplified clocking in and out, and accessibility. For managers, the enhanced user experience highlights what is important, including unplanned labor costs, and time-sensitive insights such as no-shows, missed breaks, approaching overtime, and upcoming departures.
“We are a special place to work because our engaged team members are a key differentiator for our business. With the Dayforce platform, we will be able to deliver a modern, mobile-first employee experience that enables direct communication, seamless shift bidding, and access to on-demand pay with Dayforce Wallet, which will help to differentiate Sobeys in a challenging labor market,” said Sandra Pasquini, SVP HR Operations & Systems, Sobeys.
These features and enhancements will begin rolling out to customers on the Dayforce platform in 2024.
Additional Information
- Learn more about Ceridian’s retail solutions: www.ceridian.com/ca/solutions/retail-workforce
- Learn more about Dayforce Wallet, the modern way to pay employees: www.dayforcewallet.com
- Read the blog, “Q&A With Sobeys: How the role of HR is changing”
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:
Nick de Pass
nick.depass@ceridian.com
226-972-5962
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