Dayforce Continues Global Momentum with Launch of Dayforce Payroll in Singapore
Dayforce (NYSE: DAY; TSX: DAY) has launched its Dayforce Payroll solution in Singapore, marking a significant expansion in the Asia-Pacific region. This development aims to streamline payroll processes, enhance efficiency, and ensure compliance with local regulations. Dayforce's platform integrates HR, pay, time, talent, and analytics, supporting over 25 languages. The launch is a strategic move to solidify Dayforce's market leadership in a region known for digital innovation. With over 20 years of payroll experience in Asia, the company offers solutions that reduce risks and costs associated with payroll management, benefiting industries such as manufacturing, retail, and professional services.
- Launch of Dayforce Payroll in Singapore signifies a key expansion in the Asia-Pacific region.
- Dayforce's platform integrates HR, pay, time, talent, and analytics into a single system, simplifying complexity.
- Supports over 25 languages, including Simplified Chinese, Traditional Chinese, Bahasa Malaysia, Japanese, Korean, Thai, and Vietnamese.
- A flexible continuous calculation rules engine for pay and time enhances accuracy and efficiency.
- Comprehensive payroll and regulatory compliance support for local and multinational organisations.
- Solutions reduce risks and costs associated with payroll staff turnover.
- Dayforce has over 20 years of payroll experience in Asia.
- Potential market entry risks, including adaptation to local business practices and competition.
- Operational challenges in ensuring compliance with Singapore's statutory requirements.
- Initial implementation costs and potential disruptions during the transition to the new system.
Insights
Dayforce's expansion of its payroll capabilities into the Singapore market is quite significant, considering the strategic positioning of Singapore as a hub for multinational organizations. From a market research perspective, this move positions Dayforce to capitalize on the growing demand for integrated human capital management solutions in the Asia-Pacific region. Retail investors should note that Dayforce's ability to offer localized solutions tailored to meet Singapore's statutory requirements showcases the company's understanding of intricate market needs, which is essential for customer retention and growth.
The addition of language support for over 25 languages is important for adoption in multilingual regions. This ensures that Dayforce can cater to a diverse range of clients, thus potentially increasing its market share.
However, the competitive landscape in Singapore is intense, with multiple established players. Dayforce’s success will hinge on its ability to differentiate its offering through superior customer service and continuous innovation. Investors should watch the uptake rate and any client feedback or case studies showing tangible business benefits.
Expanding into Singapore aligns with Dayforce's broader growth strategy and represents a potential increase in revenue streams. Singapore is a lucrative market due to its status as a regional headquarters for many multinationals. This could lead to significant client acquisitions and subsequent financial growth.
Dayforce's consolidation of various HR functions into a single platform can drive operational efficiency and cost savings for clients, which might be a selling point to potential customers. From an investor's perspective, monitoring the financial performance in upcoming quarterly reports will be crucial. Look for any increases in revenue, profitability and particularly, client acquisition rates in the Asia-Pacific segment.
Yet, it's essential to maintain a cautious outlook as initial implementation costs and marketing expenses could impact short-term financials. Investors should weigh these potential short-term costs against the long-term benefits of market expansion.
Single platform for pay and time streamlines payroll, drives efficiency, and strengthens compliance
MINNEAPOLIS and SINGAPORE, May 29, 2024 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced the introduction of its industry-leading payroll capabilities to the Singapore market with the launch of Dayforce Payroll for Singapore.
Today’s announcement will enable Dayforce to better serve its customers operating in Singapore and across Asia, while representing a significant milestone in the company’s growth journey. This is critical as leaders currently face a complexity crisis marked by a new, boundless workforce that’s increasingly fluid, borderless, and always on.
Globally recognized as a centre for digital innovation, Singapore is home to many regional headquarters for multinational organisations, including Dayforce. With over two decades of payroll experience throughout Asia, Dayforce drives simplicity at scale by helping organisations access their global payroll data through one system, including country-specific details down to the employee level.
"This marks a key expansion step in our growth strategy for Asia Pacific and Japan, reflecting our deep commitment to the region,” said Brian Donn, Managing Director for APJ, Dayforce, Inc. “With its unique position as both an Asian and global tech hub, Singapore is a critical location to help us serve our customers, both globally and regionally, and solidify Dayforce as a market leader."
In Singapore, Dayforce has tailored its offering to help support compliance with local statutory requirements while delivering a seamless experience for customers and their employees. Key features include:
- A single system for HR, pay, time, talent, and analytics that simplifies complexity and delivers value.
- A flexible continuous calculation rules engine for pay and time that provides greater accuracy and efficiency for organisations, particularly beneficial for manufacturing, retail, and professional services sectors.
- Comprehensive payroll and regulatory compliance support for local and multinational organisations in accordance with local legislative requirements.
- Personalised user experience for regional workforces with support for over 25 languages, including Simplified Chinese, Traditional Chinese, Bahasa Malaysia, Japanese, Korean, Thai, and Vietnamese.
- Solutions for managed payroll services that help organisations reduce the risks and costs associated with payroll staff turnover.
Dayforce is a recognised global leader in payroll allowing customers to streamline and scale with ease in more than 160 countries with a single user experience, configurable, flexible rules engine paired with local expertise to help customers stay compliant.
“Bringing Dayforce Payroll to Singapore sets a new standard for success in payroll management, not only across the country but across the region,” said Rob Squires, Vice President and Head of Sales, Asia and Japan, Dayforce, Inc. “In an era of evolving compliance and regulatory requirements, organisations – including multinationals – can achieve a competitive advantage by adopting our advanced payroll and time solution that enables them to run payroll at scale, while minimising risk and protecting the bottom line.”
Dayforce will showcase innovations centred around the company’s brand promise to make work life better and ignite the power of the entire Dayforce community from November 11 to 14, 2024, at its annual customer conference, Dayforce Discover, in Las Vegas. Learn more and register: www.dayforcediscover.com/asia
Additional information:
- The essential guide to payroll in Singapore
- Navigating your organisation’s unique path to global HR and payroll
- The hidden cost of your fragmented approach to global payroll
About Dayforce
Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, payroll, talent, workforce management, and benefits equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organisations of all sizes and industries, visit dayforce.com/asia.
Forward-Looking Statement and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding the impact of the launch of Dayforce Payroll in Singapore, 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. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, 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 Dayforce’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other reports we file with the Securities and Exchange Commission. Copies of reports filed with the Securities and Exchange Commission are posted on our website and are available from us without charge.
Media Contact:
Patrick Allen
1-647-417-2208
Patrick.Allen@dayforce.com
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