Principal Analyst, Fintech and Retail Tech Melody Brue gives her analysis of Ceridian's financial stress survey and how Ceridian's Dayforce app is addressing this financial stress concern.
Debit cards are often used to access earned wages because they are a convenient way to access pay in advance of an employee’s regular pay cycle. Additionally, debit cards are a secure means to access funds, as they are backed by fraud protection and other security features.
Several financial technology vendors offer EWA now. Some of the most popular companies providing it include Ceridian, ADP, PayActiv, and FlexWage. For employees, the main difference between Ceridian’s Dayforce Wallet and other solutions is the user experience. For employers, it can be more attractive to obtain EWA capability via an all-in-one payroll and talent management solution rather than a standalone EWA tool.
Ceridian says that its customers believe on-demand pay gives employers an edge. Ceridian customers using EWA have seen a 21% reduction in 90-day attrition rates and a 15% reduction in the time it takes to fill open positions. These statistics suggest that EWA is a robust retention and recruitment tool.According to the Ceridian survey, 54% of workers with an emergency savings account used it in 2022 to pay for necessities. This increased to 67% among the “Stressed” demographic.
I hope to see more financial wellness and convenience products added to Dayforce Wallet, such as peer-to-peer payments, more robust budgeting tools, access to financial advisor networks, retirement planning, credit building, investments, and more. I spoke with Steven DelVecchio, senior director of people technology and analytics at Gannett, about the company’s implementation of Dayforce Wallet across Gannett’s 13,000-person workforce, many of whom are hourly manufacturing and distribution workers. Before launching, he and his team had to sell the solution to the company’s finance department. Ceridian funds early withdrawals and EWA, which made convincing his colleagues in finance easier from a cash-flow perspective.
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