How the pandemic is disrupting the pay period
“The health crisis has really shown us that within the working population at large, whether people are salaried or by the hour, the majority do not have enough savings in the bank to last a week or two weeks. “, notes Warren Perlman, As the pandemic has disrupted the traditional payroll process, Ceridian has seized this rapid change as an opportunity to create value with employers and employees.
The following is an excerpt from What have you changed, contributed by Ceridian Executive Vice President and Chief Information Officer Warren Perlman.
The pandemic has forced industries around the world to reinvent themselves in just a few months. More critical still, the health crisis has really shown us that within the working population at large, whether people are salaried or hourly, the majority do not have enough savings in the bank to last a week or two weeks. . As one of the world’s fastest growing human capital management companies, Ceridian has seized this rapid change as an opportunity to create value for both employers and employees.
In the spring, we announced the availability of Dayforce Wallet, the industry’s first on-demand payment solution. Dayforce Wallet leverages the unique streaming capabilities of the Dayforce platform for accurate, on-demand payment instead of revenue approximation.
This has helped disrupt the traditional payroll cycle. It evolves the archaic concept of a fixed pay period to allow people to be paid in real time, at all times. With benefits for everyone involved, we’ve seen customers embrace pay-on-demand technology as a way to encourage the financial well-being of their employees.
With recent signs indicating a continuing upward trend in health risks, financial strain and stress on workers, the need to provide people with flexible access to their wages has increased the urgency of a compensation model. modernized. Using the Dayforce Wallet app, employees can request payment for their earnings whenever they need to. They can also manage their finances, check their balances, and track their transaction history.
We believe Dayforce Wallet is a game-changer as it can provide emergency funds or other forms of financial support to employees whose circumstances may be adversely affected. This will have a continuing impact on how workers manage their finances and deal with unforeseen expenses, which might have been difficult to pay without credit or payday loans in the past.
At the same time, it helps position workplaces as employers of choice by providing employees with modern technology they enjoy using.
Pay-on-demand will have a lasting impact on organizations well beyond the pandemic. The future of work is here, and this disruptive technology will be a real differentiator for those who adopt it.