We built Dayforce On-Demand Pay to help make work life better for over 70% of employees who live paycheck-to-paycheck and consequently suffer from financial stress and instability1.
For over half of the population, financial stress has become a way of life. The average employee saves less than one hundred dollars per month2 . Many are forced to rely on costly overdraft fees and crippling payday loans to bridge from pay check to pay check. The related stress and anxiety, for many employees, leads to a reduction in engagement and lapses in performance while at work3.
1 CareerBuilder (2017), Living Paycheck to Paycheck is a Way of Life for Majority of U.S. Workers, According to New CareerBuilder Survey
2 CNBC (2017), Most Americans Live Paycheck to Paycheck
3 Deloitte (2017), At a tipping point? Workplace mental health
With Dayforce On-Demand Pay, companies can now offer a pay solution that puts employees in control of when they are paid. Employees can access their earned wages during the active pay cycle, which means they do not have to wait until fixed pay days to use what they have earned. This can make the difference in whether or not employees are able to manage unexpected expenses and give them peace of mind at work and at home.
Dayforce On-Demand Pay is the first pay solution of its kind to be offered within a complete HCM solution. Employees can request earned wages at any time during the pay period by using the Dayforce Mobile Application. There is no added work or incremental processes for payroll administrators, who can rely on Dayforce to make all calculations and adjustments automatically and continuously throughout the pay period.
Dayforce On-Demand Pay provides employees with an alternative to payday loans and expensive refinancing options. Companies are empowered to offer a payment solution that promotes employee wellness while helping to attract top talent, and increase engagement and productivity at work.