Reports

A better pay experience: How Dayforce can help

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Learn how Dayforce can impact employee engagement and retention through a better pay experience.

 

The importance of employee job satisfaction and engagement cannot be overstated. Leading organizations know when engagement drops, so do performance and productivity.

This means there is a direct correlation between the levels of happiness your workforce experiences and your company’s bottom line. Ceridian’s 2019 Pay Experience Report informed us that, of those who said they weren’t satisfied with their job, the number one reason was because of their pay (46%).

This report explores a series of strategies to elevate the employee pay experience by leveraging technology that combines the most crucial aspects of payroll into a single application.

Here are just a few areas this guide will cover:

Accuracy and timeliness

According to the 2019 Pay Experience Report, 25% of employees reported that they have been paid inaccurately at least once in the last 12 months. A further 22% said that they received their pay late at least once in the last 12 months. Companies need to ensure their people are getting paid the right amount at the right time, or else risk losing them for more stable pay elsewhere.

 

graphic of late or inaccurate pay from better pay experience report

 

Dayforce provides an innovative payroll model to help organizations pay employees accurately and on time. By combining payroll and time in a single application, Dayforce enables organizations to work on payroll throughout the pay period, easing the pressure and burden of the traditional payroll process.

Fair and competitive compensation

The 2019 Pay Experience Report uncovered that only 53% of female respondents believe they are paid equally to men. This remains an issue across many organizations. A recent Gallup report outlined that the U.S. Bureau of Labor Statistics estimates full-time working women make 83% of what full-time working men make.

 

graphic percentage female earnings compared to men better pay experience report

With Dayforce, organizations have the option to see a breakdown of the salaries of every position by gender to help alert them to potential biases. Dayforce also offers insights into what may be causing these biases, and whether there are other factors influencing any apparent pay discrepancies.

Transparency and pay reviews

As found in the Pay Experience Report , 59% of employees claimed that they did not have clearly defined pay reviews that occurred at least once annually. This is problematic since continuous performance reviews could identify both top performers and those that could use improvement, helping organizations prioritize where action needs to be taken – in terms of both development and compensation.

 

How often does your company conduct pay reviews?

graphic frequency of pay reviews from better pay experience report

 

Dayforce Performance Management can help organizations align goals with employee development and compensation to provide more fairness and transparency when it comes to pay reviews. With Dayforce, tracking performance can be a continuous, collaborative experience.

 

For more on how Dayforce can provide a better pay experience, download the full report now.

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