Last week, I was immersed in the virtual world of the 2020 Ceridian Insights conference. The online event provided an overview of recent and planned changes across Ceridian products and their alignment with the key trends and best practices shaping the HCM market.

Maximizing the Impact of Dayforce Wallet

Ceridian saw an opening in the HCM technology market to modernize payroll processes — bringing payroll into the “instant world” by providing employees with the power to manage their own money. Thus, the Dayforce Wallet was born. Ceridian released their on-demand payment application in May 2020 during the initial U.S. economic shutdown at the beginning of the pandemic. While money became — and has remained — tight for many workers during this time, the Dayforce Wallet provided employees the ability to receive their money when they need it, rather than waiting for the end of the pay period.

Aberdeen research found that 28% of companies list managing irregular pay structures as a top payroll pressure. The Dayforce Wallet gives employees visibility into their daily earnings, gives them the option to get paid immediately, and generates a legally compliant payroll and pay slip — with no fees for employees or employers and no changes to financial close processes. Many sessions throughout the event featured Ceridian customers sharing their experiences using Dayforce Wallet, proving it to be a smart approach to combat the effects of the economic downturn while cementing and improving employee satisfaction.

Building the Workplace of the Future

In addition to Dayforce Wallet, the virtual event also focused a great deal on the workplace of the future. Many speakers reiterated that employees, who are now in the drivers’ seat when it comes to corporate policies, have begun to expect experiences that are borderless, skills-based, fluid, augmented, and on-demand. Company executives at the event shared their focus on aligning their solutions to address these changes in the modern workplace.

With “work-from-anywhere” becoming the next normal for many businesses across industries such as high-tech, financial services, insurance, and e-commerce, Ceridian has developed mobile applications that allow employees to operate remotely. They can access their personal data, benefits information, and pay stubs wherever, whenever. Aberdeen research revealed that Best-in-Class companies are 89% more likely to offer mobile and self-service access to employees for managing benefits and retirement and health savings. Behavioral pattern recognition within Ceridian’s Dayforce platform, powered by AI and machine learning, pushes notifications to all employees to give updates on topics they care about, such as changes to company policies, professional milestones for coworkers, and personal financial information. By reducing the time spent searching for information, Ceridian is helping companies boost employee productivity and, in turn, organizational profitability.

All of these components (remote work optimization, ease-of-use, and accessibility) are vital ingredients for a technology platform to provide employees with the tools and insights they need to feel connected to their workplace and focus on doing their jobs, even during times of uncertainty.

Keeping Up with the Pace of Change in Business

Another critical part of the event was Ceridian sharing their focus on supplying HR leaders with the insights and tools they need to keep up with the pace of innovation. Their Dayforce platform provides HR leaders with access to real-time data and actionable insights regarding the behavior, mindset, and skills of their employees to help companies react quickly to what is happening with their workforce. With knowledge into data across the employee lifecycle, HR leaders are better equipped to:

  • Understand employee stressors. Aberdeen research found that Best-in-Class companies are 93% more likely to track employee wellness and well-being to understand employee stressors.
  • Offer competitive benefits, rewards programs, and training. Aberdeen research found that 71% of HR leaders believe benefits are a top factor for influencing an employee’s likelihood of working for a company.
  • Identify common skills across top performing employees and find those skills within their talent pool. The talent analytics capabilities within Ceridian’s Dayforce platform leverage predictive analytics and AI to aid in the hiring process. Aberdeen research found that companies leveraging talent intelligence capabilities such as these are seeing 75% greater year-over-year growth in employee engagement and 62% faster year-over-year time to hire.

Key Takeaways

After attending this event, it is evident that Ceridian is focusing its activities across top priorities influencing the HCM technology market. Dayforce Wallet is an innovative way to approach the notion of pay period, and is aligned with modern employee expectations. Other activities such as their focus on helping employees rapidly adjust to changing business conditions, empowering employees in a work-from-anywhere environment, and helping HR leaders make data-driven decisions are all also in line with the key HCM trends we cover within our related research here at Aberdeen.