In order to help businesses meet changing employee preferences and provide flexibility to individuals in underbanked and unbanked communities, UKG, a leading provider of HR, payroll, and workforce management solutions for all people, today announced a collaboration with PayPal that will empower millions of people to direct deposit all or some of their pay each pay period into a PayPal Balance account and use the funds within the popular digital wallet.
The collaboration allows people paid through UKG to create their own PayPal Balance account from within the UKG HCM suite — a payroll industry first. Not only can employees deposit all or a portion of their paycheck into their PayPal Balance account, but PayPal will, in some circumstances, make anticipated payroll funds available up to two days ahead of time, creating another avenue for people to have faster access to their earned wages. PayPal is one of the most used digital wallets to manage funds and facilitate peer-to-peer payments.
“Great workplaces provide people with choice, which is why it’s important for UKG customers to give their people the flexibility to direct deposit pay into accounts for use in the popular financial applications they already use every day,” said Hugo Sarrazin, chief product and technology officer at UKG. “This payroll industry-first collaboration further illustrates our commitment to creating people-centric experiences in our HCM suites.”
According to research on employee wellbeing from Great Place To Work® and Johns Hopkins University that spanned 14,000 employees from over 37 countries, financial health is one of the five key dimensions of employee wellbeing that businesses must support to create high-performing workplaces.
“This is a unique collaboration between UKG and PayPal that will give U.S. employees more flexibility and customization in how they access their money,” said Doug Bland, senior vice president and head of consumer at PayPal. “In addition to convenience, this collaboration provides an opportunity for employers to offer new payroll options, so millions of U.S. workers have more choices on where to deposit their pay.”
UKG customers should expect to begin offering direct deposit with PayPal to their employees later in 2024.
About UKG
At UKG, our purpose is people. We are on a mission to inspire every organization to become a great place to work through HCM technology built for all. More than 80,000 customers across all sizes, industries, and geographies trust UKG HR, payroll, and workforce management cloud solutions to drive great workplace experiences and make better, more confident people and business decisions. With the world’s largest collection of people data, work data, and culture data combined with rich experience using artificial intelligence in the service of people, we connect culture insights with business outcomes to show what’s possible when organizations invest in their people. To learn more, visit ukg.com.
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