The recent alliance between Workday and DailyPay marks a new era for financial flexibility for employees across North America. As the demand for financial wellness tools grows, the collaboration is set to cater to a vast number of organizations and their employees by offering them a synchronized payroll system. Companies have started recognizing the value of providing real-time access to earnings, which is becoming increasingly relevant in today’s competitive job market. This partnership is expected to serve a significant number of workers in the U.S. and Canadian markets.
On-demand pay solutions have steadily gained traction, playing an instrumental role during times when financial stability is crucial for many. The option to access earned wages instantly is particularly resonant, given the economic challenges that workers commonly face. In the past, companies like Würk have incorporated DailyPay’s on-demand pay into their platforms, especially in industries like cannabis and gaming, expressing the advantages of such integrations. The evolution of these partnerships underscores the need for adaptable payroll solutions in varied sectors.
How Does the Partnership Benefit Customers?
DailyPay’s technology has been effectively integrated into Workday’s systems to enhance the experience for users. This collaboration enables employees to gain control over when they access their salaries, and it is aimed at improving both employee satisfaction and financial health. According to Matthew Brandt, Senior Vice President at Workday, such payment flexibility supports a more confident and engaged workforce. This partnership serves as an answer to calls from employees for more frequent payroll options.
What Are the Implications for Employers?
Workday is deeply integrated with organizational operations, and more than 60% of Fortune 500 companies rely on its services. The integration with DailyPay’s on-demand pay solutions promises a competitive edge for employers dealing with workforce challenges. Providing immediate access to earnings can significantly enhance recruitment and retention strategies.
The collaboration addresses the growing need for on-demand pay, particularly valuable during staffing shortages. Additionally, PYMNTS Intelligence’s research indicates that a vast majority of workers prefer access to frequent pay schedules, highlighting a market shift towards on-demand financial solutions. This strategic alliance aligns both companies’ goals to enhance financial wellbeing of employees.
“Through this expanded partnership, DailyPay will be able to serve more businesses focused on their employees’ financial well-being and reach tens of millions of workers who will benefit from the power to access their money on their time,” said Stacy Greiner, CEO of DailyPay.
With integration further extending into industries that are historically underserved, both Workday and DailyPay could expand their reach and impact. Providing these financial wellness tools can offer organizations in regulated industries novel ways to improve employee benefits packages and workforce technology.
“By giving employees access to their earned wages on their own terms, this partnership is helping to remove a major source of stress — and empowering a workforce that’s more resilient, engaged and productive,” said Matthew Brandt.
Offering on-demand pay via these platforms signifies a step forward in evolving payroll practices. As workers increasingly live paycheck to paycheck, the ability to access wages as needed provides significant relief. Moreover, businesses that spearhead these changes not only foster better employee relationships but also strengthen their market position amidst competitive challenges.
