It is reported that the on-demand pay provider DailyPay is expanding its technology partnership with Ultimate Kronos Group (UKG), the global provider of HCM, payroll, HR service delivery, and workforce management solutions.
Their partnership will seek to provide employees with easy, hassle-free access to their earned income before the clock strikes payday. DailyPay’s API integration enables on-demand pay services through UKG Pro – UKG’s HCM solution for large and medium-sized enterprises.
“Our research shows that employees pay an average of $1,200 a year in late fees and overdraft penalties. Thanks to this integration, even more employees across the U.S. will have the power of choice and control over their earned pay and will have the power of choice and control over their earned pay and can avoid these charges and invest in their future savings,” comments DailyPay’s Senior Director of Business Development & Partnerships, Jak Lerdgidkjon. “We truly value our integration and alliance partners such as UKG, and how much they help us extend our reach.”
DailyPay’s interface features PayEx™, a suite of services that offers employees the limitless ability to transfer their earned income to either their checking or savings account with its PAY and SAVE products. The PayEx products also give employers the ability to smoothly process off-cycle payments with CYCLE or compliantly reward employees for a job well done with REWARD.
“Financial wellness is a critical component to supporting holistic employee wellness, a pillar of the modern employee experience,” comments Mike May, Senior Director, UKG Partner Network at UKG. “Instead of employees working for payday, we can make payday work for employees.”
As American businesses begin to reopen, companies are increasingly leveraging on-demand payment technologies to hire more efficiently and retain employees for longer. The adoption of DailyPay’s technology has demonstrated to increase such retention, alongside improved productivity and employee satisfaction. A recent study shows that 73% of DailyPay users have an improved opinion of their employers, and 74% say that DailyPay has helped reduce their financial stress. According to Mercator Advisory Group, less financial stress creates better interactions between coworkers and customers, therefore improving sales, brand image and customer experience. DailyPay clients can also expect a 63% improvement in turnover.