Retiring the 2-week pay period? Inside the shift to new ways to pay and get paid for work
On this episode, Abigail Bassett sits down with Ceridian’s Chairman and CEO David Ossip to learn about changes in how employees today get paid. She learns how David’s company helps employees to better manage unexpected expenses, minimize financial stress, and take greater control over their financial well-being.
HIGHLIGHTS FROM THIS EPISODE:
When you started Dayforce, you sought to solve a major problem that you saw in the market. When you started Dayforce Wallet, what problem were you looking to solve for?
The basic question is why are people paid in arrears? Why do I work for a company for up to two weeks before I can access my pay? And how do I alleviate the financial burden on people who are trying to bridge their financing?
How do you think, as employees use this tool now, this financial wellness tool, how do you think it will impact society as a whole sort of taking a step back and looking at it from a comprehensive point of view?
I think we’re going to see another transition. And what I will say is I believe that COVID has really accelerated digitalization by at least a decade. And so what we’re doing with the Dayforce Wallet is that we will allow Dayforce Wallet holders to go to any workplace and use the application. And we will calculate how much they’re owed, their net earnings, and pay them immediately. And we’ll be able to do that without the workplace. And so if we think about the future of work, it means that people will have much more say as to where they want to work, when they want to work, who they want to work with, and what they want to do.