What leaders are implementing to drive talent attraction and retention

In Ceridian’s 2023 Pulse of Talent Report, conducted in partnership with Hanover Research, over 8,800 employees worldwide were surveyed, and 30% of respondents said their current employer only makes them feel slightly valued or not valued at all. In today’s world of work where the competition for talent is unprecedented, organizations need to infuse a consistently positive employee experience to win and retain their people. Having an efficient and attractive employee experience is at the center of attracting and retaining top talent. Many leaders are on board with the idea but may be worried about the reality of what the financial or productivity cost might be for their already overworked teams.  

One savvy solution among leading Chief Human Resource Officers (CHROs) is offering on-demand pay as part of their talent retention and attraction strategy. Let’s explore some key areas of how on-demand pay can positively impact your employee experience and increase your organization’s competitive edge. 

How does on-demand pay improve the employee experience?  

The impact of financial stress on today’s employees may be higher than ever before. And it isn’t just affecting them personally; it’s affecting the success of your organization. According to a 2022 study conducted by the Harris Poll on behalf of Ceridian, employees spend work time thinking about their personal finances, which can impact productivity and performance.¹ Offering employees on-demand pay can help alleviate stress and contribute to a more positive experience at work - boosting productivity. An SSRS study conducted in partnership with Ceridian on Dayforce Wallet users found that 81% of survey respondents said Dayforce Wallet provides them with freedom and accessibility.² And 63% of those surveyed reported having access to Dayforce Wallet positively impacted their views of their employers. 

By enhancing the employee experience with greater financial empowerment through on-demand pay, both the employer and the employee stand to benefit. For example, the same SSRS study referenced above found that 56% of surveyed Dayforce Wallet users between the ages of 18-29 said they were more likely to pick up extra shifts knowing they’ll have access to their earned pay by the end of the shift. This helps build natural brand affinity and engagement, leading to a greater overall experience for your people and greater performance for your organization. 

Why does on-demand pay increase retention and attraction?   

Gallup, a leading global analytics and advice firm, recently asked over 13,000 U.S. based employees what the most important thing was when accepting a new job offer. Of those surveyed employees, 61% said a role that allowed for greater work-life balance and personal well-being was “very important” to them. To no surprise, personal well-being is at the forefront of decision-making for most new hires, especially in today’s competitive talent market. 

Providing an attractive employee experience by including on-demand pay as a financial wellness benefit for your people can help boost your organization’s competitive advantage. In the SSRS study referenced before, 45% of surveyed Dayforce Wallet users aged 18-29 said Dayforce Wallet was one reason they’re staying with their current employer, and 20% said they wouldn’t work for a company that didn’t offer on-demand pay as a benefit.³

What is the impact on employees and the HR team when partnering with an on-demand pay provider?  

As a leader, you may already be concerned with how thinly stretched your employees are, including your HR team. The right on-demand pay provider understands this and can help enable your organization to offer this benefit with no hidden fees or additional workload on your team.   

Supporting employees in a way that they actually need is the core of a successful retention strategy. Where some hourly or part-time employees may not be eligible for health and wellness benefits, on-demand pay can help address employees’ financial needs without impacting benefits budgets. For example, as an extension of Dayforce Payroll, Dayforce Wallet delivers on-demand pay to employees and employers. The Dayforce Prepaid Mastercard^® uses an interchange model to function similarly to a debit card, so employees avoid hidden fees and high interest, and employers enjoy the administrative convenience of a truly single solution. Plus, a single employee support model, for anything from password resets to transaction disputes, helps take the administrative load off HR.  

The benefits of including on-demand pay as part of your talent retention and attraction strategy are clear: It’s easy and low-touch for your team to implement and maintain, and it’s intuitive for your people to use. Offering this type of financial wellness benefit is a strategic way to elevate your current employee experience and boost your competitive advantage. 

Read more on the unexpected retention and productivity driver you're probably overlooking.