Companies Empower Their People to Improve Financial Wellness with UKG Wallet
Earned wage access suite helps organizations modernize employee experience to better recruit, retain talent in tight labor market
LOWELL, Mass. & WESTON, Fla.–(BUSINESS WIRE)–#EarnedWageAccess—UKG, a leading provider of HR, payroll, and workforce management solutions for all people, is helping organizations of all sizes and across all industries transform payday and empower their people to improve financial wellness with UKG Wallet. The number of organizations using UKG Wallet, which offers earned wage access, budgeting tools, financial literacy and counseling, and peer-to-peer payments, has more than tripled over the past year.
“In a world where recruitment and retention are tougher than they’ve ever been, we know on-demand pay is something that our people want,” said Kayla Linn, vice president of people and culture at Eventide Senior Living Communities. “We wanted to be different and provide more. UKG Wallet is a benefit and a perk for our employees.”
“Our people enjoy earned wage access because they know if they have a crisis or an unexpected need, they can access what they’ve already earned,” said Marc Dominick, payroll coordinator at Greenville County Schools, the largest school district in South Carolina. “We put UKG Wallet in place to help our hourly employees, but we’ve seen our salaried staff, like teachers, teacher aides, and administrative staff, all benefit from the program, too.”
In addition to covering unplanned expenses, UKG Wallet offers a safe, digital banking option for people who are unbanked or underbanked, while also delivering financial literacy resources and coaching to help people better budget and plan for the future.
“We’ve found financial coaching to be particularly appealing to our people,” said Jasmin Lucy, CHRO at The Arc of San Diego, the largest nonprofit service provider for people with intellectual and developmental disabilities in San Diego County, California. “They can get personalized financial wellness coaching and they’re able to take budgeting classes on the go, whenever it works best with their schedules.”
According to research from The Workforce Institute at UKG, 53% of all people experience financial stress that distracts them while at work, and two-thirds (66%) wished for early access to earned wages simply because payday did not always line up with their mortgage, rent, credit card, or other billing cycles.
“Financial security is a big topic. Some employees have told us they did not have bank accounts, so they can use this as their direct deposit account. They tell us they are saving more because of UKG Wallet,” said Dominick.
UKG Wallet complements the people-first UKG Pro suite, which was recently named Overall Leader in the SoftwareReviews 2022 Human Capital Management – Enterprise Data Quadrant, and secured the highest ranking in the Gartner Critical Capabilities for Cloud HCM Suites for 1,000+ Employee Enterprises report for the North American Midmarket Use Case. The full-suite Pro experience delivers comprehensive HR, payroll, and industry-leading workforce management that empowers people with autonomy and purpose while helping organizations optimize teamwork, productivity, and efficiency.
“We live in an on-demand economy where people want the convenience of gig-work-inspired perks with the reliability of regular part- and full-time employment,” said Hugo Sarrazin, chief product and technology officer at UKG. “UKG thrives on making the complex more simple with innovation, whether that’s modernizing how people access their pay with UKG Wallet or delivering other gig-inspired concepts like setting your own schedule — all to help organizations create great workplace experiences for all people.”
About UKG
At UKG, our purpose is people. As strong believers in the power of culture and belonging as the secret to success, we champion great workplaces and build lifelong partnerships with our customers to show what’s possible when businesses invest in their people. Born from a historic merger that created one of the world’s leading HCM cloud companies, our Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 75,000 organizations around the globe and across every industry anticipate and adapt to their employees’ needs beyond just work. To learn more, visit ukg.com.
Copyright 2023 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit ukg.com/trademarks. All other trademarks, if any, are property of their respective owners. All specifications are subject to change.
Follow UKG on Facebook, Instagram, LinkedIn, and YouTube.
Contacts
UKG Contact:
Dan Gouthro
+1 978 947 7310
For Sales Information:
UKG
+1 800 432 1729
