New alliance extends the value of its technology ecosystem with addition of Dayforce Wallet for the Global 2000 and beyond – making Magnit (formerly PRO Unlimited) the only company in the industry to offer this benefit for the contingent workforce
SAN FRANCISCO--(BUSINESS WIRE)--Magnit (formerly PRO Unlimited), the Integrated Workforce Management (IWM) platform provider, today announced a strategic partnership with Ceridian, a global leader in human capital management (HCM) technology, to broaden its Worker Experience solution by offering Dayforce Wallet, Ceridian’s market-leading pay solution that enables employees to access their pay on demand. Dayforce Wallet will provide the non-employee workforce with more control over their compensation by giving them access to their earned net pay whenever they need it, at no cost to them or the employer of record.
This latest Magnit (formerly PRO Unlimited) offering is tailored for the modern workforce’s desired experience. It not only benefits workers by enabling them to prioritize their financial freedom, but also accelerates an organization’s ability to better attract and retain the best talent through cutting-edge innovation.
A recent Ceridian study revealed 83% of U.S. workers believe they should have access to their earned wages at the end of each day or shift, and 78% said free access to this on-demand pay would increase their loyalty to an employer. Workers across generations are looking for further payday flexibility versus the traditional two to four week pay cycles.
With Magnit (formerly PRO Unlimited) now delivering Dayforce Wallet as part of its comprehensive Worker Experience solution, contingent workers now have direct access to their net pay as they earn it. When workers make an on-demand pay request through the Dayforce Wallet mobile app, their pay is deposited directly into their Dayforce Wallet account, which can then be used to make purchases, pay bills, withdraw cash, or make direct deposits into another checking account.
In the contingent workforce industry’s highly competitive labor market, Dayforce Wallet will provide true value and a competitive advantage to an organization’s ability to recruit and engage workers more effectively.
“The rapid expansion of the modern workforce segment coupled with the pandemic has accelerated how we embrace digital transactions,” said Kevin Akeroyd, CEO of Magnit (formerly PRO Unlimited). “This segment expects a frictionless, end-to-end process that includes access to assignments, payments and other financial documents from their mobile devices, and has driven organizations to rethink their strategies and tools for sourcing, administering training and benefits, and onboarding. As such, this strategic partnership with Ceridian is one more step in addressing the contingent workforce’s expanding needs and expectations.”
Akeroyd added: “This is another example of how we are at the helm of advancing the industry’s only integrated workforce management platform comprised of SaaS, total talent intelligence and professional services for enterprise and mid-market companies to leverage.”
“In a world where almost anything can be accessed instantly, the current model of two-to-four-week pay cycles is outdated," said Seth Ross, General Manager of Dayforce Wallet and Consumer Services at Ceridian. “With Dayforce Wallet, we envision a future where every individual will have the option to access their full pay as soon as they earn it. By partnering with Dayforce, Magnit (formerly PRO Unlimited) is redefining how contingent workers are paid and positively shaping their financial well-being.”
Magnit's (formerly PRO Unlimited) enhanced Worker Experience solution will launch in summer 2022 and is now available for pre-sale.
About Magnit (formerly PRO Unlimited)
Serving hundreds of the world’s most recognizable brands, Magnit (formerly PRO Unlimited) offers modern workforce management and a partner ecosystem supported by data, software, intelligence and services to meet your flexible workforce needs. Magnit’s (formerly PRO Unlimited) Integrated Workforce Management platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency and expertise to serve as the holistic platform for the modern workforce. Headquartered in Burlingame, California, Magnit (formerly PRO Unlimited) has helped global brands and organizations achieve operational and financial success for more than 30 years. http://www.magnitglobal.com
Christian Barbato, Vice President of Corporate Marketing