Workday, DailyPay partner for on-demand pay solution to retain employees.

Workday and DailyPay have formed a strategic partnership to offer on-demand pay to companies in the US and Canada. The partnership aims to help employers attract, retain, and engage employees by providing them with real-time access to their earnings. DailyPay's solution has been integrated with Workday Human Capital Management and Payroll since 2023, and the partnership offers a more connected experience for joint customers.

Workday Inc. (NASDAQ: WDAY) and DailyPay have announced a strategic partnership to bring on-demand pay solutions to millions of workers in the United States and Canada. This collaboration aims to enhance employee financial well-being and support businesses in attracting, retaining, and engaging their workforce [1].

The partnership builds upon an existing integration between DailyPay's platform and Workday Human Capital Management (HCM) and Payroll, which has been in place since 2023. Through this collaboration, employers can provide their employees with real-time access to their earned wages, addressing a critical need for financial flexibility [2].

According to Matthew Brandt, senior vice president, global partners, at Workday, "The employee experience goes far beyond perks and benefits—it's about supporting employees' total well-being—and their financial health is a critical part of that. By giving employees access to their earned wages on their own terms, this partnership is helping to remove a major source of stress—and empowering a workforce that's more resilient, engaged, and productive" [1].

Stacy Greiner, CEO of DailyPay, stated, "We are honored to strengthen our partnership with Workday and become their Strategic Partner for On-Demand Pay. Our business goes beyond the workplaces we touch—we are reshaping how an entire generation of employers and employees interact. Through this expanded partnership, DailyPay will be able to serve more businesses focused on their employee's financial well-being and reach tens of millions of workers who will benefit from the power to access their money on their time" [1].

The partnership addresses a significant challenge for many employees, particularly frontline and hourly workers, who often face financial stress due to living paycheck-to-paycheck. By providing on-demand pay, employers can help reduce turnover costs and improve employee satisfaction and productivity [2].

Workday, an AI platform for managing people, money, and agents, is used by more than 11,000 organizations around the world, including 60% of the Fortune 500. DailyPay, the leader in On-Demand Pay, has been transforming how the world gets paid by providing instant access to earned wages and financial wellness solutions [1].

References:
[1] https://www.prnewswire.com/news-releases/workday-and-dailypay-form-strategic-partnership-to-bring-on-demand-pay-302532843.html
[2] https://finance.yahoo.com/news/workday-dailypay-form-strategic-partnership-130300313.html