What’s being called the “Great Resignation” is shining a light on some of the problems in the American workforce. According to the U.S. Bureau of Labor Statistics, about 4.3 million people left their jobs in August 2021. This is a record-breaking figure, one that could impact businesses for many years.
Change your perspective, however, and every challenge becomes an opportunity. If many companies are losing employees, that means that organizations that take a hard look at their culture and employee experience can improve their odds of retaining valuable staff and staying competitive in this ever-changing business landscape. And UKG is developing solutions to help organizations meet the needs of their employees today.
The latest product from UKG to accomplish this task is called UKG Wallet. In this article, we’ll take a closer look at UKG Wallet and explain some of its important features, as well as how it could help blunt the effect of the “Great Resignation” on your organization.
Overview of UKG Wallet
UKG Wallet is a financial wellness platform that gives employees immediate access to their earned wages and provides them with budgeting tools, educational resources, and financial counseling. It’s designed to help employees alleviate financial stress and make better use of their money.
In the company’s press release, Chris Todd, president at UKG, explained:
People thrive at work when their needs are met. This means organizations must fully care for their people by offering financial wellness resources in addition to the physical, social, and mental health programs traditionally offered at work.
As demonstrated by the latest numbers from the U.S. Bureau of Labor Statistics, companies that aren’t taking care of their employees’ needs will soon find them leaving for organizations that do.
Benefits of UKG Wallet
One of the most attractive features of UKG Wallet is immediate access to earnings when employees need them. No longer do workers have to wait until payday. With UKG Wallet, they can access their earned money as soon as their shift ends.
UKG Wallet also gives employees more options as to how they get paid. Earnings can be deposited in a bank account, added to a debit card, or even picked up as cash. UKG Wallet is also mobile-friendly, making financial resources, savings tools, and bill-pay options able to be accessed anytime, anywhere.
Even better, the tool doesn’t just benefit employees. UKG Wallet is a win-win solution for employees and employers alike. Here are some ways the solution can benefit those on both sides of the equation:
- Improve employee engagement and reduce turnover by giving people tools to improve their financial wellness, all while reducing stress
- Enhance recruiting by offering a unique benefit
- No impact to business or payroll because it seamlessly plugs into existing UKG solution
- Access earnings whenever and wherever is most convenient—mobile app, Visa prepaid card, or cash
- Free education on saving and managing a budget
- Complimentary one-on-one financial counseling and other financial wellness resources
- Access to the Discount Marketplace that gives people other ways to save money on products and services they use every day, like prescription medicine and movie tickets
Other Key Features of UKG Wallet
UKG Wallet is easy to implement along with the UKG Dimensions, UKG Pro, UKG Ready, and UKG Workforce Central. The tool syncs with UKG Pro and UKG Dimensions through an API integration. Safety and security are ensured thanks to encrypted data that’s SOC2 compliant and ISO 27001 certified.
How to Get Started with UKG Wallet
If there’s one upside to the Great Resignation, it’s that now is the perfect time for companies to rethink how they’re meeting employees’ needs (new and existing). Employers that show that they can fully care for their people—supporting their financial, social, and physical/mental health needs—will gain a leg up on the competition that’s sure to pay dividends for years to come.
So if your organization is looking for new ways to support your people and enhance the employee experience, UKG Wallet is the ideal solution. Ready to add UKG Wallet to your Kronos system? Our senior-level UKG consulting team is here to guide your organization through implementation to post-go-live support, and every stage in between.
Need help with another type of Kronos project? We’ve still got you covered. Contact us today to learn what our experienced Kronos consultants can do for you.