According to the U.S. Bureau of Labor Statistics, about 4.3 million people left their jobs in August 2021 in the “Great Resignation.” This is a record-breaking figure that has already impacted millions of employees and will likely continue well into the future of many workforces.
Change your perspective, however, and every challenge becomes an opportunity. If many companies are losing employees, 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 has developed 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 Wallet from UKG and explain some of its essential features, as well as how it could help lessen the effect of the “Great Resignation” on your organization.
What is UKG Wallet?
UKG Wallet is a financial wellness platform that gives employees immediate access to their earned wages and provides instant mobile payments, budgeting tools, educational resources, and financial counseling. It’s designed to help employees alleviate financial stress and better use 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.
Leaders at UKG understand the importance of giving employees the financial support they need through their own UKG earned wage access (EWA) solution, offering timely access to paychecks and financial information.
And, usually, an economic solution like this would cost both employees and employers a pretty penny. Still, UKG also understands that many workers live paycheck to paycheck, leaving no such fees to be paid. No added costs, disruption to your payroll system, and real-time access to pay information at your fingertips. What more could you want?
Key UKG Wallet Capabilities
Now that we’ve discussed what Wallet is and what it can do for your employees, let’s take a look at some of the critical features of the solution.
- No cost to employers & no monthly or inactivity fees for employees
- Continuous support to and through implementation
- No interruption to payroll or business processes
- Increased security standards to keep financial data safe and help avoid lost or stolen cards
As a bonus, 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. And, safety and security are ensured thanks to encrypted data that’s SOC2 compliant and ISO 27001 certified.
Benefits of UKG Wallet
One of the most attractive features of Wallet from UKG is immediate access to earnings when employees need them. No longer do workers have to wait until payday. With Wallet, they can access their earned money as soon as their shift ends.
Employees without bank accounts can also utilize this tool because the UKG Wallet Visa prepaid card works anywhere Visa debit cards are accepted.
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. Wallet is also mobile-friendly, making financial resources, savings tools, and bill-pay options able to be accessed anytime through the UKG Wallet app.
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 solutions
- Earned wage access whenever and wherever is most convenient—mobile app, UKG Wallet Visa prepaid card, or cash
- UKG updates the UKG Wallet app regularly and the new version includes feature enhancements for optimal functionality
- Free education on saving and managing a budget
- Complimentary one-on-one financial counseling and other financial wellness resources
- Access to the Discount Marketplace gives people other ways to save money on products and services they use every day, like prescription medicine and movie tickets
How to Get Started with UKG Wallet
If there’s one upside to the Great Resignation, it brought the perfect opportunity for companies to rethink how they’re meeting employees’ needs (new and existing). Employers that show they can fully care for their people—supporting their financial wellness, social, and physical/mental health needs—will gain a leg up on the competition that will 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 financial wellness platform. 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.
Partnering with the Best
Need help with any other workforce management solutions in the UKG landscape? We’ve still got you covered. Contact us today to learn what our experienced Kronos consultants can do for you!