To better support tens of millions of people on their life-work journeys toward financial wellness, UKG (Ultimate Kronos Group), a leading global provider of human capital management (HCM), payroll, HR service delivery, and workforce management solutions, today introduced its new financial wellness platform, UKG Wallet.
UKG Wallet is designed to provide people with immediate access to their earned wages while also empowering them with budgeting tools, educational resources, and financial counseling. By complementing traditional earned wage access and on-demand pay with an emphasis on financial literacy and planning, UKG Wallet can help alleviate financial stress and help people better maximize their earnings.
“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,” said Chris Todd, president at UKG. “Bills don’t always line up with payday, and at a time when 90% of Americans say money has an impact on their stress levels1, UKG is steadfast in our commitment to providing solutions that modernize when and how people get paid.”
Instead of waiting until payday, people can use UKG Wallet to access actual earned wages as soon as their shift ends. Funds can be direct deposited into a bank account, loaded onto a debit card, or picked up as cash. The UKG Wallet mobile app — available from the Apple App Store or Google Play once an organization is enrolled — also provides access to financial counseling resources, budgeting and savings tools, and digital bill-pay options.
UKG Wallet is powered by Payactiv, a leading employer-sponsored earned wage access and financial wellness platform. It is available to organizations that utilize UKG Pro, UKG Dimensions, and UKG Ready.
“By partnering with an established leader in Payactiv, UKG Wallet is already among the most comprehensive financial wellness platforms in the HCM market, ready to help our customers and their people find success right away,” said Hugo Sarrazin, chief product officer at UKG. “It’s no longer enough for businesses to simply get payroll right: they must give their people the flexibility and autonomy — plus the financial literacy resources — to access pay on their own schedule if they need it.”
“Timely access to earned wages enables people to meet their livelihood needs without the high cost of borrowing and provides them with a step toward financial wellness,” said Safwan Shah, chief executive officer at Payactiv. “Everything we do is to help people maximize the impact of their earnings, every day, to reach their goals. UKG Wallet will make a difference for millions of people on their financial journeys.”
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At UKG (Ultimate Kronos Group), our purpose is people. Built from a merger that created one of the largest cloud companies in the world, UKG believes organizations succeed when they focus on their people. As a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, UKG delivers award-winning Pro, Dimensions, and Ready solutions to help tens of thousands of organizations across geographies and in every industry drive better business outcomes, improve HR effectiveness, streamline the payroll process, and help make work a better, more connected experience for everyone. UKG has 13,000 employees around the globe and is known for an inclusive workplace culture. The company has earned numerous awards for culture, products, and services, including consecutive years on Fortune’s 100 Best Companies to Work For list. To learn more, visit ukg.com.
Footnote 1: CNBC.com, November 1, 2021: https://www.cnbc.com/select/why-americans-are-stressed-about-money/
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