As Ceridian HCM nears the $1B mark, it adds capabilities
Ceridian HCM announced product upgrades this week, including streaming pay, which makes it possible for employees to be paid daily.
Ceridian HCM Inc.'s new streaming pay service will automatically issue employees' earned wages daily, if they want it. Employees using Ceridian's Dayforce Wallet app already have on-demand access to earned wages, but until now, they had to manually log into the payroll application to have the payment processed.
The need for applications such as streaming pay derives from business trends, employee requests and on-demand cultural shifts in the consumer economy, said David Ossip, chair and CEO of Ceridian HCM, at the firm's conference in Las Vegas this week.
"Why would I wait two weeks to get paid?" Ossip said during his keynote. "There is no other aspect of our life where we are prepared to wait two weeks to get anything."
At the conference, Ceridian HCM not only introduced new products, but also reviewed its financial performance.
The firm is seeing revenue growth of about 30%. Last year, it reported revenues from about $842 million. "This year, we will exceed $1 billion in revenue," Ossip said.
Hitting the $1 billion revenue mark suggests Ceridian is becoming more competitive with HCM heavyweights like Workday, which reported $1.16 billion in revenue in 2016 and $4.32 billion in revenue in the fiscal year ending Jan. 31, 2021.
Ceridian HCM automation
Ceridian HCM also announced a Talent Intelligence Suite at its conference.
The platform, due in 2022, will "automate the process of finding the best candidates through matching of resumes together with skills," said Joe Korngiebel, executive vice president and chief product and technology officer at Ceridian, in an interview.
Joe KorngiebelExecutive vice president, Ceridian
The goal is "how can we automate the repetitive tasks and get our best and brightest people working on more value-added work," he said. Some of the capability that Ceridian gained comes from the recent acquisition of Toronto-based talent intelligence firm Ideal, which automates part of the recruiting process. One user, Canada Life Assurance Co., detailed its use of Ideal to provide an initial sorting and ranking of job applicants.
Other aspects of the Talent Intelligence platform include career help to teams and individuals about skills, metrics, mentoring and training recommendations.
Ceridian is also adding HR analytics features such as forecasting that use Microsoft Power BI, an analytics platform. The system features will include "intelligent nudges," or automated notifications in response to anomalies such as turnover spikes, Korngiebel said.
Trevor White, an analyst at Nucleus Research, said streaming pay might be of most interest to the service and retail industries, which are struggling to hire workers.
"The idea of getting your pay each and every day is going to be something that those workers will be attracted to, and a clear differentiator for Ceridian," White said.
Patrick Thibodeau covers HCM and ERP technologies for TechTarget. He's worked for more than two decades as an enterprise IT reporter.