Inside the UKG Wallet

Check inside the UKG Wallet™ this week with Elizabeth Greene, our Lead Strategic Alliance Manager and resident UKG Wallet expert. This episode of The Working Smarter Cafe Pod discusses Earned Wage Access and the Pay Card Program, two programs that are easy for your employees to use, and even easier for you to implement.

Check out more info on UKG Wallet and testimonies from customers here: Intro to UKG Wallet

Transcript

Savannah Guenthner: No matter what UKG solutions you currently use, the UKG Wallet is an accessory that goes with everything. Easy for your employees to use, and even easier for you to implement. Hi everyone, this is the Working Smarter Café, and I’m your host, Savannah Guenthner. Today we have a special guest, Elizabeth Greene. She’s joining us to discuss all things UKG Wallet, from our current offerings to the exciting things on the horizon for this solution.

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Savannah: Hi, Elizabeth, so excited to have you here today. Thanks for joining me.

Elizabeth Greene: Thank you so much, Savannah. I am thrilled to be here; been looking forward to this one and sharing a little bit more about UKG wallet.

Savannah: Well, first, let's start with you. How long have you been at UKG for? And what are you involved with here?

Elizabeth: Totally, so I've been at UKG three and a half years now. I've actually been in the workforce management HCM space, though, for about eight years, and in tech for more than 10, we'll just go with that. I have the opportunity to work with some of our rebranded partnerships, with our premier partners. So, when we think about UKG, wallet and all of the great benefits that come from partnering with a Best In Breed partner who specialize in this, think about this every single day, and have come alongside us to get this into our customers hands.

Savannah: That's awesome. So, people have kind of heard about EKG wallet, and I was just sitting in on the session at the Virtual Huddle and kind of hearing people's questions. So that'll help guide us a little bit today. But I know everyone's really curious about the nuances, like, what's the difference between UKG wallet and pay card versus other features? So, let's dig into that a little bit.

Oh my gosh, totally. So, when I talk to folks about UKG wallet, I really like to frame the conversation as UKG wallet is a robust digital wallet, so think about it as something that you would use in everyday purchases or, you know, checking certain balances in a bank account. So, this is a solution for the underbanked. This is also a solution for folks who just need access to funds before payday, not necessarily getting paid more, but getting paid more frequently. And as we talk about pay cards and earned wage access, they're really good together. They offer employees free options to be able to get funds and use different tools like bill pay. You know, a good portion of the frontline workforce has been impacted by these waves of economic uncertainty, and it's really made it difficult to navigate, you know, how to start a bank account, or how to get out of some of these cycles that folks can get into when they're put into some of these vulnerable situations with things like recurring fees just to have a bank account or a debit card or high interest payday loans. I mean, that's starting to get into a serious predatory cycle. So how can we help them get out of that with these two programs? That's really what we're focused in on at UKG. 

Savannah: I love that. When I was starting to look into it myself, I was loving how, like, it makes things easier for the employees, without adding a lot of pressure to the employers as well, because we want to work with that, like, symbiotic relationship there, and it's just so nice. Like, if your employees are less stressed, you're going to be less stressed. Everyone's going to be happy, you know.

Elizabeth: Exactly, and it takes the employer out of having some of those really awkward conversations, and it lets the employee just do work at work, which is really what we want to have happen. We don't want the distractions of you know, how am I going to pay for my groceries later today? Because I don't get my next paycheck for the last two weeks that I've already worked for another couple days. So, this is just, again, a way to give access to a portion of those wage, and also access to just having a digital banking presence. I mean, I don't know about you, but having minimum balances in a savings account and having to pay each time you want to go and pay a bill that can add up, like, if you add up some of those, those costs, it can start to get pretty expensive just to pay your bills. So, there's also features within UKG wallet to help with things like that as well. It's just a great way to help the employees out and have the employer be offering it. It's a way to look out for your employees and take care of them.

Savannah: I also was seeing that there's some benefits to having both too, because I know you can get earned wage access and pay cards separately, but you told me earlier that there's a benefit to putting them both together.

Elizabeth: Yeah. So UKG wallet, one of the reasons that we stand behind this program is because it has the most free ways to access earned wages, and that comes with using the card and using UKG's earned wage access solution. Together, being able to direct deposit to that card makes it really easy to keep track of how folks are doing with their savings. There’s savings features in there as well goal based savings to gamify the experience and make it fun, to start changing their financial habits and learnings. So having those two systems work together is really looking at more of a holistic pay opportunity for them.

Savannah: I'd love to talk a little bit more about what the timeline is for if a company is curious about implementing one or both of these products. Is it pretty quick?

Elizabeth: Yeah, and I know that yesterday in the virtual huddle, this came up a lot. What does implementation look like? How long does it take? What products do we need to have so you can just have one UKG product, that's what we're looking for. Just one needed to get started if you're a full suite customer. Even better, we have turnkey APIs built out to UKG Pro, UKG pro WFM, UKG ready. And then for those that have UTA, UTM, or Telestaff or some other timekeeping solutions through UKG, those have solutions as well, from the time of signing up, it can take as little as two weeks, depending on how quickly you want to get the team together and be working on this. But it could take depending on what your rollout plan is with your UKG product, if you're switching products, if you have a further out launch plan, it could take anywhere from six to eight weeks to spread out some of those initiatives

Savannah: But it's great to have that quick option, just because I work with Telestaff a lot, and I know for them, they like need the answers right then, because they're first responders, whether they're responding to fires or medical crises, they need this quickly. And then also from the employee side. When a new employee is onboarded, what's the process for getting them into the program?

Elizabeth: So implementation with UKG wallet is very straightforward. I know yesterday in the huddle, there were tons of questions about, How long does it take? Now, depending on what you utilize from the UKG ecosystem, will determine how long it takes to onboard. Full suite customers could see themselves, you know, getting through that initial implementation in anywhere from two to four weeks within a testing period. Sometimes it can take, you know, four to six weeks plus a testing period once everything gets connected. But relatively speaking, it's, it's quite quick once we have payroll running and timekeeping is starting to come in.

Savannah: I love that there's the option, especially for current customers. And like I said, I work a lot with Telestaff, so they really need the immediate implementation, or as close to immediate as possible. And I know they're going to love to hear that, and then from the employee side. So, this company has already implemented UKG wallet, and they have a new employee. How does that work? How quickly can that employee get on board and have access to the UKG wallet benefits?

Elizabeth: Oh my gosh, same day. So when we think about the pay card, there's typically two options when people sign up, and a lot of times they do this during the onboarding period, because they need that direct deposit. So direct depositing to that pay card can happen same day. So folks can either get assigned a pay card with your traditional out of the drawer the payroll team has a stack they are waiting to issue to that employee, or the employee can self-select and go in and request a pay card, and then have that pay card right there, same day. When applying for the pay card, there's no credit check. The only thing that they're looking for there is to confirm someone's identity. So, if they can name the last three places they lived and enter their full name, that's going to get them approved for the card. Like I mentioned, because there's no credit checks, that definitely opens it up to not be a risk for that employee. And the great part about that, for the employee is that they would get a digital card within the UKG Wallet app, allowing them to go and immediately start using that card, adding funds to that card and accessing all of the tools. Now for the earned wage access to start, earned wage access is only a portion of wages, so this is not meant to be a paycheck replacement. So, you know, hopefully we're direct depositing to the UKG Visa card, and then we've also got the ability to access earned but unpaid wages. Let's say that I worked 10 hours yesterday, tomorrow, I'm going to have up to 50% of my net wages available to me to access. I don't need to access them, but I'll have a nice chart within the UKG Wallet app showing me how that balance accumulates over time. So, it's pretty immediate Savannah. It's, you know, I think one of the more immediate launches that you can have once somebody opts in.

Savannah: I love hearing how much flexibility there is. I mean, we're talking earlier about how common it is to get in the hole where you're pulling from other resources that maybe aren't so kind with payback, and this way you're – like, with the 50% limit, where I've heard that you can alter that limit as a company, right? – You're pulling from parts that you know you were going to get anyway. So, [you] get a more reasonable view of, like, what you're making, and still can have that added benefit of pulling it earlier

Elizabeth: You nailed it. You know with UKG, because we're connected to the actual payroll, we're looking back at an employee's historic deductions and garnishments and things like that, so that a smart calculation can be applied to them, to, again, not be a paycheck replacement, but offer employees access to the money they've already earned. We're in a gig economy. You know, people are used to that I work today, let me get my pay. That's mine now, right?

Savannah: It's not even a helping hand so much as just allowing them to access what they own.

Elizabeth: Totally, totally. I mean, I will say about 80% of the UKG users are hourly employees, but we've got 20% that are salaried. So, this isn't just for your typical frontline worker profile. This can be for everybody, you don't really know what's going on with somebody's finances. It's always good to offer the program and let employees self-select and keep some dignity. One of our customers, Encore, they really, they implemented the program, and they are a US and Canada UKG wallet customer, and they have actually seen 14% longer retention of employees that use UKG Wallet. So, they're really excited about the program, and have even in partnership with UKG, rolled out the UKG wallet overtime savings program. They have a very seasonal business, and so this helps employees naturally save their overtime as they work it for use in those less busy times. And have seen a great uptick there, and they've even offered a cash match. So, if people hit a savings goal, Encore is going to is going to reward them for that. So, there's so many options with UKG Wallet. And we've got the UKG visa pay card, we’ve got the earned wage access. You know, when I think about the current state of America right now, and we look at 20% interest rate on credit cards, and, you know, close to 200% interest rate on payday loans, there needs to be another option. So, glad that we're able to offer that.

Savannah: Yeah, I was also going to ask for some of those larger companies, like Encore, with a lot of frontline workers. A lot of times they're hiring more than one person at a time. Like, is there any issue with implementing this for more than one new employee? Or a more complicated process?

Elizabeth: Oh, no. It's very, very straightforward. Again, employees can opt in during onboarding workflows, or as a notification that you put out in UKG talk or as an announcement on one of your pages. There’re also posters and QR codes that can be hung in different areas of the, you know, like the break room. But really that onboarding process where employees can actually do this themselves. Again. This really shouldn't add any sort of administrative burden to the pay team or the HR team. This should be something that naturally flows within the existing processes that folks have in place today. 

Savannah: That's amazing. I love that this really highlights the dignity of the actual employees, like whether they're in a managerial level or not, and it's nice to bring that privacy back so you don't have to, like necessarily, involve your boss in private conversations about your economic situation.

Elizabeth: Exactly, there's some really great opportunities for the employer too. So, the off cycle pay program with UKG wallet helps in states like California that need to be able to provide same day termination pay without any fees associated with it. They can't force a pay card. So, there's a UKG wallet check stock option and cash pickup option that employers can exercise. So that's been a really big uplift for some of our more dispersed organizations, and those in states that have these requirements that they've got to meet. 

Savannah: I'm really intrigued by UKG wallets ability to work in some certain states that have, like, more restrictions or more… just different laws about when you should be paid, and, like you said, termination pay. And also, you mentioned Encore’s in Canada. So, can we talk a little bit about where UKG wallet is and where it's going?

Elizabeth: For sure, UKG wallet is available in the US both the Pay Card program and Earned Wage Access. UKG wallet also has Earned Wage Access in Canada, and soon we'll be releasing a new UKG wallet application for our Australian customers.

Savannah: That is a big jump, literally!

Elizabeth: It’s a big jump, yes! So, we're actively looking for early adopters for that program. So, if there's anybody from our Australian market out there that would like to raise their hand, you know where to find us. So please reach out. But in terms of your point about the United States and the different states and regulations, this is a hot topic. The CFPB is always issuing new ideas and new protocols and introducing legislation. And again, we partnered with the best of the best to bring this to our UKG customers and have representation in all of these different states, making sure that the solution is aligned with that particular state's requirements. So, all 50 states everything is compliant, and we're going to make sure that. It should bring some peace of mind to the employers that are offering this program because they're indemnified when signing up for the program, that's essentially what you do when you sign up. There's no fees for this program for employers. There's no setup charge. So really, what you're doing when you sign up for a program is saying, ‘Yes, I accept that we'll be moving money for our employees just ahead of payday,’ and if that money can't be recouped, then we as the employer, are off the hook. And it also says that UKG vault team won't go and try and take that employee to collections or charge fees. That's also not part of the program. So, you can feel assured that this is a safe way for employees to access a portion of what they've already earned. I think that we're going to be seeing a whole bunch of new features and functionality coming later in the year. So, stand by for some of those, especially here in the US. So hopefully at Aspire this year, we'll be able to talk a little bit more about what's coming. And I'm excited. I think that the customers and employees using the platform will really enjoy what's coming next. 

Savannah: I think so too, Aspire this year is going to be exciting.

Elizabeth: It's going to be the best.

Savannah: But thank you so much for coming on today. I really appreciated your time and getting to hear more about this product and share it with our listeners. And I'm sure they did too. And again, anyone who's listening, who's from Australia, we'd love to hear from you.

Elizabeth: We would, we would and check us out on the UKG partner marketplace. We have a listing there. There's a Learn More button in the top right corner. Fill that form out, and you'll hear back from somebody on the team really quickly and we can have a conversation.

Savannah: Thank you so much. Elizabeth.

Elizabeth: Thanks, Savannah. Have a great day.

Savannah: You too.

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