DALLAS, TX – (August 20, 2020), a leading provider of deployment, application support, and Business Process as a Service (BPaaS) solutions for Workday customers, today announced the general availability of myFlexPay, a benefit that provides millions of employees with access to earned wages, financial education, and real-time visibility into their earnings.
Personal finances top the list of worries for Americans, even above health, family, and career. Approximately four out of five U.S. employees live paycheck to paycheck, often resulting in overdrafts or high-interest payday loans when encountering emergencies. Credit card debt is nearly half a trillion dollars in the U.S., and Americans spend more than $30 billion a year in overdraft fees. Yet in a recent survey conducted by OSV, 91% of respondents claimed that their employer does not offer a way for employees to access the wages they’ve earned prior to payday. The myFlexPay solution, powered by Wagestream, seeks to change this.
The myFlexPay app makes it simple for employees to track their earned wages and transfer history. When they want to access their income before payday, users can choose to receive their funds instantly or the next business day. In order to promote financial responsibility and safeguard employees, myFlexPay allows employers the flexibility to offer up to 100% of net wages or to set controls that limit the percentage of an employee’s earned wages that can be accessed per pay period. Employees receive their normal pay slip on payday, as well as an Earned Wage Statement from myFlexPay.
“In addition to offering myFlexPay to our customers, we’re also making it available to our own employees,” says John Bax, CFO at OneSource Virtual. “Employees are given access to the money they’ve already earned prior to payday, alongside impartial financial education content, a dashboard displaying the employee’s real-time earnings in the current pay period, and in-application live support seven days a week.”
The myFlexPay solution integrates seamlessly and invisibly for OSV customers. By cohesively streamlining technologies, all wage access payments are deducted from the company’s normal pay cycle, resulting in no impact to the payroll process or corporate cash flow. Earned wages are funded by myFlexPay, which also completes the cumbersome true-up at the end of the pay period on behalf of the employer.
Employers are given real-time visibility into the adoption rate and collective activity of their employees with a dashboard that shows earned wages retrieved in aggregate as well as resources accessed—making the platform a tool that fully measures the impact on the organization. Companies choosing to adopt the myFlexPay solution can expect to see measurable reductions in employee turnover and recruiting costs. When asked why they chose the product, companies site its seamless integration, as well as the advantage it gives them for recruiting and retaining top talent.
“As we face a war for talent across healthcare, finding every opportunity to stay ahead of the competition is critical,” says Jay Kurtz, VP of Human Resources at Emerus. “The opportunity to partner with OSV to bring the myFlexPay solution to our staff came at an ideal time and should prove to provide additional support just in time as our team needs it.”
OneSource Virtual serves more than 500 Workday payroll customers and processes payroll for nearly 2 million employees. To be eligible for their myFlexPay solution, companies must have Workday HCM and U.S. Payroll, as well as payroll and treasury services with OSV. All regular, hourly, and salaried employees who are paid through direct deposit can sign up for myFlexPay. Implementation of the product takes 4-6 weeks and is well suited for any employee population.