Access to earned wage combines with social responsible financial wellness to increase employee productivity and retention
DALLAS, TX – (July 07, 2020) – OneSource Virtual (OSV), a leading provider of deployment, application support, and Business Process as a Service (BPaaS) solutions for Workday customers, and Wagestream, an innovative financial wellness employee platform, today introduced myFlexPay, a combined initiative that brings exclusive financial solutions to millions of Workday customer employees. The new partnership provides employees with access to earned wages, financial education, and real-time visibility into their earnings, among other conveniences, all combined in a workplace app.
Approximately four out of five U.S. employees live paycheck to paycheck, resulting in cash flow risks that send them to high-interest payday loan outfits, high-interest credit cards, or other undesirable short-term patches. The new partnership gives employees visibility into their earnings at any point in a pay period via an easily navigable app, plus instant access to their earned wages whenever they need it. In addition to being given control of their earned income before a scheduled payday, employees are also provided the right tools and resources to help them improve financial planning and build financial resilience.
“Financial convenience is usually at odds with financial wellness,” explains Trey Campbell, CEO at OneSource Virtual. “But both can now be achieved with myFlexPay. OneSource Virtual offers tiered solutions that best meet the payroll needs of our customers. Partnering with Wagestream allows us to include earned wage access to customers for the benefit of their employees, and all with the highest standards of social responsibility.”
The solution integrates seamlessly for customers who already use OSV’s payroll and treasury services, giving immediate access to myFlexPay without requiring expensive or time-consuming integrations. Additionally, by cohesively streamlining technologies, all wage access payments are deducted from the normal pay cycle—meaning there is no impact to the normal payroll process or corporate cash flow. Companies whose employees already use the solution report decreased financial stress and absenteeism, and increased retention, recruitment and financial wellness. Finally, 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.
“We have known OneSource Virtual as a leading payroll provider globally for a long time,” says Peter Briffett, CEO and co-founder at Wagestream. “It’s refreshing to partner with a like-minded company that prioritizes both financial convenience and financial wellness as we do. Leading organizations are looking to provide earned wage access for their employees, and this turnkey partnership with OSV will make a fundamental difference in the lives of millions of workers who struggle to balance their limited income with ever-increasing expenses.”
OneSource Virtual serves nearly 500 Workday payroll customers and processes payroll for nearly 2 million employees. Wagestream was founded in 2018 for the purpose of giving organizations the tools necessary to build financial resilience and ease the financial stress of employees and ultimately build a higher performing workforce. Wagestream sees adoption rates of up to 70% for their workplace app and this new partnership anticipates this or more among U.S. companies that will offer their employees the myFlexPay solution.
Wagestream is on a mission to bring better financial health to workers across the globe. By putting workplace data into the hands of workers, Wagestream’s financial solutions allow employees to track, budget, save and stream their earnings, all in real time.
Wagestream unlocks the constraints of a pay cycle and eradicates the debt issues and financial stress many workers face between pay days by giving them instant access to their earned wages. Wagestream was founded with a social purpose and its early charity investors include Fair by Design, Joseph Rowntree, Barrow Cadbury Trust, and Big Society Capital, social impact charities committed to improving the financial wellbeing of everyday people.
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