OneSource Virtual
Integrating Business Functions through Workday

OneSource Virtual Releases New Report Gauging Employee Satisfaction with Corporate Benefits

Wednesday, February 15, 2023

DALLAS: OneSource Virtual, a leading provider of HR and Finance outsourcing services, solutions and products surveyed 5,000 employees and 500 HR directors in the United States to gauge employee satisfaction with benefits and determine how attitudes between the two audiences might differ.

The surveys, which were conducted in January 2023, covered a range of topics including how well leaders understand what’s important to employees, how often employees receive an engagement survey and what benefits are most important to employees.

Survey results reveal that less than half of employees believe that leaders understand what’s important to them, compared with more than three-quarters of HR directors who said the same. Thirty percent of employees also report never receiving a survey to gauge their satisfaction or engagement.

“For employees to be engaged at work, they need to feel that their leaders understand what’s important to them. Without this, building and maintaining a talented, motivated team is challenging,” said Trey Campbell, CEO of OneSource Virtual. “Our survey raises a number of questions that leaders will need to answer if they want to create a workplace where employees can thrive.”

Other key findings of the report include:

• A 21% enthusiasm gap between how satisfied HR directors think employees are with their benefits and how satisfied employees actually are.

• Nearly half of surveyed employees said benefits are second only to salary when making decisions about their careers.

• 70% of employees identified earned wage access as an important benefit, and 77% identified tax-advantaged accounts as important.

OneSource Virtual has offered an earned wage access solution since August 2020 and now offers a solution for tax-advantaged accounts called myFlexSpend. myFlexSpend lets companies consolidate multiple consumer-directed accounts, such as HSAs, FSAs and commuter benefits, under a single partner to deliver a holistic health and wellness experience for employees.

“There isn’t a one-size-fits-all solution for improving engagement, but it starts with listening,” Campbell said. “Don’t make guesses about what’s important to your people—ask them. That way the solutions you explore, whether it’s co-sourcing certain routine tasks or implementing an earned wage access solution, have a targeted purpose and are more likely to lead to success.”

OneSource Virtual Launches myFlexWallet, a Comprehensive Digital Wallet for Employee Financial Well-Being

Wednesday, September 20, 2023

myFlexWallet is part of the company's new line of features elevating the employee pay experience.

DALLAS - OneSource Virtual (OSV), announced today that it is expanding its payroll services and solutions for U.S. customers to include myFlexWallet, a digital wallet that is a part of the company's new line of features elevating the employee pay experience.

MyFlexWallet is a comprehensive digital wallet that offers employees a centralized platform for monitoring their real-time earnings, facilitating instant wage transfers via OSV's myFlexPay, utilizing payroll cards, overseeing savings objectives, and accessing exclusive promotions.

Furthermore, it seamlessly incorporates OSV's myFlexSpend to elevate the app's functionality, delivering a fully integrated experience for employees. This integration enables users to effortlessly view and manage their consumer-directed health accounts alongside the other features, creating a unified and convenient solution.

Additional enhancements and features are currently in the pipeline for the app, promising even more benefits for users in the future.

"Digital, on-demand finance services are reshaping employee expectations around wage access and financial well-being benefits," said Michael Roseman, OSV's chief operating officer. "myFlexWallet will help businesses meet those evolving needs and expectations. Employees get more flexibility and control over their finances while employers gain a valuable tool for recruitment and retention."

"myFlexWallet is more than another digital wallet," added Valerie Van Gorp, vice president of Customer Operations for OSV. "For many employees, it will give them more freedom and control over how and when they access their wages than they've ever had before. It can also help them reduce or eliminate late payment fees for bills, while unbanked or underbanked employees can gain access to banking features they may not have had access to before."

Research conducted by BrightPlan underscores the adverse effects of financial stress on productivity and engagement within the workforce, resulting in significant costs estimated at approximately $200 billion annually for companies. The introduction of myFlexWallet aims to alleviate this stress, yielding benefits not only for employees but also for employers.

Significant progress has already been observed in these areas through the implementation of myFlexPay, another payroll solution offered by OSV. Companies that have adopted myFlexPay have experienced an 11% increase in employee work hours and a noteworthy 16% reduction in turnover. Furthermore, an impressive 90% of employees who have utilized myFlexPay report an improvement in their financial well-being. Since 2021, OSV has successfully disbursed nearly $100 million in earned wages to Workday clients through the myFlexPay system.

"[Earned wage access] is a great benefit to an employee," said Jill Palmer, payroll specialist for Purple, about OSV's myFlexPay solution. "They're in control of their own money and they can access it right away if they need it. We've seen a lot of our people use it for different reasons. And as the employer, we don't have to think anything about it."

myFlexWallet builds on the promise of these capabilities by giving users a single hub for accessing all of OSV's employee-focused payroll and benefits solutions. With the complete solution, myFlexWallet will be a powerful addition to any company's financial well-being offerings for its ability to empower employees at all levels of an organization.

"myFlexWallet has the potential to make a huge difference for employees, regardless of their role or their access to traditional banking solutions," added Michael Roseman. "And with the adoption of digital wallets expected to spike in the next few years, we're excited to be at the forefront of delivering such an empowering tool."

OneSource Virtual Launches myFlexWallet, a Comprehensive Digital Wallet for Employee Financial Well-Being

Thursday, September 21, 2023

DALLAS, -- OneSource Virtual (OSV), a leader in HR, payroll, and finance solutions for Workday customers, announced today that it is expanding its payroll services and solutions for U.S. customers to include myFlexWallet, a digital wallet that is a part of the company's new line of features elevating the employee pay experience.

As an all-in-one digital wallet, myFlexWallet provides employees with a single place to track real-time pay, stream earned wages through OSV's myFlexPay, use payroll cards, manage savings goals, and access special offers.

“Employees get more flexibility and control over their finances while employers gain a valuable tool for recruitment and retention.”

It also integrates OSV's myFlexSpend to further enhance the new app's capabilities and create a truly unified experience for employees by allowing them to view and manage their consumer-directed health accounts side by side with these other solutions. More features are planned for the app as well.

"Digital, on-demand finance services are reshaping employee expectations around wage access and financial well-being benefits," said Michael Roseman, OSV's chief operating officer. "myFlexWallet will help businesses meet those evolving needs and expectations. Employees get more flexibility and control over their finances while employers gain a valuable tool for recruitment and retention."

"myFlexWallet is more than another digital wallet," added Valerie Van Gorp, vice president of Customer Operations for OSV. "For many employees, it will give them more freedom and control over how and when they access their wages than they've ever had before. It can also help them reduce or eliminate late payment fees for bills, while unbanked or underbanked employees can gain access to banking features they may not have had access to before."

Research from BrightPlan shows that financial stress can negatively impact productivity and engagement, costing companies an estimated $200 billion each year. myFlexWallet aims to reduce that stress to produce benefits for employers as well as employees.

Already, companies are making gains in those areas with myFlexPay, another OSV payroll solution. Companies offering myFlexPay have seen an 11% increase in hours worked by employees and a 16% reduction in turnover. And of those employees who have used myFlexPay, 90% say their financial situation has improved. Since 2021, OSV has distributed nearly $100 million in earned wages for Workday customers through myFlexPay.

"[Earned wage access] is a great benefit to an employee," said Jill Palmer, payroll specialist for Purple, about OSV's myFlexPay solution. "They're in control of their own money and they can access it right away if they need it. We've seen a lot of our people use it for different reasons. And as the employer, we don't have to think anything about it."

myFlexWallet builds on the promise of these capabilities by giving users a single hub for accessing all of OSV's employee-focused payroll and benefits solutions. With the complete solution, myFlexWallet will be a powerful addition to any company's financial well-being offerings for its ability to empower employees at all levels of an organization.

"myFlexWallet has the potential to make a huge difference for employees, regardless of their role or their access to traditional banking solutions," added Michael Roseman. "And with the adoption of digital wallets expected to spike in the next few years, we're excited to be at the forefront of delivering such an empowering tool."