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.”
About OneSource Virtual
OneSource Virtual exists to help customers thrive by boosting their capacity for growth through co-sourced HR and Finance and Accounting. Working across industries in North America and EMEA, OneSource Virtual’s teams offer their expertise and deep knowledge to deliver comprehensive solutions and services to over 850 BPaaS customers.
Media Contact
Alec Woodward, OneSource Virtual, 1 (972) 916-9847, [email protected], onesourcevirtual.com
SOURCE OneSource Virtual
