The rise of flexibility
Join the Flexible Pay revolution
Flexible Pay is changing how employees across the US are paid, and OneSource Virtual is here to help. Harness the power of Flexible Pay with our app, myFlexPay, designed to provide ultimate flexibility to how your employees are paid by providing them with a platform to access their wages as they earn them.
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By offering Flexible Pay as a benefit, organizations can demonstrate their commitment to supporting their employees' financial well-being, which can help attract and retain employees. By partnering with a Flexible Pay provider like OneSource Virtual, organizations can also reduce administrative burden significantly.
Increased loyalty
Providing Flexible Pay as a benefit improves workplace satisfaction & keeps your employees loyal. With 70% of employees in the US saying they want flexible pay, this shows in our data that people are 5.4x times more likely to stay with an employer if they offer this.
Improved financial wellness
When employees have access to flexible pay, they are less likely to experience financial stress or hardship. This can lead to improved overall financial wellbeing, which can translate into organizational benefits too. 90% of people who use flexible pay report that their financial circumstances have improved, and 84% attribute this directly to flexible pay.
Reduction in payroll administration
By partnering with a Flexible Pay provider, employers can reduce the administrative burden of managing payroll advances or employee loans. This can save time and resources for HR and payroll departments.
Reduction in costs
Flexible Pay can help reduce the cost of turnover and absenteeism. When employees have financial stability and are satisfied with their job benefits, they are more likely to stay with the company and be productive.
Increased Shift Uptake
Flexible Pay strengthens the link between work and pay, meaning employees are motivated to take on additional shifts. Employees who have access to myFlexSpend increase shift-work by up to 26%.
Reducing absenteeism
Financial stress is costing US businesses $4.7bn a week in lost productivity. Reducing absenteeism by offering a tool that tackles financial stress can have a direct impact on your bottom line.
“Getting early access to money you’ve already earned seems so simple, but this is a real revolution in pay that is already making it easier to recruit and retain staff.”
Tim Painter, HR Director, Hospitality Company
myFlexPay can provide several benefits to your employees, including improved financial stability, increased flexibility, and reduced reliance on high cost credit. By accessing their earned wages, employees can avoid costly overdraft fees or high-interest loans, which can contribute to financial instability.
myFlexPay can also provide employees with greater flexibility and control over their finances, allowing them to make important purchases or pay bills when needed. Additionally, myFlexPay can help reduce financial stress, which can negatively impact an employee's productivity and focus at work.
Improved financial stability
myFlexPay can help employees manage their finances better by providing them with access to their earned wages when they need it. This can help them avoid costly overdraft fees or high-interest loans, which can contribute to financial instability.
Increased productivity
Financial stress can negatively impact an employee's productivity and focus at work. By providing access to earned wages when needed, myFlexSpend can alleviate some of this stress and help employees stay focused on their job responsibilities.
Reduced reliance on credit
myFlexPay can also help employees avoid turning to credit cards or loans to cover unexpected expenses or bills. By accessing their earned wages early, employees can avoid incurring additional debt and interest charges.
Increased Control
myFlexPay provides employees with more control over their finances, allowing them to make important purchases or pay bills without having to wait for their next paycheck.
myFlexPay
myFlexPay is a state-of-the-art, intuitive app that provides employees with access to their earned-wages on demand.
Flexible Access to Earned Pay
Employees can access up to 40% of their earned pay at any time, including the day before payday. There is no impact on your payroll process when employees access their pay throughout the month and their available balance is updated based on actual shifts worked.
Innovation at zero cost
OneSource Virtual provides the money requested by your employees and is paid back when you process payroll. It’s a zero-cost benefit that requires no change to cash flow.
Plug directly into Workday
To start enjoying access to their earned wages, all your employees have to do is download the myFlexPay app and log in with the email address they have in Workday. We take care of the rest.
Activate with ease
We provide you with all the materials you need to communicate the benefits to your workforce, lowering the effort for your internal communications team. Experience fast time to value with activation ease.
Maintain control
The funds your employees can access are a portion of what they’ve actually earned that month to date. You have the control over how much of their wages (up to 40%) they can access, as well as setting a total monthly limit.
Increase Work Shifts
Support your front-line workers in accessing their shift pay on their terms. myFlexPay has proven to increase an uptake in shift-work by up to 26%.
We wanted to do something to improve our associates’ financial health and flexible pay made sense – the roll-out was straightforward and there’s no impact on our payroll function. Staff get access to their earned pay at any time, which reduces their financial stress, improves their wellbeing and allows them to bring more of themselves to work.
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