HR PRACTICE,HR STRATEGY
OneSource Virtual and Cognizant | November 03, 2022
Cognizant (NASDAQ: CTSH) has entered into an agreement to acquire the professional services and application management practices of OneSource Virtual, a Workday partner based in Dallas, Texas. Acquiring these practices will complement Cognizant's existing finance and HR advisory implementation services with Workday, expanding capabilities in consulting, deployment, and post-deployment support across North America and the United Kingdom.
"Adoption and migration to the cloud to manage workflows is only accelerating, and the Workday platform ecosystem continues to be embraced as a critical tool to provide finance, HR, and other functions greater resiliency and agility. Acquiring the professional services and application management practices from OneSource Virtual enables Cognizant to expand our client offerings and provide end-to-end support in the business transformation journey, We are pleased to be welcoming the talented professionals from OneSource Virtual who will join Cognizant in growing and expanding our Workday capabilities globally."
-Rob Vatter, Executive Vice President of Cognizant's Enterprise Platform Services
Cognizant will gain nearly 400 new employees upon closing of the acquisition, enhancing its expertise and number of professionals holding certifications in Workday implementation and support. Located throughout the United States, Canada, and the United Kingdom, these individuals will join Cognizant as part of its Collaborative Solutions team, the hub of Cognizant's Workday practice. Acquired by Cognizant in 2020, Collaborative Solutions is one of the longest-tenured Workday Services Partners.
We believe that our shared value of customer centricity makes Cognizant the ideal home for our professional services and application management services businesses while we concentrate on the Business Process as a Service (BPaaS) division going forward, We also believe customers will appreciate the way this sharpens the focus of the professional services, application management, and BPaaS teams and enables them to operate independently to speed up investment in new products and geographical expansion. In the end, what we are all about is providing growth and innovation for our customers, and we are confident that this will enhance our ability to do that more effectively,said Trey Campbell, Chief Executive Officer, OneSource Virtual.
We are excited about Cognizant's acquisition of OneSource Virtual's professional services and application management practices, We look forward to continue partnering to help our customers embark on their digital transformation journeys and equip leaders with the finance and people insights they need to respond to shifting business needs,said Sam Alkharrat, Chief Partner Officer, Workday.
The acquisition is anticipated to close by year-end 2022, subject to satisfaction of closing conditions. Financial details were not disclosed.
About OneSource Virtual
OneSource Virtual is a leading provider of Workday Services, Solutions, and Products. Founded in 2008 in Dallas, Texas, OSV operates in North America and Europe to deliver outcomes that boost productivity, improve compliance, and increase internal capacity for over 1,300 customers around the world. Since its founding, OSV has been awarded numerous accolades and has a 98% retention rate. OSV's leadership teams are composed of highly experienced professionals in their respective fields. Together they offer the expertise and deep knowledge of the global marketplace to deliver comprehensive solutions and services for HR and Finance and Accounting.
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life.
ADP | November 18, 2022
ADP, a leading global technology company providing human capital management (HCM) solutions, today announced enhancements to its award-winning Wisely® by ADP payment platform with advanced capabilities and innovative features like Earned Wage Access (EWA), designed to give employees more control of their finances, and help employers better attract and retain talent.
Many workers today do not have a relationship with a bank or prefer not to rely on traditional banks. As the next generation of employees enters the workforce, they bring with them digital-driven preferences – including increasing dependence on mobile money management tools. Wisely by ADP provides workers with a secure, digital account that helps them access their money, spend, plan and save with fewer fees and headaches. Their Wisely digital account allows them to put all their sources of income in one place –creating a frictionless user experience for employees even when they change jobs. Wisely by ADP is accessible to all workers, whether they are W-2 or 1099. It's a compliant, unified payments solution that enhances efficiency – saving employers time and money.
The addition of the EWA feature, offered in partnership with DailyPay, gives employees access to wages they've earned before payday at no cost right from myWisely.com or the free myWisely® app. Earned wage access is becoming a key benefit differentiator. According to ADP research, 91% of millennial workers and 82% of Generation Z workers said it is important for their employer to offer earned wage access. Over half (57%) of Generation X and baby boomer workers said it is important to them as well.
"The Wisely platform solves problems ADP understands better than anyone else, The data-driven design of the Wisely platform provides an all-in-one solution and enhanced user experience that puts financial wellness, money management and spending flexibility into every employee's hands. It's the future of paying, earning, spending and saving."
-Gautam Sukumar, SVP and general manager, Employee Financial Solutions at ADP
As employers and employees adapt to shifting economic and labor pressures, approximately 95 percent of employers say employee financial wellness impacts their productivity, and more than 90 percent say offering financial wellness tools helps attract and retain talent, according to ADP research.
In addition to EWA, Wisely by ADP offers:
Bill Pay. Right within the myWisely app, Wisely members can easily snap a photo of their bill, import an image of a paperless bill, or manually enter the billing information and have the payment deducted from their Wisely account.
Savings Envelopes. Wisely helps members save with an auto-save feature and the ability to create savings envelopes right in the myWisely app. In fact, Wisely members have saved more than $1.3B in the past nineteen months.
Rewards. With Cash Back Rewards, members can earn cash back when they shop, travel or dine, with cash back going to the savings envelope in the myWisely app. Or members can get offers up to 10% cash back when purchasing eGift cards in the myWisely app.
Access to Mobile Wallets. Prior to getting a physical card, Wisely members can add their Wisely account to their favorite digital wallet to enable a seamless and touchless experience when using Wisely.
New Brand. In addition to the enhanced feature set, Wisely by ADP has also updated their brand strategy and visual identity to better connect with clients and members. The new, bold brand is reflective of Wisely's innovation and focus on offering employers flexibility for every payment scenario, while empowering employees with digital financial wellness tools.
Wisely by ADP integrates seamlessly with enterprise resource planning (ERP) and payroll systems and uses industry-leading technology to streamline payments, pay statement processes and employee information management, making it easier and more cost effective to make off-cycle, and enable one-time and early payments.
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people.
EMPLOYEE BENEFITS,WORKERS COMPENSATION
Innovation Minds | November 23, 2022
Innovation Minds, a Silicon Valley-based company, announced today the launch of their new Rewards-as-a-Service solution. With this solution, Innovation Minds is enabling companies to offer their employees tailored reward options in order to increase talent retention and satisfaction.
Motivating and rewarding employees is one of the top challenges facing organizations today. In fact, according to a recent survey, more than 60% of respondents say their company struggles to motivate and retain top talents. The Innovation Minds team is uniquely positioned to help companies with this challenge by providing personalized rewards service that creates experiences where employees are engaged and motivated throughout the day.
With this solution, companies can customize rewards based on data insights, such as reward preferences and demographics. It offers a self-service platform to let companies update or make changes to their rewards program for their employees. It also allows employees to get real-time notifications when they earn a reward and they can redeem it on their device with just a click, creating a seamless and enjoyable experience for employees.
"We believe this is an important step forward in helping employers create a more elevating work environment, Innovation Minds is focused on helping businesses create positive and engaging employee experiences. By making the rewards experience easier and more enjoyable, we are helping our customers deliver more value faster."
-Innovation Minds CEO Bala Balasubramaniam
The Innovation Minds team integrated their patented concept ‘Earn-Your-Pride-To-Reward-Your-Peers’, an innovative framework that allows employees to exchange appreciation for each other’s contribution, encouraging employees to make deep, personal connections with their team members and see how their position affects the work of others. Mike Lella, Head of Business Development added, The idea of receiving reward from an accomplished peer is much more meaningful than simply receiving recognition from management alone. Simultaneously, this notion is also encouraging a self-sustainable culture of engagement because the awardees get to enjoy the privilege of earning AND giving.
The solution features a wide range of reward options that supports 594 global brands, 45 countries and 28 currencies, customizable for each company's specific needs while being aligned with their company values. It also provides HR teams and managers with tools to measure the success of their campaign and track results.
We understand that rewards are often not enough to keep your employees motivated at work. It's about more than just giving out candy it's about creating an environment that makes work rewarding in itself. This latest upgrade will allow us to support even more companies in their efforts to drive employee engagement and retention, said Maria Bolo, Head of Customer Success at Innovation Minds.