The Right Way to VerifyRegulatory & Compliance,HR Operations & Analytics,Employment & Income Verifications,Data Privacy & Security
As organizations bring a digital-first strategy to HR, they’ll need new ways of addressing some of their more manual responsibilities.
One area organizations can look to automate is employment and income verification. Outsourcing those requests to a trusted partner, one who knows both the industry and the most up-to-date government regulations, can automate the verification process on your behalf, freeing your internal team for more strategic responsibilities.
“Employment verification is focused on reporting facts and transactions that have occurred,” says Joe Tartell, managing partner for InVerify. “Yet HR teams might not know what they can and can’t legally report. It’s risky to report on speculative information, such as an employees’ probability to continue employment, or if they’re eligible for rehire. These questions get asked, but they aren’t required. Answering those questions creates a level of risk for employers. You want a partner with knowledge of the market and what banks and other requesting agencies need. Speculative answers can lead to lawsuits, especially if the organization doesn’t have accompanying documentation.”
Tartell continues. “At the same time, banks and mortgage companies are constantly updating their requirements on what can or cannot be legally verified, and other requesting agencies are asking for more complex reports. Suddenly, instead of being asked for a single set of income data, HR teams are being asked to provide multiple data points, broken down by pay period. This can be time consuming and may lead to lost opportunities on the employee side if the request isn’t handled in a timely manner.”
“At the end of the day, HR customers are the employees they serve within the business,” Tartell says. “When working with a vendor, organizations are still in control of what information is released to requesting agencies. What the vendor provides is knowledge of the most current regulations and access for employees to review their own data. Verification might not be a benefit employees know they need, but they’ll appreciate it when the time comes.”
Verification outsourcing doesn’t have to be a big expense for HR. “Commercial requesting agencies pay a processing fee for the information they need, which subsidizes the cost for employers,” Tartell says. “This allows partners to provide services at minimal to no cost.”
InVerify manages and executes these services on behalf of our customers to optimize efficiency, minimize risk and enable a higher level of HR service across the organization. To learn more about how we can empower HR teams with a complete employment and income verification solution visit inverify.net.