Transformative technologies are revolutionising the way we work, automating workflows, minimising errors and maximising the best use of human talent. A January 2021 McKinsey global survey of executives and senior managers, looking toward 2023, found that 64% believed their companies must build new digital businesses to stay economically viable. More than half of the respondents were looking to technology to strategically differentiate themselves from competitors.
For HR professionals striving to improve operating efficiencies through technology, it all begins with challenging business-as-usual practices. Finding digital alternatives for paper-shuffling jobs like employee onboarding, leave management, and employment income verification can free up time to focus on more strategic tasks.
A free service for employers
Digital solutions to replace tedious, repetitive and time-consuming manual tasks don’t have to be complex or expensive. Here we look at a pioneering innovation – the Equifax Verification Exchange® – which provides immediate digital employment income verification free of charge to employers and employees.
As an HR professional, how many requests do you get for employment income verification each year – hundreds, thousands? Each time a lender, financial service provider or any other verifier needs data to verify an applicant, it triggers a network of manual processes for HR. Whether it’s time lost in phone calls or emails, record retrieval, chasing the payroll administrator or reporting the information to the verifier, it adds up to a significant loss of productivity when multiplied by the number of times the process gets repeated each year.
Modernising employment and income verification
For businesses and HR leaders looking to build digital competency and roll out transformation initiatives, Verification Exchange is a game-changer. No longer will companies need to lose time supplying employment reports to verifiers. Gone are the days when employees had to wait around for HR to provide the requested information. Security concerns about the authenticity of a verifier or the risk in emailing out confidential payroll data is a thing of the past.
This automated service facilitates the online movement of employment income information between employers, employees, lenders and other verifiers. For example, any time a lender needs to check information for credit approval or mortgage application, they can seek consent from the employee to access their payroll data securely and conveniently online through the Verification Exchange. Identification credentials of the third party are verified, and best practice in data security management is used to protect against fraud and unauthorised access.
Digital transformation is all about enabling companies to change the way they do business. Verification Exchange is one of many digital technologies that lay the foundation for more intelligent, faster processes with improved data security. It gives companies embracing a digital-first approach the opportunity to minimise risk and deliver better employee experiences. And while business spending on digital and technology initiatives has skyrocketed to keep up with today’s rapid pace of change, this is one example of significant digital innovation with no upfront or ongoing charge to employers or employees.
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