At a time when the cost of living in both the UK and Ireland is continuing to rise steeply, introducing new ways to support the financial health and wellness of employees has never been more crucial.
One way you, as an employer, can help reduce anxiety and stress is by offering your people improved access to services that require employment and income verification, which includes mortgages, tenancy applications and loans.
Doing so also means your HR team no longer has to spend time providing appropriate documentation when your employees need it, whether it happens to be stored on a computer or in a filing cabinet.
Zellis has just introduced Work Report™ so all our customers, and their employees, can enjoy an improved verification experience.
Here are some basic facts about how these services work:
What is an employment and income verification service?
Employment and income verification is a new online, automated service that provides employees applying for financial products, such as mortgages or loans, with a digital means of confirming their personal information to a supplier such as a mortgage lender – instantly. This information, which includes their employment status, salary and time with employer, are what lenders need to respond to applicants quickly and accurately.
A digital verification system works by automatically extracting the minimum amount of data from your payroll system and sharing it instantly with an organisation of their choice. This process is always optional, and only possible if the person doing the application grants their permission to do so, of course!
Why are employment and income verification services necessary?
According to a survey conducted by pollsters YouGov and Experian, just under three quarters of UK consumers are going to undertake some kind of activity, such as applying for credit or renting a property, that requires them to share personal information within the next two years.
This means hundreds of thousands of applications, and exponentially more documents to find, upload and keep secure.
The problem is that traditional, manual processes to verify employees’ employment and income status are no longer up to the standard of an increasingly digitised world. Existing processes are too slow, too time-consuming and increase the risk of data or document loss due to human error. Providing organisations such as lenders with printed or PDF documentation by email or post introduces multiple changes for mistakes or for poor data protection.
Digitising such processes, on the other hand, means that employees can enjoy the swift access they have come to expect accessing online services. It also means they can have better control over the information they share, without having to source, save or distribute printed or scanned copies of a wide range of documents.
What information do employment and income verification services collect?
Although the kind of data required will depend on the type of service being applied for, examples include:
- Verified employer name
- Employment start date and length of tenure
- Gross annual salary
- Pay date and frequency
- Three months of payslip data and 12-months-worth of rolling gross or net income
- Monthly fixed or variable income summaries
But in each instance, with digital verification only the minimum information required to fulfil the request is extracted from the payroll system.
Where can I go to find a reputable employment and income verification service?
Not far at all, as it turns out. This is because Zellis has partnered with Experian to make its fully GDPR-compliant Work ReportTM employment and income verification service available to all customers. What’s more, we’re making it available at no charge.
If you have any more questions about digital income and employment verification, you can mail us at email@example.com.
If you’re interested in any of the other ways Zellis helps its customers engage employees, empower their HR teams and become more efficient, you can get in touch at firstname.lastname@example.org