Applying for finance can be slow and tedious. Why not make it quicker for employees and save your teams time and effort too? Work Report™ delivers this through easy income and employment verification.
The ongoing cost-of-living crisis means that many employees’ financial stress levels are high. This difficult situation is known to impact productivity, engagement and retention.
So, it makes sense for employers to find ways to promote and support the financial wellbeing of their people. One way of doing so is through Zellis’ partnership with global information services company Experian and its Work Report™ service.
Work Report™ is an automated employment and income verification service. This is available as a free-of-charge option to all Zellis customers. Employees can use Work Report when applying for financial products such as mortgages or loans.
How Work Report ™ verifies income and employment
The system verifies income by sharing relevant employee data directly with service providers such as banks or building societies. This happens only with the employee’s express permission, during their loan, mortgage, or lease application process. Only relevant information is shared to help verify employment and income.
How Work Report ™ benefits the employer
Organisations can significantly reduce the time and effort payroll and HR teams need to put into sourcing, printing, and verifying the documents required by their employees. While verification requests can take at least 30 minutes, using Work Report™ cuts this figure down dramatically.
Fraud risk is also reduced as Work Report™ sends employee data directly and securely in real time once consent has been received. Another advantage of Work Report™ is its ease of implementation for the customer.
How Work Report ™ benefits employees
Firstly, Work Report™ provides employees with a quick way to give banks or lenders proof of their employment or income. There’s no need to manually gather and send them payslips. Verification is undertaken instantly, which means employees know the verdict at once.
Secondly, data is shared securely using an API (application programming interface). This is much better than past practice, when employees were required to send printed payslips in the post or PDFs in emails.
Employees benefit from a service that is accessible at any time. They also maintain consistent control over the financial process. For example, it’s up to them to approve who may or may not share their payroll data.
Because Work Report™ removes barriers from the application process, it helps to reduce stress and anxiety for employees when undertaking important financial applications. This is an important consideration, with almost 75% of all UK employees expected to make an application requiring some form of verification over the next two years.