At a time when employees begin returning "back to the office" in a post-pandemic economy, human resource officers and corporate leaders seek ways to make their corporate culture most accommodating.
One thing employers can help facilitate is the financial life of their employees outside of their nine-to-five grind. They can assist in attaining employment and income verification swiftly, without the pain of long waits and red tape.
Take the case of an employee buying a car. It may be their first car. Or it may be their long-awaited dream car. It is one of the most important things to them. The same holds true for home mortgages or any other loan they take that will cross their home life with their work life.
When the whistle blows at the end of the day, employees want to drive home in their new or new used car and walk into their newly financed home. Such financial decisions are important, emotional life events.
When these financial decisions and events are met with swift verification in the application for loans and other financial needs, employees appreciate it. It helps build a better relationship between the employer and employee and fosters a corporate culture where the employee’s life outside of work is valued.
Swift Verification
Cars, homes, and major financial events are some of the biggest decisions that employees make. The approval process requires verification. Verification requires data sharing as lenders and loan underwriters are wary of risk and default.
But, getting verified is stressful.
Streamlining the process and shortening the time-to-approval with swift verification is not only efficient for financial institutions, but also for human resource departments, and for the employee - as it helps alleviate some of their stress as they await approval.
Opportune Timing
Applying for a loan nowadays – as interest rates rise – generates caution from lenders. In an inflationary environment, loan underwriting and approval is stringent. But employees still need the loan. And they still need a car, a home – or whatever they’re applying for.
In the past, verification meant a call from a lender to human resources. But human resources can be overwhelmed with fielding verification calls. And they may not be able to validate the purpose of the verification call regarding their own employees – as well as former employees. Swift verification tools help credential banks, financial institutions, agencies and financial providers, while protecting employee privacy.
Employees expect prompt verification – and with automated employment and income verification they get it. It helps positively boost overall employee sentiment and corporate culture.
Positive corporate culture builds loyalty and helps your employees stick around. In today’s environment of low unemployment and a competitive labor market, employment and income verification may seem like a little thing. But it’s a big thing that helps improve corporate culture and helps move the company forward.
Anir Pradhan is the COO of EmpInfo. Pradhan has extensive experience in employment data and fintech and payroll industries, including serving as Senior Vice President of Corporate Strategy and Marketing at Equifax and Vice President of Business Development at ADP. Most recently, Pradhan held the role of Chief Strategy and Business Development Officer at Oversight.
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