Employment and Income Verification, a must in the Remote Work Era
The nature of the pandemic forced businesses to shift to remote working arrangements, resulting in a quick structural shift in the cultural, operational, and technological barriers that previously stopped corporations from adopting remote work.
According to a report in The Hindu’s Business Line, 51% of the knowledge workers are expected to be working completely remotely by the end of 2021.
Remote Work - The Challenges
Remote working arrangements provide great flexibility to employees and firms, but it also comes with their fair share of challenges. Now, hiring firms need to exercise greater due diligence while undertaking background checks of their employees. This assumes added significance for the financial services industry, where trust has higher paramountcy.
Compared to in-person onboarding, remote work arrangements increase the difficulty of employee onboarding. However, the end goals remain unchanged. The new hires need help with getting a quick start, integrating themselves into the organization, understanding its culture, and comprehending the job role expectations.
Remote work has also made employment and income verification more important. Employment verification is conducted to confirm the candidate’s work history and verify if the candidate has the requisite experience to fulfill the role. Employment verification also helps reveal any false claims regarding employment, employment gaps, and fabricated job titles.
The traditional means of verifying employment history requires candidates to provide documents supporting their claimed employment history. The documents normally used for this purpose include — appointment letters of past employers, reference letters from past managers, and payslips from previous companies.
This mode of employment verification is inherently time-consuming and cumbersome. To ease the process, employers require the ability to undertake real-time employment verification based on secure and authentic data. Real-time, 24/7 access to an authenticated database reduces the time to undertake employment verification by cutting out the waiting period. Real-time employment verification speeds up the verification process, guarantees data security, and frees up HR resources to focus on their core HR functions.
Along with employment verification, firms also undertake income verification to guard against any inflated income claims by the candidate and to check the candidate’s credit history.
Tartan is here to make a big difference for you
Tartan enables user consent-driven income and employment data connectivity in real-time directly from the payroll and work systems to streamline verification, enhance user experience and reduce risks. Remote work is here to stay, and at the same time, the employment and income verification process is evolving — with the changing workplace requirements and the evolution of technologies.
Tartan’s payroll API creates a smooth and secure user experience by accepting income and employment documentation in any form and processing it automatically. This helps save time, reduces errors, and saves costs. The payroll API will enable firms to connect their payroll or workforce data with leading financial services firms to offer benefits to employees directly via Tartan-powered payroll API.