Why Vault Verify or Such Solution for Employment & Income Verification

The HR department of your company surely has a lot on their plate, especially in the initial stages of hiring entire teams, or perhaps when your business starts growing and you wind up needing more staff, or when you simply need to make changes in the teams. Put differently, all the time. Of course, HR does not deal with employment alone, and you can read about the responsibilities of this department here, but that certainly is one of their highly important tasks.

Imagine what happens when those professionals get swamped with resumes from numerous clients, and when they need to go through all of them. You probably would not switch places, would you? If it were only as easy as going through the resumes, though. So many more important things to do so as to check and verify whether certain candidates are right for you or not.

For example, there is the employment and income verification process (VOE/VOI). Verifying the applicants’ history and employment status is certainly one of the highly important things you will absolutely need to do when getting acquainted with them all, as it will help you get a clearer idea of the candidates themselves. Doing a background check on the applicants will certainly help you make up your mind when hiring them as well.

By providing you with a streamlined and reliable way of verifying the applicants’ employment and income, certain programs, and services you can nowadays use for VOE/VOI also help prevent fraud. With the help of professionals and those programs, you will quickly get info about an applicant’s current position, length of employment, full or part-time status, as well as current wages, overtime and bonuses if requested. Now, think about checking all of this manually and on your own.

Read more about employment verification here: https://www.hcamag.com/us/specialization/employment-law/employment-verification-everything-you-need-to-know/325631 

Thought about checking all of this alone? Not that the HR departments have not been doing it already, but the process is certainly complicated and time-consuming. What if I told you, though, that there was an easier way to do it all? The easier way, of course, consists of using those tools and professionals I have briefly mentioned above, and it is called automated employment and income verification.

What Is Automated Employment and Income Verification?

Basically, the automated employment and income verification process is just what it sounds like. The process of verifying everything with the help of a program instead of having to do it manually. Once you find the right platform, all you will need to do is set it up, and you will get real-time visibility of the important data, while also being able to get the data at any time whatsoever. In other words, you will be able to access those easy-to-use employee and administrative portals 24/7.

With the state-of-the-art technology that is used in the creation of these tools, you will get to avoid those backlogs and verification calls and actually use a standardized process for all employment verifications. A standardized and easy one. The tool you will use will also mirror the compensation model of your company, thus providing accurate data even about any types of unusual compensation, such as stock awards, bonuses, etc.

Why Use It?

Have you got a clearer idea of how the automated employment and income verification service works? Sure, you do. So, what you are now wondering is whether you should use it in the first place. In fact, you want to know why it is that you may want to use these services and how you can benefit from them, which is precisely what I will help you understand.

Automating the VOE/VOI processes with Vault Verify or similar professionals and their platforms, you will get the opportunity to approve the applicants faster. Speeding up the traditional process of dealing with paper documents will make signing and drafting much easier. Just imagine how much time you could save with the help of such tools that automate these processes and do not require you to do everything manually.

Since the HR department will not be processing all the applications manually, they will get to focus on other important tasks. Meaning, they can increase their overall productivity. By wasting less time on those time-consuming tasks, they will get to focus on the more important projects, thus bringing more value to the entire company. You surely want this department to function efficiently, and this automation can help you achieve that.

On top of it all, using the automated employment and income verification solution, you will ensure better data protection. If sensitive information reaches the wrong hands, you can experience serious and harmful data breaches that can take a toll on the entire company. By automating these processes, you will ensure data privacy and the security of your applicants, which will further build trust with and loyalty to your company, as well as reduce the room for errors and even help you cut costs.