On August 22, 2024, Workday and Equifax announced a strategic partnership to streamline employment and income verifications for Workday customers. By integrating Workday Payroll with Equifax’s The Work Number® service, this partnership aims to provide employees with faster, seamless verifications for major life events while helping HR teams reduce costs and automate processes.
If this announcement has you excited, and you’re also a OneSource Virtual customer, be sure to read on!
What this means for Workday customers
It’s great to see Workday continuing to expand its offering with strategic partnerships, especially those that positively impact employees at large. Employment and income verifications are crucial when employees apply for mortgages, loans, or government benefits. Speeding up this process not only relieves the burden on HR teams but also ensures employees have a better experience during critical life moments.
With this integration, Workday customers can anticipate an improvement in verification processes, translating to less paperwork, reduced manual intervention, and faster response times. Rather than waiting days for employment verification to clear, employees will now experience instant, automated confirmations. Not only does this support employees in securing financing for life’s biggest purchases, but it also frees up HR teams to focus on what truly matters — strategic initiatives like employee performance, development, and well-being.
The bad news? The new opt-in Employment Verification Connector for Equifax integration isn’t expected to be available to U.S. Workday Payroll customers until 2025. So, if you’re looking for an easy way to implement employee and income verification services you’ll have to wait until next year. That is unless you’re a OneSource Virtual customer as well!
What this means for OneSource Virtual customers
This announcement validates the importance of OneSource Virtual’s existing partnership with Equifax. We have been offering employment and income verification to our customers through The Work Number® at no additional cost since 2017. Our seamless partnership with Equifax means you don’t have to wait until the Employment Verification Connector for Equifax goes live on Workday.
Absolutely no additional costs or setup are required on your end as a OneSource Virtual customer. You simply need to agree to activate the service, and our team will handle the rest. Then, you’re able to offer your employees the convenience of instant verifications while also reducing HR’s administrative workload.
If you haven’t activated this feature yet, it’s the perfect time to take advantage. Click the button below or email us today, and we can turn it on for your organization. Yes, it’s really that easy!
Why automate employment and income verification
Employment and income verification might seem like a minor HR function, but it plays a crucial role in your employees’ lives. When employees need to make major life decisions — like buying their first home or securing financing for a car — the speed and accuracy of employment verification can make or break their experience. The faster and smoother the process, the less stress they face during an already significant life event.
By automating the verification process, your organization reduces the risk of errors and minimizes the time HR teams spend on manual tasks. And the benefits extend beyond convenience for employees; this automation means fewer verification inquiries for HR to respond to, allowing them to focus on strategic initiatives that drive employee engagement and performance.
In a competitive job market, offering seamless employment and income verification can be a differentiator. Employees are more likely to feel supported when they see that their employer is committed to making their lives easier in meaningful ways. Partnering with a service like The Work Number® also enhances security and compliance, ensuring sensitive employee data is handled safely and efficiently.
More ways to improve the employee experience
Although important, employment and income verifications are just one piece of the puzzle. There are several ways payroll and HR departments can work together to enhance the employee experience. Perhaps the most impactful are employee financial well-being tools.
At OneSource Virtual, we’ve bundled a range of financial well-being features into a single mobile app that our customers’ employees can access at any time. Those features include earned wage access (EWA), payroll cards, savings accounts, and more. You can learn more about these features in our blog “Unlocking Financial Freedom with myFlexWallet.”
The best part? Similar to our employment and income verification services, myFlexWallet is available to our payroll customers at no additional cost. If you’re ready to up-level your employee experience, we’re here to help walk you through all your options.
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