More and more, there are aspects of your business that can be updated to match the current state of online security and technology. One of the most overlooked facets of a business that you can update is the methods you’re using to handle the verification of employment. Many companies are still using traditional, analog methods of verifying employment like paper pay stubs, verbal verification, and written verification such as letters. It’s time to update the way you’re handling verification of employment, and instead of having financial documents and handwritten notes about current employment status cluttering up your desk, it’s time to find a VOE partner you can trust.
While most people think of employment verification mattering for simply hiring, VOE is critically important for loan applications, KYC (know your customer) procedures, and involvement with various government programs. VOE systems reduce loan risk by helping financial institutions work up risk profiles and spot fraud.
And before you balk at the idea and decide to continue to do things that way you always have, consider this: it isn’t just a good idea to get a VOE provider to “stay current” or “keep up with trends”–it’s actually an area that can help your business become more profitable overall. Here are a few ways that finding the right VOE provider is good for your bottom line.
But First, What is VOE, Really?
Verification of employment (often abbreviated as VOE) is the process that is used by employers, people making hiring decisions, and financial institutions to formally review a person’s history of employment and current employment status. So how can that help your bottom line?
They’ll Help Optimize Your HR Department
When you have a VOE provider, you’ll offload the work that your payroll staff spends dealing with verification of employment requests. We’ve seen some companies save thousands of hours a year once they streamline their process and implement a trusted VOE solution.
Less Risk for Your Business
It’s a hard truth, but many people aren’t totally honest on their resumes or their loan applications. When you use a VOE provider to help verify the employment history of potential candidates, you’re able to make informed decisions concerning risk.
And if you use the right VOE partner, you can even see a candidate’s credit score, verify past income, and access all manner of legally available information.
Happier Employees
Your employees have aspirations for their futures. It will inevitably come up that an employee will apply for a mortgage loan, a lease, or attempt to borrow money to improve their quality of life. When that happens, it can be a delicate situation. Many times, the loan process is a sensitive one, and things like employment history, pay stubs, and other details can be the deciding factor when it comes to getting a home loan or not.
When you use a reliable VOE provider, you can quickly, and accurately help your staff verify employment and provide anything that a loan officer or financial institution might need.
Quentelle Can Help Your Bottom Line
Here at Quentelle, we provide proven solutions in VOE that are powered by advanced technology. But the true beauty of what we offer isn’t only in the quality and security of our software, it’s also that our suite of tools are simple to understand and use.
We’d love to show you firsthand how we offer the very best in class when it comes to VOE. Our software is smart and simple, and can help your bottom line quickly and easily. Schedule a demo today by filling out a form, or giving us a call.