Bulletin: Employment Verifications – Improving Your I-9 Compliance
Improving Your I-9 Compliance with Employment Verifications
As employment and income verifications continue to increase based on changing lending regulatory requirements, lowered interest rates, and growing enrollment rates in government benefits programs, employers find themselves dedicating more and more resources to fulfilling these verification requests, while keeping their employee data secure. Many have turned to adopting an automated verification system to help reduce employer liability and workload, while benefiting the employee with a faster application decision process. This saves both parties time and money.
In addition to the benefits mentioned above, the same payroll data that supports the automated verification service can help employers achieve compliance with their I-9 management process. Now more than ever, employers need to properly document the work eligibility status of all employees. Worksite enforcement audits are becoming more common and managing I-9 compliance can be complex and time consuming. Even those employers with an established I-9 process in place may be seeking a more efficient solution. In fact, approximately 60-68% of I-9s are either missing, incomplete or have errors.1
The Equifax I-9 Management solution can help automate the I-9 management process while leveraging employer payroll data through The Work Number® to deliver actionable reporting insights that help identify missing and expired I-9s to help prevent compliance issues and fines. The Work Number from Equifax is a market-leading income and employment verification service, which receives payroll data directly from thousands of employers each pay period.
This integration between I-9 Management and The Work Number assists employers by:
- Matching I-9s to payroll data
- Generating compliance scores and identifying missing I-9s
- Managing data retention requirements for terminated employees
- Preventing issues and possible fines
The Equifax I-9 Management solution combined with the powerful integration of The Work Number can have a positive impact on your organization’s bottom line. In fact, Equifax I-9 Management insights and automation have saved employers an estimated $14 billion+ in potential penalties and fines, 2 million+ hours through increased efficiencies (based on total Equifax I-9s processed, estimated time burden listed on Form I-9).
Contact us to learn more.
Check out our additional resources:
Infographic: Income and Employment Verifications
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