Equifax Launches First-to-Market Offboarding Forms Solution
Latest Addition to the Workforce Solutions Employee-Driven Product Suite Helps HR Streamline Forms Management Throughout the Entire Employee Lifecycle
ATLANTA, June 13, 2022 /PRNewswire/ -- Today, Equifax® (NYSE: EFX) announced a new, first-to-market Offboarding Forms solution to help employers further streamline forms management throughout the entire employee lifecycle. Building on the Workforce Solutions Compliance Center™ platform, Offboarding Forms helps employers and HR professionals better manage the delivery of offboarding forms, including state-mandated separation notices, to terminated remote, in-office or hybrid employees across the United States.
"Offboarding is an important part of the broader employee experience, and it can require numerous administrative steps for the employer," said Kate Devine-Elkins, Director, Product Management, Compliance Solutions at Equifax Workforce Solutions. "Our Offboarding Forms solution gives HR leaders more confidence that the right forms are going to the exiting employee at the right time, regardless of the location."
For the year ended April 30, 2022, there were over 71 million separations in the United States; and Gallup conservatively estimates the cost of replacing an employee to be one-half to two times that person's annual salary.
"Employers recognize the stakes are high in terms of financial investment and employee experience, as well as meeting legal requirements," added Devine-Elkins. "Our Offboarding Forms solution supports a streamlined process that can be completed in a matter of minutes. And since we track and add mandated notices across every state, our unique solution helps reduce that burden for employers and can help reduce the risk of fines."
Currently, 35 states require or suggest that employers provide notices for departing employees outlining their rights in relation to unemployment benefits, regardless of whether the employee separated involuntarily or voluntarily.
The Offboarding Forms solution is customizable, allowing employers to add their own unique forms and notices such as COBRA information and Health Insurance Premium Payment (HIPP) notices, along with the state-provided forms that Equifax maintains. For more information, please visit our website.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
FOR MORE INFORMATION
Daniel Jenkins for Equifax Workforce Solutions
View original content to download multimedia:https://www.prnewswire.com/news-releases/equifax-launches-first-to-market-offboarding-forms-solution-301566824.html
SOURCE Equifax Inc.
Released June 13, 2022