ST. LOUIS, MO--(Marketwired - May 2, 2013) - Equifax Workforce Solutions, a global provider of human resource and verification services, today announced the release of Compliance Center, its new solution designed to automate compliance needs and help organizations avoid the risks and costs of a rapidly changing regulatory environment.
Today's employers face more risks and costs around ensuring compliance than ever before. Increased employee awareness of rights, rapidly changing, complex legislation and greater enforcement and fines are just some of the challenges with which employers must contend. Ensuring critical documents, such as I-9, Federal and State Mandated New Hire Forms, Annual State Required Notifications and Acknowledgment of Employee Policies, are completed accurately, signed and retained is becoming a growing challenge for employers. When such processes are handled manually, there is greater chance of error by overworked or improperly trained staff and increasing risk of violations, lawsuits and expensive fines. Plus, with so much time being spent on trying to manage compliance requirements in each state an employer does business, they often do not have the time to properly manage their WOTC screening, which can give them a direct increase to income through tax credits.
"The challenge of maintaining timely and accurate documentation for talent management processes is a growing burden for employers; but, if they are unable to meet compliance requirements, they face significant penalties and potential damage to their reputation," commented Equifax senior vice president of Marketing, Anir Pradhan. "Equifax Workforce Solutions is committed to developing comprehensive solutions that bring greater efficiencies to the way employers manage their documents, mitigate compliance risks and increase their income through lucrative tax credits. With our innovative Compliance Center offering, we give employers a scalable and customized solution that removes the administrative burden and helps them build a culture of compliance across their organizations."
The Compliance Center solution helps eliminate many of the compliance challenges by automating the completion of required forms and documents associated with onboarding new employees and managing them throughout their tenures. By streamlining these processes through a standardized, paperless process, Compliance Center helps employers ensure timely and accurate completion while maintaining the documentation to support an audit or legal inquiry. The system also allows for quick updates to support new legislation that can sometimes provide as little as a 30-day timeframe to comply. At the same time that it helps to mitigate risk, the solution helps positively impact bottom lines by fully automating WOTC screening capabilities, thus increasing the number of screened employees and leading to more individuals being identified as eligible for tax credits.
"As even the smallest violations can be a gateway to large penalties and litigation, organizations need to protect themselves from the risk of non-compliance. And, as companies are forced to do more with less, the ability to achieve cost savings and maximize tax credits can give them a significant competitive advantage," said Angela Lockman, vice president of Tax Credits and Incentives for Equifax Workforce Solutions. "Compliance Center automates key talent management processes that lead to greater efficiencies and cost reduction, while giving employers peace of mind."
Organizations that implement Compliance Center benefit from working with a single provider that can meet a range of their compliance needs. Employers have the flexibility to select the individual compliance solutions they currently need and the ability to add additional services in the future. More information about Equifax Workforce Solutions and its cutting-edge compliance services can be accessed at: www.equifaxworkforce.com/Solutions/compliance-center/index.asp.
About Equifax
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Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifaxworkforce.com or www.equifax.com.