In Human Capital Management, we spend a good amount of time talking about empowering employees, aligning with corporate objectives and responding to the needs of the business. Yet, one trend we often ignore is the power of a community in reshaping our human capital priorities. Communities influence engagement, retention, productivity, branding, and performance. More importantly, they influence change. By ignoring our communities, companies are ignoring a major opportunity to improve how we approach our workforce.
The concept of “community” was a theme at this year’s Equifax Forum in New Orleans. Equifax Workforce Solutions is committed to helping communities face challenges and make change. They do this by tackling very complex issues such as compliance, Affordable Care Act regulations, and unemployment. While other providers are expanding their suite of products into different areas of HCM, Equifax has stayed focused on the bigger issues in our community – issues that impact the success and staying power of the overall business.
A few ways that Equifax has differentiated itself is through the following solutions:
- The Work Number (which providers credit verifiers secure information to employment and tenure information) helps organizations and individuals by enabling access to credit, benefits and ACA subsidies. It brings better risk transparency to lenders and lowers the increasing costs of compliance across a broad range of federal and state requirements. It also teaches lenders that employment and tenure matter more than credit scores.
- Voluntary unemployment is on the rise — mostly for hourly workers. Some industries, such as financial services, are seeing 96% turnover for hourly workers. Equifax is providing data and analytics that help organizations make better decisions and insights into this turnover and what they can do to reduce it.
- ACA Management. This solution has experienced the most growth over the past year as companies want help navigating through the complexities and staying compliant with ACA policy. Now with 350 customers, 8.9 million employees are covered and supported through the Equifax solution. The marketplace is shifting and organizations need support managing the full lifecycle of ACA.
- Equifax values its customers and takes suggestions for innovations and enhancements very seriously. Customers can expect to see more additional compliance solutions in immigration reform readiness, state compliance, ACA IRS Reporting (1095C forms) as well as additional tax management solutions.
–Madeline Laurano, VP and Principal Analyst,
Talent Acquisition, Brandon Hall Group