Equifax Launches First-to-Market Offboarding Forms Solution

Rhea-AI Summary

Equifax (NYSE: EFX) has launched a new Offboarding Forms solution, designed to enhance forms management throughout the employee lifecycle. This first-to-market solution enables HR professionals to efficiently deliver state-mandated separation notices to employees, regardless of their work location. With over 71 million separations reported in the U.S. for the year ending April 30, 2022, the solution addresses legal requirements and streamlines the offboarding process. It is customizable, allowing employers to integrate their own forms while maintaining compliance with state regulations.

Positive

• Launch of the first-to-market Offboarding Forms solution, enhancing HR efficiency.
• Addresses compliance with state-mandated notice requirements for 35 states.
• Customizable solution allows integration of unique employer forms.

Negative

• None.

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.

ABOUT EQUIFAX
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
mediainquiries@equifax.com

 

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SOURCE Equifax Inc.

FAQ

What is the Offboarding Forms solution launched by Equifax?

The Offboarding Forms solution is a product designed to help HR professionals manage the delivery of offboarding forms, including state-mandated separation notices, throughout the employee lifecycle.

How many separations were reported in the U.S. for the year ending April 30, 2022?

There were over 71 million separations reported in the U.S. for the year ending April 30, 2022.

What is the significance of the Offboarding Forms solution for employers?

The solution helps employers meet legal requirements, streamline offboarding processes, and reduce the risk of fines associated with compliance.

Which states require offboarding notices for departing employees?

Currently, 35 states require or suggest that employers provide notices for departing employees regarding their rights to unemployment benefits.

How does Equifax's new solution impact HR processes?

The Offboarding Forms solution simplifies HR processes by ensuring the timely delivery of required forms to exiting employees, thus enhancing the overall employee experience.