Experian Secures Workday Certified Integration for Its Work Opportunity Tax Credit Solution

Rhea-AI Summary

Experian has secured Workday Certified Integration for its Work Opportunity Tax Credit (WOTC) solution. This integration allows Workday Human Capital Management (HCM) users to access Experian’s real-time WOTC eligibility determination. The solution simplifies the screening process, aiming to enhance the candidate experience and reduce abandonment rates. Annually, Experian conducts over 14 million WOTC screenings, securing over $1 billion in tax credits for employers. The integration marks Experian's third collaboration with Workday, following previous integrations for Tax Withholding and ACA Reporting.

Positive

• Integration enhances candidate experience and reduces abandonment rates.
• Allows real-time WOTC eligibility determination through Workday HCM.
• Experian has secured over $1 billion in tax credits for employers annually.
• Provides compliance and operational efficiency for Workday users.
• Streamlined process with an average survey completion time of one minute.
• Third certified integration with Workday, showcasing ongoing partnership.

Negative

• The WOTC solution may still face challenges in widespread adoption due to employer hesitations regarding candidate screening.

Latest integration enhances job candidate experience and provides Workday customers with real-time WOTC eligibility determination through Experian Employer Services

COSTA MESA, Calif.--(BUSINESS WIRE)-- In a move to improve the candidate experience, foster a more diverse workforce and help employers enhance their tax benefits, Experian^® today announced it has achieved Workday Certified Integration status for its Work Opportunity Tax Credit (WOTC) solution. Workday, Inc. (NASDAQ: WDAY) is a leading provider of solutions to help organizations manage their people and money. With this integration, organizations leveraging Workday Human Capital Management (HCM) can access Experian’s real-time WOTC solution, which uses a concise survey process and has secured over $1 billion in tax credits for employers.

Why it matters:

• WOTC is a federal tax credit available to U.S. employers who hire individuals from certain targeted groups that have faced barriers to employment.
• The tax benefit is often overlooked and millions of dollars in available credits go unclaimed each year due to incomplete or inefficient WOTC screening processes.
• Additionally, many employers are hesitant to incorporate WOTC screening into their application process in fear of adding friction to the hiring process and increasing candidate abandonment rates.
• However, Experian’s WOTC solution streamlines the process and enables employers to determine eligibility in real time.

“Our mission is to serve employers who are serving their employees, and we are focused on helping employers benefit from tax credits while creating new opportunities for job seekers,” said Merideth Wilson, Executive Vice President and General Manager of Experian Employer Services. “Our latest integration with Workday is a testament to this commitment in action. We look forward to helping employers across the country decrease their tax exposure while improving the overall employee experience.”

Experian’s Employer Services business handles over 14 million WOTC screenings annually. The newly certified WOTC integration offers Workday customers the opportunity to optimize their WOTC returns through an efficient integration that enhances the candidate experience, minimizes candidate abandonment and provides a concise WOTC survey with an average completion time of one minute.

Workday HCM is a unified system that enables organizations to make faster decisions, gain operational visibility, prepare for future talent shifts and build effective teams. Employers using Workday to simplify and improve their human resource management now have access to Experian’s Workday certified WOTC solution, helping Workday customers maintain compliance and capture available tax credits when hiring qualifying individuals. Experian’s WOTC solution is the company’s third integration with Workday – joining Tax Withholding and ACA Reporting as Workday Certified Integrations.

Experian launched its Employer Services business for employers seeking a better service experience for themselves and their employees. The business offers critical solutions HR, payroll and tax professionals count on.

More information on Experian Employer Service’s Workday integration can be found on the Workday Marketplace.

To learn more about Experian’s Employer Services business, visit https://www.experian.com/employer-services/

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240618771661/en/

Amanda Garofalo

Experian Public Relations

1 714 460 3739

amanda.garofalo@experian.com

Source: Experian

FAQ

What is the significance of Experian's Workday Certified Integration?

It allows Workday HCM users to access Experian’s real-time WOTC eligibility determination, enhancing candidate experience and securing tax credits.

How many WOTC screenings does Experian conduct annually?

Experian conducts over 14 million WOTC screenings annually.

What benefits does the Experian WOTC solution provide Workday users?

The solution provides real-time eligibility determination, enhances candidate experience, reduces abandonment rates, and secures tax credits.

How much in tax credits has Experian secured for employers?

Experian has secured over $1 billion in tax credits for employers.

What is the completion time for Experian’s WOTC survey?

The average completion time for Experian’s WOTC survey is one minute.

What other integrations does Experian have with Workday?

Besides WOTC, Experian has integrations for Tax Withholding and ACA Reporting with Workday.