Empowering employees access, review and share their payslip data securely all from one place
We launched Work Reportâ„¢ in November last year with the mission to facilitate access to fairer finance for all employees. Work Report simplifies the often time consuming and confusing credit application process by automating the sharing of payslip data – with an employee’s consent – with an organisation of their choice, streamlining income and employment verification in the UK. An important innovation that also saves employers hours of time and resource handling and processing requests from employees to share their payroll data, for example during a mortgage application.
The acquisition will allow us to play a greater role in helping employees manage their financial well-being. Responsible financial management and access to affordable credit will play in important part in helping consumers cope with the squeeze on their incomes.
Work Report: The future of income and employment verification?
Payslip data is also an essential source of information for lenders, used to confirm employment and source of regular income and is critical information when applying for credit, such as a loan or mortgage.
Working collaboratively with employers, payroll software providers and financial institutions, we have created an ecosystem that enables individuals to realise the value of their employment data and to make the big decisions in life, such as buying a home, less stressful.
With 9 out of 10 customers wanting to apply for credit online and half the UK adult population aiming to take out a financial product or credit within the next two years*, providing a smooth and efficient digital journey for this purpose, is essential.
Don’t just deliver a payslip, deliver an experience.
Key to our proposition is ensuring employees are educated about their pay and payslips, while being able to access the right financial solutions at the right time. The goal of financial empowerment extends beyond ‘quick fixes’, which are a burdensome and temporary band-aid for a larger, longer-term issue. Employers understand this, with many considering the introduction of alternative schemes such as Pay-On-Demand, that help plug the financial gap for employees who are financially struggling. However, these still neglect to address the underlying financial malaise that exists for so many, nor do they promote financial literacy and empowerment.
Make your application process easier with Work Report™ - the UK's first digital employment verification service.
Discover Work Report™Financial inclusion relies upon innovation. Employers now have a unique opportunity to support their employees with automated services that can dramatically improve access to fairer finance.
Statistics from PayDashboard show us that 43% of employees would remain loyal to a company that provided guidance and support around their pay, revealing that the financial value of such support extends beyond employee wellbeing to directly affecting retention rates.
Powering better outcomes for everyone.
But it’s the involvement of payroll that deserves a mention here. Often the first port of call for employee pay and tax queries, payroll has elevated its status from being the nexus between HR and Finance to the strategic – and very crucial – purveyor of employee financial guidance solutions.
Examples could include answering a simple tax code question, all the way to the provision of historical pay data for a mortgage application. The combination of legacy system outputs and employee demand for information means an unnecessary amount of Payroll time and resource are potentially wasted.
In the era of 24/7 digital engagement with consumers, current processes for sharing payslip data might seem insecure and outdated, particularly for those organisations still using paper or PDF payslips. Our solution aims to address these challenges, while facilitating a more agile, effective, and digital application process that is made possible with an interactive cloud payslip solution.
Want to know more?
Find out more about Work Report or get in touch to see how we can help streamline your employment verifications and grow your business with digital access to data from source.
*YouGov research June 2021