There is a lot of money to be made right now for consumer reporting agencies (CRAs) offering employment verifications. As we established in our recent ebook, demand for employment verifications is at an all-time high.
Unfortunately, there’s only so much new verification work the typical CRA can take on.
Employment verifications are notoriously difficult to scale for three main reasons:
- While some verification orders can be completed using online tools, the vast majority — about two-thirds in our experience — must be completed manually.
- It can take as many as six weeks of training for a new verifications specialist to reach full production.
- As CRAs take on new clients, they must also adapt to the customized calling patterns dictated by each one.
Making matters worse for employment background screening companies, the labor market trends driving the demand for employment verifications have not skipped over the background screening industry. Many CRAs are just as short-staffed as the employers they serve.
If you lead a background screening company, this whole situation may have you feeling as if you’re on the outside looking in. You can’t scale up quickly enough to meet the market’s needs, and you can’t take on additional volume at your current staffing level without falling behind. (And you know end-users hate backlogs.)
Outsourcing: Reward without the Risk?
In our ebook, we recommend outsourcing some or all of your employment verification orders to a third-party background screening data provider.
It might seem counterintuitive to outsource a task that traditionally has very narrow margins. But often CRAs see verifications as low margin because of the way their operations perform this vital task.
The right outsourced employment verifications provider can actually help your organization expand your margins by overcoming the challenges we outlined above.
Best-in-class outsourced employment verification providers can respond quickly to labor market fluctuations thanks to highly-optimized training programs and systems that take the guesswork out of the process.
Here at InformData, we’re not exaggerating when we say we can take a vetted newcomer off the street and transform them into a successful verifications specialist after three days of training. We literally quadrupled the size of our verifications team in just six weeks — and currently boast over 500 specialists making calls and doing research on behalf of our customers.
Greater Adaptability to Customization Requests
Customization is a predictable process when you can simply bake the rules into your system.
At InformData, we start with a standardized calling algorithm (optimized to get results based on proprietary analysis of heuristics from millions of calls) and then tailor it for specific clients. All this happens behind the scenes; calls and customer-specific calling scripts are routed to our team members automatically.
How long does incorporating your customization take? As little as a day, typically just three days and for uber complex calling requirements, we’ve seen it take three weeks. And if your calling customizations look like a bunch of sticky notes on the side of your staff’s monitors, no worries. InformData is adept and creating order from chaos
Innovations such as artificial intelligence and natural language processing promise to make performing employment verifications even more efficient and cost-effective. But CRAs have enough on their plates without having to worry about keeping up with the latest developments in call center technology.
By working with a data provider such as InformData — which is constantly experimenting, digging through the data, and researching new technology — you can ensure that your CRA won’t get left behind by better-equipped competition.
Increasing Revenue and Profit by Outsourcing Verifications is Within Your Grasp
Outsourcing employment verifications will unlock new revenue and help your background screening company thrive in the current period of high demand.
People, Process and Technology are the keys. InformData is your gateway and partner. Unlock the door for your CRA, large or small, to less stress, growth and greater profits with our free ebook for CRAs, “The Ultimate Guide to Turning Verification Challenges Into Opportunities.”