probability of continued employment

probability of continued employment
probability of continued employment

Employment verification forms contain several questions, many of which can leave you feeling as if you’re making an educated guess as opposed to a definitive answer. A common question that crops up on these forms asks about the probability of the applicant’s continued employment.

This question may feel impossible to answer without a crystal ball, but fortunately, there are steps you can take to ensure it’s answered accurately. This will help your valuable employee get the loan or mortgage they want, and help you avoid making any mistakes that might prevent this from happening.

The question of “probability of continued employment” likely sounds a little strange. It may even seem as if you’re being asked to prematurely announce that the applicant is going to be laid off. But this question is actually concerned with the applicant’s ability to pay a lender.

Mortgage companies and other financial institutions need to know whether an applicant can repay a loan or mortgage. The question of continued employment is getting to the heart of that matter. If there’s a chance the applicant will be laid off in the coming weeks or months, their ability to repay a loan or mortgage will be hindered. Ultimately, the lender wants to ensure the applicant will have a stable income for the foreseeable future.

It’s worth noting that not every employment verification form will ask, “What is the probability of continued employment?” Many forms phrase the question differently, such as the below example:probability of continued employment

But how exactly do you answer this question?

When answering the question of continued employment, anything other than a solid, “yes,” or “very likely,” might alarm the applicant. Remember: The applicant’s job performance isn’t the focus of this question—the verifier is simply asking about whether the applicant will have a stable income months from now.

Because the question of continued employment is so important, it requires a thought-out, accurate response. Keep the following in mind to ensure you answer as accurately as possible:

So, when answering this question, reframe how you’re approaching it. If the applicant is unlikely to be employed in the near future, you’re helping them by answering honestly. Lying and saying the employee’s job is secure could result in them getting a loan they can’t repay.

Employment verification is typically straightforward, but there are occasionally questions that feel out of the blue. The following are some of the more common questions that you might not expect—but keep in mind that many states may have their own specific questions on employment verification forms.

Much like the question around continued employment, check with the employee’s supervisor or manager if you have any questions about the above items. Their manager will have a more intimate knowledge of the employee’s performance, likelihood of receiving bonuses, upcoming promotions, and other changes.

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  • Employment verification is quick and easy when you make the right preparations. Understanding how to answer “probability of continued employment,” and the other difficult questions outlined, puts you ahead of the curve and ensures verification will be far easier from here on out.

    Request a demo to learn more about Truework, the best in class employment and income verification service.

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    Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.

    Verification of employment (VOE) requests on current or former employees can come to an employer from government agencies, mortgage lenders, prospective employers, collection agents and others. They usually seek to verify employment dates, wages, likelihood of continued employment or eligibility for rehire and reason for termination. When must employers respond to such requests, and what information must or should they divulge?

    Certainly, only truthful, supportable information should be shared, regardless to whom it is given. States have job reference immunity laws that can cover VOE requests, and if truthful information is given in good faith, the employer will likely be protected from defamation claims. Additionally, a signed consent from the employee should be obtained when possible, with some state immunity laws requiring consent to be protected.

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  • Though not always clear cut, requests from federal and state government agencies and offices often require compliance, whereas most other requests do not. A request from a government agency often cites a regulation requiring the information; if not, employers can generally feel confident about sharing the information asked for, as a good faith effort to comply. These requests are often to verify wages for court decisions (such as child support) or government programs, to uncover fraudulent use of government services, or even to help an employee prove his or her identity was stolen. These requests are usually very specific in terms of the information needed, and again, any truthful information provided should not subject the employer to legal claims.

    Employers are not required by law to complete VOEs from mortgage lenders, but few employers would choose to disadvantage their employees by ignoring the request. Employers may require written consent from employees before providing information to mortgage lenders and perhaps have a policy that employees must notify HR of upcoming requests. In general, though, employers complete these with truthful responses regarding the current employment situation without guaranteeing continued employment or defaming the employee.

    Prospective employers may ask any number of questions, from final wage rates to job performance information. Each employer needs to determine if it will require a signed release for this information, and what type of information it will share. Employers in some states may be restricted from sharing salary history. Certain industries and positions, such as health care and those working with children, may have additional state requirements to share information that may stop a negligent hire.

    Collections agencies and anyone else seeking information from employers generally do not need to be responded to, and before sharing information with them, employers may wish to seek legal counsel on a recommended policy on handling these that will best protect the employer.

    Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.

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    The question of “probability of continued employment” likely sounds a little strange. It may even seem as if you’re being asked to prematurely announce that the applicant is going to be laid off. But this question is actually concerned with the applicant’s ability to pay a lender. Mortgage companies and other financial institutions need to know whether an applicant can repay a loan or mortgage. If there’s a chance the applicant will be laid off in the coming weeks or months, their ability to repay a loan or mortgage will be hindered.

    Ultimately, the lender wants to ensure the applicant will have a stable income for the foreseeable future.

    Many forms phrase the question differently, such as the below example: But how exactly do you answer this question? See full list on truework. When answering the question of continued employment, anything other than a soli “yes,” or “very likely,” might alarm the applicant. Remember: The applicant’s job performance isn’t the focus of this question—the verifier is simply asking about whether the applicant will have a stable income months from now.probability of continued employment

    Because the question of continued employment is so important, it requires a thought-out, accurate response. Keep the following in mind to ensure you answer as accurately as possible: 1. Loop in the employee’s manager when necessary. The manager will have a better idea of the employee’s performance and job stability.

    Even if there’s a chance the employee sees your answer, you need to answer honestly. The last thing you want is to lie and help the applicant get a loan that will bankrupt them down the road. When in doubt, contact the employee’s immediate superior.

    In the event the employee may be let go in the near future, the question of continued employment becom. Employment verification is typically straightforwar but there are occasionally questions that feel out of the blue. The following are some of the more common questions that you might not expect—but keep in mind that many states may have their own specific questions on employment verification forms.

    If overtime or a bonus is applicable, is its continuance likely? This question may not be a deal-breaker for a loan, as long as the bonuses or overtime aren’t making up the majority of the employee’s income. If you and the employee’s manager can’t confidently answer “yes,” mark it “no. Do you anticipate any changes in hours? If the employee is salaried and receives no overtime, this is an easy “no.

    Otherwise, consult with the department head or manager of the employee to come to an educated answer. Are there any anticipated changes in the applicant’s pay in the coming months? This question likely requires input from the employee’s manager, as they’ll be able to advise you whe.

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  • Understanding how to answer “probability of continued employment,” and the other difficult questions outline puts you ahead of the curve and ensures verification will be far easier from here on out. Why a Employment Verification is Needed Prior history of work is a good indicator of future work performance. An Employment Verification search validates salary claims, tenure, and title.

    Employment – verification requests arise during a number of scenarios, from lenders seeking verification of income information to new employers confirming a potential recruit’s past work history. Employers aren’t obligated to respond to calls to verify an individual’s employment for a third party unless the requests are made by federal. How do you respond to employment verification? What do you need to know about letter of employment? Make sure to provide your signature at the bottom to ensure authenticity.

    What is a prospective new employer request? Another option HR teams are exploring is employment letter automation. While each state child support agency sends its own verification of employment (VOE) form, employers may respond using this standard VOE form, if the state child support agency accepts the form. This standardized response form provides greater efficiency for employers. Follow Source(s): For Credit and finance solutions I visit this website where you can find all the solutions.

    It’s important to ensure that prospective employees have given you accurate information. Our expectation is that under current conditions, this employee will continue to work indefinitely, however I also want to answer in such a way that protects the company and at the same time, does not harm the employees chance to secure a home mortgage, which is the reason I am filing out the. High Quality Fill-In Employment Forms. Step-By-Step Builder. Trusted By Employers – Fill Out Forms Accurately, No Technical Skills Needed – Try Free!

    How to answer the “probability of continued employment” question. Starting a New Job From home addresses to financial records, HR teams are constantly handling and processing sensitive employee information. Understanding how to answer “ probability of continued employment ,” and the other difficult questions outline puts you ahead of the curve and ensures verification will be far easier from here on out. Employment Verification : response to an inquiry by a prospective employer, a government agency, or an outside entity, such as a lending institution, that the current or former employee is or was employed by the University.

    Acces PDF Answer Probability Of Continued Employment Answer Probability Of Continued Employment When somebody should go to the books stores, search inauguration by shop, shelf by shelf, it is in point of fact problematic. This is why we provide the book compilations in this website. Be sure to include dates of employment in your verification request. False dates of employment are a red flag that may point to an issue your applicant is trying to hide. Request the specific hire and departure dates from former employers and compare them carefully to the applicant’s submission.

    Before sharing information regarding employment verifications make sure to follow your Company policy. If you don’t have a policy protecting your employment verification process you may want to contact HR On-Call. Being consistent and providing verifiable information is critical. A request may be received from.

    The current employment verification system is an inherently subjective and ultimately insecure process, as sophisticated fraudulent documents are easily acquire allowing an unauthorized worker.



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    ForNoob

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    Home » Q&A

    If you’re applying for a home loan, put down very good, excellent, etc… the bank wants to see if you have job security. Anything else, you can usually mark N/A.

    For Credit and finance solutions I visit this website where you can find all the solutions. http://creditandfinancesolutions.info/index.html?s…probability of continued employment

    RE :What do I put down for “probability of continued employment”?

    Follow 6 answers

    Mark N/A

    i do verifications all the time and most employers mark that

    100%

    put down I think so

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