{"id":3087,"date":"2023-01-06T14:03:22","date_gmt":"2023-01-06T08:33:22","guid":{"rendered":"https:\/\/ongrid.blog\/?p=3087"},"modified":"2024-01-09T09:32:57","modified_gmt":"2024-01-09T04:02:57","slug":"everything-to-know-about-compensation-verification","status":"publish","type":"post","link":"https:\/\/ongrid.in\/blogs\/everything-to-know-about-compensation-verification\/","title":{"rendered":"Everything to know about Compensation Verification"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ongrid.in\/blogs\/everything-to-know-about-compensation-verification\/#When_do_employers_go_for_Compensation_Verification\" >When do employers go for Compensation Verification?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ongrid.in\/blogs\/everything-to-know-about-compensation-verification\/#How_is_Compensation_information_verified\" >How is Compensation information verified?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ongrid.in\/blogs\/everything-to-know-about-compensation-verification\/#OnGrids_Compensation_Salary_Verification\" >OnGrid\u2019s Compensation \/ Salary Verification<\/a><\/li><\/ul><\/nav><\/div>\n\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3087\" class=\"elementor elementor-3087\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4226033 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4226033\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-32b54d58\" data-id=\"32b54d58\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24b641a elementor-widget elementor-widget-text-editor\" data-id=\"24b641a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 24-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p>Employee compensation or salary verification is precisely what it sounds like: a prospective employer validating the compensation earned by a candidate during the previous employment tenure.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>According to a 2022 survey by <a href=\"https:\/\/resumelab.com\/resume\/lying\"><strong>ResumeLab<\/strong><\/a><strong>, <\/strong>one of the top 5 lies told by candidates is about <strong>compensation <\/strong>(the other being experience, tenure, skills, and responsibilities). Compensation verification is increasingly becoming a necessary check under the larger background verification (BGV) umbrella to establish the correct remuneration.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_do_employers_go_for_Compensation_Verification\"><\/span><strong>When do employers go for <\/strong><strong>Compensation Verification<\/strong><strong>?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>The compensation verification is typically conducted when a job is being offered or negotiated.&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_is_Compensation_information_verified\"><\/span><strong>How is Compensation information verified?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Employers can verify prior compensation using the following methodologies:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list {\"ordered\":true} --><\/p>\n<ol><!-- wp:list-item --><p><\/p>\n<li><strong>Directly contacting a former employer<\/strong><\/li>\n<p><!-- \/wp:list-item --><\/p>\n<\/ol>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>You can just pick up the phone and dial the HR division of the previous employer. Or just drop in a verification email. You may attach a salary slip given by the candidate, and ask to verify the authenticity. Sounds simple, right?&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>However, most organizations have a non-disclosure policy about the workforce\u2019s compensation. Hence, in majority of the cases, it gets challenging to validate the salary. As part of prior employment verification, you may be able to validate the designation, tenure, etc., but the compensation datapoint in an email response would be blank or \u201cConfidential\u201d, or just \u201cNA\u201d.&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list {\"ordered\":true,\"start\":2} --><\/p>\n<ol start=\"2\"><!-- wp:list-item --><p><\/p>\n<li><strong>Requesting for documents such as bank statements&nbsp;<\/strong><\/li>\n<p><!-- \/wp:list-item --><\/p>\n<\/ol>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Another simple way to validate the salary could be through documents such as offer letters, compensation revision letters, and\/or bank statements.&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>The challenge with this methodology is that if a prospective employee wants to \u201cgame the system\u201d, and submit a bank statement with inflated compensation details, there are a plethora of free tools (and tutorials!) online on how to do it.<\/p>\n<p><b>Read Also:&nbsp;<\/b><a href=\"https:\/\/ongrid.in\/blogs\/bgv-explained-answering-the-most-common-questions-about-background-verification\/\" target=\"_blank\">BGV Guide: Answering The Most Common Questions About Background Verification<\/a>&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"OnGrids_Compensation_Salary_Verification\"><\/span><strong>OnGrid\u2019s Compensation \/ Salary Verification<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>OnGrid offers a check called <strong>Compensation Verification <\/strong>(code: <strong>COMPV<\/strong>).&nbsp;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>COMPV uses a combination of the 2 methodologies listed above and controls the limitations.&nbsp; COMPV establishes the validity of a compensation claim without disrupting a respective organization\u2019s internal HR policies. The only required input would be the bank account number and an image\/PDF of the bank account statement covering the salary credit, along with the consent of the candidate. The salary verification process would validate the following data points:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><p><\/p>\n<li>Was the salary actually credited? (Yes\/No)<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<li>Did the salary amount match? (credited amount versus the amount claimed by the candidate)<\/li>\n<p><!-- \/wp:list-item --><\/p>\n<\/ul>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>To know more about employee compensation verification, <strong><a href=\"https:\/\/ongrid.in\/#\/bookDemo?utm_source=Blog&amp;utm_medium=CMPV&amp;utm_campaign=BGV\" target=\"_blank\" rel=\"noreferrer noopener\">book a free demo<\/a><\/strong> now, or call us at 080 4709 4800!<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>OnGrid is an ISO-compliant digital trust platform that has conducted over 100 million verifications for 2000+ organizations. OnGrid&#8217;s digitally-enabled processes help the HR teams in completing verifications and background checks with the highest authenticity, and efficacy, with the shortest turnaround times, at the most cost-effective rates.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Employee compensation or salary verification is precisely what it sounds like: a prospective employer validating the compensation earned by a&#8230; <\/p>\n","protected":false},"author":2,"featured_media":3091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[11,12,14,18,19],"class_list":["post-3087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ongrid","tag-backgroundchecks","tag-localaddressverification","tag-background-verification-process-in-india","tag-remote-onboarding","tag-verification"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything to know about Salary Verification<\/title>\n<meta name=\"description\" content=\"Employee salary verification involves a potential employer confirming the salary a candidate earned in their previous job. 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