Greetings, dear friends. As part of this post on Solsarin, we will discuss the topic of “probability of continued employment“. Please continue reading to find out the answer to this question. Thanks for taking the time to read this. I would appreciate if you could leave a comment.
What is “probability of continued employment,” and why does it matter?
Verification forms often contain many questions, many of which feel like educated guesses instead of definitive answers. When applying for a job, applicants are frequently asked if they plan to remain with the company after they are hired.
You can use a crystal ball without using a crystal ball to ensure your answer is accurate. As a result, your valuable employee will be in a better position to obtain the loan or mortgage they desire, as well as avoid mistakes that could hinder the process.
Why is it important to consider the “probability of continued employment,” and what is its significance?
It may seem a little odd to ask whether or not there is a likelihood of continued employment when the question is asked. As a matter of fact, you may even feel as if you’re being told that the applicant is going to be laid off prematurely, so you might not want to do it at all. This question, however, actually pertains to whether the applicant is able to pay a lender what he or she owes.
In order to determine a borrower’s ability to repay a loan or mortgage, mortgage companies and other financial institutions need to determine his or her credit worthiness. We are now getting to the crux of the matter in terms of the question of continued employment. A layoff in the coming weeks or months will affect the applicant’s ability to repay a loan or mortgage. Ultimately, the lender wants to make sure the applicant has a steady income.
There aren’t all employment verification forms that ask, “Are you likely to continue working? ”
“Probability of continued employment”: how to answer
Anything other than “yes” or “very likely” might alarm the applicant when asked about continued employment. There is no need to worry about the applicant’s job performance—the verifier is simply asking about whether the applicant will have a stable income in the months to come – not whether he or she can perform well at work.
In order to adequately respond to the question of continued employment, it is necessary to think it through and provide an accurate and thought-out response.
To ensure you answer the question as accurately as possible, keep the following points in mind:
- if necessary, the employee’s manager should be consulted. As a result, the manager will have a better understanding of the employee’s performance as well as their job stability.
- Be honest with yourself. Even if the employee is likely to see your response, you should remain honest. If you lie to an applicant and help them obtain a loan, it will bankrupt them in the long run. The employee’s immediate supervisor should always be contacted when in doubt.
- If the employee is laid off within the near future, continuing employment becomes a dicey proposition at best. You should consult your company’s legal advisor before responding to this question. The employer will be less likely to challenge your claim that the applicant may soon be unemployed if you do this.
- If you do not know what to say in response to the question, you may lose the employee. If the job posting is received by the employee you rejected, they may start looking for another employer since they know they have a limited amount of time to work for you.
Questions to ask when verifying employment
In most cases, employment verification is a straightforward process, but there may be instances when an unexpected question arises.
The following are some of the more common questions that you might not expect to find on employment verification forms-but keep in mind that many states may have their own specific questions they ask on these forms.
If overtime or a bonus is applicable, is its continuation likely to happen? When it comes to a loan application, this question may not be a deal breaker as long as the employee’s income doesn’t contain a large amount of bonuses or overtime. As long as you and the employee’s manager are unable to say with confidence “yes,” mark it “no.” Will the employee’s working hours change in the future? If the employee is salaried and does not receive any overtime, this is an easy “no.” Otherwise, you will need to consult with the department head or manager of the employee in order to provide a more educated answer. Are there any anticipated changes in the applicant’s pay in the near future? This question likely requires input from the employee’s manager, as they will be able to provide you with information on whether the employee is going to be promoted any time soon. If you have any questions about the above items, or if the employee is being terminated, you should contact the employee’s supervisor or manager. As a result, the manager will have a better understanding of the employee’s performance, opportunities for bonuses, upcoming promotions, and other changes that are likely to happen to them in the future.
Confidentiality when it comes to verification
Making the right preparations for employment verification can make it a quick and easy process. Having a clear understanding of how to answer questions such as “probability of continued employment,” as well as the other difficult questions outlined above, will put you ahead of the curve and make your verification process much easier in the future.
In terms of probability of continuing employment, what is the best answer?
In answering this question, candidates should answer “yes,” or “very likely.” Keep in mind that this question is focused on whether or not they will have a steady income in the future, not their performance.
How does employment verification for current employees work?
An employer writes an employment verification letter to confirm a former or current employee’s employment. Requests may be received from prospective employers, employees, government agencies, prospective landlords, mortgage lenders, or agencies.
Your work history can be checked by employers?
There is no simple answer to this question. Background checks cannot return a list of jobs a professional has held in the past. Pre-employment background checks mainly uncover public records, such as criminal records, driving records, and credit histories.
I hope this article is useful for you.