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Oklahom a Employment Security Commission

Oklahom a Employment Security Commission. FEDERAL BONDING PROGRAM. What is the Federal Bonding Program? . This is a U.S . Department of Labor program. Offers a proven and effective tool for workforce development professionals to help both employers and at-risk job applicants at no cost.

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Oklahom a Employment Security Commission

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  1. Oklahoma Employment Security Commission FEDERAL BONDING PROGRAM

  2. What is the Federal Bonding Program? • This is a U.S. Department of Labor program. • Offers a proven and effective tool for workforce development professionals to help both employers and at-risk job applicants at no cost. • Note: The program has bonded over 42,000 at-risk job applicants in jobs with a 99 percent success rate.

  3. What is Bonding? • Many employers carry insurance to protect themselves against employee theft or dishonesty. • Employees who handle money, valuable tools or goods are covered. This insurance is called fidelity bonding. • When such commercial insurance is denied because of an individual’s background, the employer often denies a job to that person.

  4. What is Bonding? • The Federal Bonding Program provides individual fidelity bonds to employers for job applicants who are deemed un-bondable by commercial carriers because of a: • Record of arrest, conviction, or imprisonment • History of alcohol or drug abuse • Poor credit history • Lack of employment history • Dishonorable discharge

  5. How Does Bonding Help Jobseekers? • Bonding helps jobseekers experiencing difficulty in securing opportunities to show they can be productive workers. • At-risk job applicants increase their options for and chances of employment when they can offer the bonds to employers. • Bonding eliminates one of the main barriers to employment, enabling jobseekers to make a new start and level the playing field.

  6. How Does Bonding Help Employers? • As an employer incentive, bonding helps eliminate financial risk to employers. It insures the employer for any type of stealing by theft, forgery, larceny or embezzlement. • An employer can focus on the worker’s skills, abilities and knowledge. The employer fills out no forms and signs no documents. • What’s more, the bond is effective immediately—on the first day of employment—at no cost to the employer or job applicant.

  7. How Does Bonding Help the Workforce Center? • Bonding is a unique and innovative tool to market applicants to employers. • Bonding helps improve a Center’s efficiency since fewer referrals are needed to secure job placements, and it increases a Center’s credibility with employers.

  8. Eligibility Guidelines: • Fidelity bonding may be provided for any individual who: • Has a firm job offer, and • Is qualified for the job. and if the job… • Offers steady work with reasonable expectation of permanence, and • Is not self-employment.

  9. Who May Apply for Bonding? • Either the job applicant or the prospective employer (on behalf of the applicant) may apply for fidelity bonding insurance at any Workforce Center. • The on-line application process, completed by Workforce staff, is simple and quick.

  10. Fidelity Bond Certification Form Available on Inside OESC

  11. How Long Does It Take To Process a Bond Application? • Bonding coverage becomes effective immediately when: • The OESC Bonding Coordinator has certified the bond. • The applicant has begun work.

  12. Coverage Details: • Coverage usually begins on the first day of work for the new employee. The bond is mailed directly to the employer by the McLaughlin Company. • Bonds are issued for six months. The employer may then contact the McLaughlin Company directly to purchase additional bond coverage. • A total of $5,000 bond coverage is usually issued, with no deductible amount of liability for the employer.

  13. What Is Not Covered By Bonding? • The Bond does not cover liability due to poor workmanship, job injuries or work accidents. • It is not a bail bond or court bond for the legal system. • It is not a contract bond, performance bond or license bond sometimes needed to be self-employed.

  14. Federal Bonding Summary: • Federal Bonding is a job placement tool. • Any at-risk job applicant is eligible for bonding services, thereby enabling jobseekers to level the playing field. • As an employer incentive, bonding helps eliminate financial risk to employers. • Bonds are available at no cost to employers or jobseekers.

  15. Federal Bonding Summary: • Bonding is a unique and innovative tool to market applicants to employers. • Completing the one-page certification form takes just a few minutes. • The applicant is covered on the first day of steady employment. • The applicant is covered for the first six months of employment, but the employer may then purchase additional coverage directly from the McLaughlin Company.

  16. Need Help? • Contact: David Slimp, 405-557-5474 or Debra Roseburr, 405-557-7128 Oklahoma Employment Security Commission Federal Bonding Program Post Office Box 52003 Oklahoma City, Oklahoma 73152-2003

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