Trying to save money or shorten hiring time by forgoing employee background checks? Well, think again. In today’s rapidly evolving business world, both small and large organizations find themselves making somewhat rushed decisions in order to keep up the pace and avoid lagging behind. However, not implementing a comprehensive background screening program may end up costing you much more than one employee.
Studies have shown that more than half of job candidates misrepresent information on their resumes, with the majority of these half-truths being about skill level. Below are three main reasons you need to screen each and every individual applying for available job vacancies at your organization:
- According to a 2016 global fraud study by the Association of Certified Fraud Examiners, companies lose an average of five percent of revenue each year due to forgery. Sometimes, a simple case of employee fraud can cost an average of USD 145,000.
- Bad employees can be detrimental to the morale of the work environment, more often than not, lowering the productivity levels of colleagues.
- Clients are also at risk. An unqualified employee can cause problems for existing clients. In this domino effect, the organization’s reputation may be jeopardized and potential clients may also be lost. If the mistakes are significant enough, such occurrences may also result in a lawsuit.
The takeaway? The one-time cost of conducting an accurate and thorough background check during the recruitment process is a fraction of the unnecessary expenses and troubles that may arise later. Don’t fall prey and make sure you know exactly who you are hiring!
To find out more about the most advanced and reliable screening procedure to date, click here to read our blog post entitled ‘The Definitive Guide to Primary Source Verification’.