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3 Powerful Reasons Why You Should Run a Background Check on Your Candidates


Every employer knows the costs of a bad hire. The impacts are accounted for in time, money and morale. The financial costs in particular are severe: recent estimates indicate that a typical organization loses 5% of its revenues each year to occupational fraud, with more than 20% of the cases suffering over $1 million in losses. As a result, a bad hire can be crippling for businesses large and small.

In the US, background checking has proven to be an enormous benefit to employers in mitigating this risk. A report published by HR Management Magazine documents the ROI of dollars spent on background checking as 937%. According to the US Small Business Administration, for every dollar an employer invests in employment screening, the return on investment ranges from $5-16, resulting from improved productivity, reduced absenteeism, lower turnover – and decreased employer liability. The economics of background checking are simply too striking for employers to ignore.

Here are three powerful reasons why you should run a background check on all your candidates:

1. Hire legal workers
Hiring someone without the right to work in country cause you more. The candidates with the frequent changes in job that lay down the surety on stability. Try to avoid hiring that kind of employee.

2. Hire safe workers
Ensuring the safety of workers is a key responsibility for all employers. Do check those candidates are not involved in to any criminal cases. For certain roles, such as those which involve contact with children or the elderly, criminal background checks are a legal requirement, but it is recommended that all employers carry out a basic level of criminal check on their employees. Employers in the delivery, transport or car-sharing space are also advised to carry out “Driving Record Checks” to ensure that their drivers are safe and qualified to drive.

3. Hire honest workers
In the 2014 Global Fraud Study, survey participants estimated that the typical organization loses 5% of revenues each year to fraud. The median loss caused by the frauds in the study was $145,000 and 22% of the cases involved losses of at least $1 million. Whilst the impact is severe for all businesses, it is the smallest organizations which tend to suffer disproportionately large losses due to occupational fraud. Many organizations spend a lot of time and money to recover the costs of fraud but are often unable to do so completely. At the time of the survey, 58% of the victim organizations had not recovered any of their losses due to fraud, and only 14% had made a full recovery.

It may not be possible to predict the future, but it is possible to be informed of the past. Many cases of occupational fraud are linked to other crimes such as identity theft. By running a simple SSN Trace and “Document Image Check”, you can be sure that your future employees are indeed who they say they are and thereby less likely to pose risk to your business.
Ready to make background checks an essential part of your hiring?

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