Skip to main content
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?

Visit us on: www.brios.co.in / www.hiringlink.in
Like us on: https://www.facebook.com/profile.php?id=100011195052813&fref=ts
https://www.facebook.com/Hiringlink-Solutions-444914225539417/?fref=ts
Follow us on: http://briosconsultancy.blogspot.in/
http://hiringlink.blogspot.in/


Comments

Post a Comment

Popular posts from this blog

What are the most frequently asked Behavioral Interview Questions? Behavioral interview questions are a big part of most job interviews. Employers and hiring managers use these types of questions in order to get an idea if you have the skills and competencies needed for the job. The rationale is that if they know how you performed in the past it will help give a sense of how you might do in the future. For you as the candidate, you’ll need to prepare answers (basically “interview stories”) that highlight the different competencies and skill sets the employer is looking for. The problem is most candidates might have a general idea of how to answer these questions, but the answers usually come out way too long and unfocused, and won’t put the candidate in the best light. That’s why you’ll need to make a concerted effort to create these stories and adapt them to the relevant competencies. Below is a list of some common behavioral...
Post a Comment
Read more
Video Job Interviews: Hiring Helper or Hindrance? Have you ever participated in a video job interview? More companies than ever before are using this technology to recruit candidates. HR staff and outside recruiters often screen candidates on video before sending the most promising ones on to the hiring manager for face-to-face interviews. Sometimes these initial screenings are even set up as one-way interviews, where candidates submit a video of themselves responding to a given set of interview questions. These videos can give multiple stakeholders a first peek at candidates. Decision makers can then view, rate and discuss these candidates later (often on their own time without the need for any scheduled meetings). And for companies that hire all over the country (and globe), video interviews in later stages of the recruitment process cut travel expenses and make the best-fitting candidates accessible regardless of geography. Should you consider using video job inter...
Post a Comment
Read more
5 Things You Have to Remember to Do Before Sending Your Resume. If you could choose between a beautifully tailored outfit designed to fulfil all of your fashion dreams or a ready-to-wear baggy tee from some random retailer, which would you pick? That’s a rhetorical question. You’d obviously want that tailored outfit. Did I mention it comes with bespoke pockets? Well, it does. In the age of personalization, we want everything to be made to fit us. So, why would we expect a hiring manager to want anything different when they get a   stack of resumes   in response to a job offer? Whenever a hiring manager posts a job offer, they receive 250+ other resumes on average in response. From that pile, they need to find the one diamond that shines brighter than all the others. How can you expect your resume to shine bright like a diamond? If you send in a generic resume that you didn’t tailor to the job offer? You can’t. Plain and simple. I know, you p...
Post a Comment
Read more