Employers can save time and resources by eliminating applicants who may need a better fit. These checks also deter people with something to hide, increasing the quality of hires.
Comprehensive employment screening includes verification of employment history, education, professional licenses, and more. This type of screening helps mitigate risk for companies and ensures compliance with legal requirements.
Reduced Unwanted Turnover
Many HR leaders know the costs associated with unwanted employee turnover. These costs include replacing an employee, training costs, reshuffling other employees, and lost productivity. Background checks can help reduce these costs and ensure the company hires only the best people.
Additionally, background checks can be run on current employees to keep them informed of any changes in their backgrounds and to verify ongoing licensure educational qualifications, if applicable. This helps to reduce the risks of employee theft, financial fraud, and other damaging incidents.
When utilizing employment screening services, look for one that offers multiple options for compliance with international laws and regulations. Also, choose a provider with excellent customer service. This way, you’ll be confident your background screening is handled properly and accurately.
Reduced Risk of Mistaken Hiring
A background check allows companies to verify applicants’ claims and prevent hiring bad employees. A bad hire can cost a company significant sums in lost revenue and legal liabilities.
The quality of a company’s hire also impacts its customer satisfaction. Employees with the skills and experience to perform well are likelier to deliver a positive customer experience.
A comprehensive background check can reveal an applicant’s criminal record, driving history, and credit information. This can help companies mitigate employee theft, fraud, and workplace violence risks by weeding out candidates who may not be suitable for a position. Additionally, a background check can ensure that an employer complies with international laws and regulations governing data privacy. 57% of global respondents to our 2020 Global Benchmark Report cited improved regulatory compliance as one of the top benefits of using employment screening services.
Increased Employee Satisfaction
A thorough background check allows employers to identify candidates who fit their company’s culture well, resulting in more satisfied employees. This can boost team morale and productivity while reducing employee turnover.
It can cost an organization up to 50% of a new hire’s yearly salary to replace an employee who may have quit their job or been fired because of a criminal record, bad credit, or lack of proper employment documentation. These financial costs can be significantly reduced by using comprehensive employment screening services.
57% of survey participants worldwide cited “better quality of hire” as one of the top benefits of employment background checks. This is likely due to improved candidate experience and the ability for recruiters to quickly check the status of a candidate’s background check via an automated process.
Increased Employee Performance
A company is only as strong as its weakest link, so ensuring that all employees and job candidates meet your organization’s hiring standards is essential. Thorough background checks, identity and credential verifications, and reference checking help to ensure that each new hire adds value and contributes positively to your business.
Bad hires can cost organizations an estimated one to five times their salary, including severance pay, training costs, lost sales and profits, and damage to the company’s reputation. The use of background checks can significantly reduce these negative impacts. Additionally, rescreening current employees can help mitigate safety risks and compliance issues.
Increased Company Reputation
Hiring the wrong employee can tarnish a company’s reputation and hurt the bottom line. Background checks are also crucial on a regulatory level, as companies must comply with laws and regulations regarding disclosing criminal records.
A third-party screener can verify a candidate’s education, employment history, and professional licenses, which helps to ensure they are qualified for the role they are applying for. This can help to deter applicants with something to hide and streamline the application process.
Ultimately, comprehensive employment screening services are beneficial to companies for many reasons. They allow companies to make informed hiring decisions, reduce unnecessary turnover, and improve the overall quality of their workforce. Advanced technology, such as biometric ID verification and robotic process automation, can further enable companies to deliver on these key benefits of employment screening.