Verity journal

One mis-hire can lead to big, long term consequences. The price of one failed hire can be as much as 6 to 15 times the salary of a candidate. Let’s not also forget intangible costs that include the loss of trust from business stakeholders and internal staff.

Talk about an expensive lesson!

However, SMEs can minimise turnover rates as well as loss of productivity by merely ensuring only properly qualified and trustworthy individuals are hired.

With pre-background and regular screenings, companies lessen the risks of a costly firing-and-rehiring exercise. It also provides benefits that include:

1. Ensuring a sense of safety, trust and integrity within your organisation
2. Protecting an organisation’s reputation
3. Avoiding potential negligent hiring & retention litigation
4. Safeguarding organisational assets
5. Increasing the likelihood of hiring the most qualified, trustworthy candidates

Regular, updated post-employment screenings minimise the risk of potential unwanted incidences by simply checking a candidate’s past behavior. When people feel safe, productivity and satisfaction go up, benefiting everyone and the organisation.

Also, organisations with poor hiring practices are often scrutinised by the media and public when negative incidents occur. One bad hire can damage your organisation’s reputation and lead to loss of revenue, business opportunities and reputational integrity.

Additionally, a thorough employment background check demonstrates proper due diligence. It also limits the legal consequences of hiring a candidate who may pose a threat to others or has a history of violence, sexual misconduct or substance abuse.

On top of that, failure to spot a potentially dangerous employee through negligent monitoring or a lack of ongoing screening can have serious financial, legal and reputational consequences. Once a part of your organisation, employees have the potential to capitalise on valuable information and property. Don’t be a victim of theft or information espionage.

Lastly, employment background checks help to eliminate candidates that exaggerate, misrepresent or lie on their resumes. This ensures you hire the best people and keep out those who lack integrity.

Pre-employment screening is a valuable tool that manages recruitment risks by providing a snapshot of particular details at any given time. Coupled with post-employment screening, today’s business owners will be able manage risks posed by existing employees who have no criminal intent when coming on board, but whose loyalty may change at a later date.

To learn more about background screenings, preventing mis-hires and further safeguarding your business, check out www.verityintel.com or email info@verityintel.com.