Employee Background Screening is the #1 Cost-Effective Way to Protect Your Company
A small investment can save you millions!
Just take a look at some of theses statistics according to 2012 Employee Theft Statistics from the Association of Certified Fraud Examiners:
- $50,000,000,000 (yes, that’s billions!) stolen each year from U.S. businesses by employees.
- 75% of employees have stolen from their employer at least once.
- Even with employee theft in the billions of dollars each year, only 69% of employers background check all employees.
While there are many good reasons to do employee background screening on all employees, here are the top three:
When you are seriously considering hiring someone, you want to be sure that they are who they say they are and you need to be able to identify people that are potentially harmful. A good employee background screening company does this by searching through national sex offender, criminal background, and other specialized databases only available to licensed companies. This allows them to notice and look into any red flags that show up in the background of a candidate. Most importantly, it allows them to tell you about those red flags so you can make the right hiring decision.
Health care organizations will be able to see if a candidate has any medical malpractice events or industry sanctions in their past. This helps to maintain compliance with health care authorities while also limiting the risk of negligence.
Fraud is dramatically reduced by not allowing criminals to get hired in the first place.
Employee Background Screening Lowers Employee Turnover
When the wrong people are hired, a series of problems often arise that eventually lead to these people getting fired.
The problem is that you have already invested time and money into training these people, and now that money is completely wasted. This is why it is critical to have a good employee background screening company and hire the right people the first time.
High employee turnover causes instability within a company. Employee background screening that is done with a focused approach can help stop you from hiring people who have a history of behavior that is both negligent and harmful.
People like this are likely to repeat their behavior, so it is important to weed them out before they get hired and help keep turnover at a minimum.
Employee Background Screening Increases Regulatory Compliance
Many industries have regulations that employers are forced to comply with during the hiring process. Federal and state guidelines exist to prevent discrimination and make sure certain people are eligible for jobs. In many industries candidates must also be properly certified, licensed, and insured. If these regulations are not complied with, a company could face probation, audits or a large fine.
Since the majority of HR departments are overworked to begin with, it is always a challenge to make sure that all of the compliance requirements have been properly met. A good employee background screening company will take it out of their hands and ensure that all compliance requirements have been met to your specifications.