A company invests a lot of time and efforts in recruitment. Rightly so, as a single bad hire can result in the loss of investment, deteriorate the company’s reputation, and can seriously challenge the smooth functioning of your business processes. As a human resource manager, your credibility also is at stake because of a wrong hire. When hiring candidates, it is best not to base your judgement merely on the face value of their resumes and interviews. There is so much more that needs to be considered for the successful recruitment of talent. While you may cross check a few details yourself, you are still at risk without a thorough background check. Appropriate background screening can help you hire well and enhance your hiring credibility. Here are a few ways professional background screening can help mitigate the cost of a bad hire.
Improves Hiring Credibility
Background screening plays an important role in a competitive marketplace where several candidates are vying for employment. The process of screening involves scanning every detail of the candidate including educational, criminal, employment background, etc. Conducting detailed background screening ensures that you have the best candidate pool to choose from. Thus, the quality of the candidates you hire improves which in turn increases your hiring credibility
Increases Safety and Security
One of the major benefits of a healthy background screening process is that it ensures the safety and security of your business. The previous employment history and court records scrutiny are crucial parts of an employee screening process. A comprehensive screening process will help you identify applicants who could pose a threat to your organisation.
Boosts Employee Retention
A bad hire results in an increased rate of employee turnover. The costs related to the recruitment, on-boarding and training for such a candidate is a needless financial drain on the enterprise, not to mention a precious waste of time and energy. A screening process involves verifying key information on the resume, on the basis of which you can take an informed decision. This helps you hire the right candidates who are committed and value integrity, which in turn boosts employee retention.
Saves Cost
Depending on the size of your firm, cost of a bad hire can run into tens of thousands. A bad hire leads to loss of investment, adds costs of re-hiring and comes with several related pitfalls. A thorough background screening can significantly minimize these risks of a bad hire, saving your company money, credibility and precious time.
Minimizes the Risk of Legal Hassles
Employers face several layers of regulations in the hiring process. These include guidelines on issues such as eligibility and discrimination, and even industry specific regulations. Failure to comply with these regulations can result in steep fines. Moreover, a bad hire can pose a risk to your customers, making your company legally liable for such actions. Hiring an experienced background screening service mitigates the risk of compliance and also reduces the possibilities of litigation.
Refusing to conduct background screening in India is simply not an option anymore. It is vital to survive in a competitive market where you wouldn’t want to lose out on talent. While you may already have a screening process in place, undertaking a professional background screening service will prove beneficial in off-setting costs and maintaining the company’s hiring credibility.
