A company invests a lot of time and efforts in recruitment. Why shouldn’t they? A single bad hire can result in the loss of investment, deteriorate the company’s reputation, and can even tremble the smooth functioning of your business processes. As a human resource manager, your hiring credibility also is at stake because of a wrong hire. When hiring candidates, it is best to not judge or hire them by only checking their resumes and interviewing them. There’s a lot more that needs to be considered in order to successfully recruit the best talent. While you may cross check a few details, you are still at risk without a thorough background check. Appropriate background screening can help you hire right and leverage your hiring credibility. Here are a few reasons stating how 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 candidates left to choose from. Hence, 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. Criminal and behavioral assessments 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. Hence, employee screening can greatly reduce the risks of workplace violence by ensuring you hire right.
Boosts Employee Retention
A bad hire results in an increased rate of employee turnover, related costs, and training which increases efforts and wastes precious time. A screening process involves verifying the credibility of an applicant in terms of behavior, qualifications, and stability on the job. This helps you hire the right candidates who are committed and hard-working which in turn boosts employee retention.
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 several related procedures. A thorough background screening can significantly minimize the risk of a bad hire, saving your company money, credibility and precious time.
Minimizes the Risk of Legal Hassles
Employers face several layers of regulations when it comes to 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 risk to your customers, making your company legally liable for such actions. Hiring a background screening service mitigates the risk of compliance and also reduces the possibilities of litigation.
Conducting background screening in India is not just 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 procedure in place, undertaking a background screening service will prove beneficial in mitigating costs and maintaining the company’s hiring credibility.