A company is only as good as its employees. Bad hires can cost companies significantly in terms of finance and reputation. Hiring the right people is crucial for business success.
Role of talent acquisition in effective hiring
Businesses need to give top priority to talent acquisition as hiring the right people is critical to ensuring success in the future. Hasty decisions owing to constraints in time or resources lead to hiring the wrong candidates. Developing and implementing an effective talent acquisition strategy can ensure financial growth and the building of trust in the business.
Wrong hires cost companies billions of dollars in terms of loss of productivity, revenue and for replacement of the wrong hire. The business’s bottom line takes a hit due to the considerable training, staffing costs and the increased risk of errors, thefts, crimes being committed by the wrong hire. Employee background verification is a crucial element of talent acquisition that helps prevent bad hires and mitigate risks related to insider threats and employee frauds.
How different talent acquisition personalities determine their approach towards background verification?
Successful Human Resource managers exhibit these common personality traits that help them optimise recruiting processes with background verification.
Technology savvy: Such HR managers are adept at and comfortable with tech in their area of operations- be it virtual hubs, video conference calls, digital workspaces or background verification-related technology. They are able to leverage and integrate various platforms to speed up background verification and pre-employment screening as well as performance reviews and training. With tech-enabled on-boarding and background verification, HR folks can reduce drop out rates and enhance employee experience with the brand.
Peoples people aka extroverts: Such HR managers have exceptional people skills. They are able to foster and maintain working relationships in the workplace and are great communicators. They are comfortable with all communication forms such as email, social media, face-to-face, phone and others.
Solution-oriented: HR managers who are successful are also skilled at managing conflicts at the workplace and are focused on solutions. Being great negotiators, they work towards solutions with consensus and cooperation.
Business goals: An efficient HR manager needs to be fully aware of the business goals, mission and vision of the company. Going beyond the vision or mission, the HR manager can also identify what motivates employees to work at the organisation.
Gray area explorer: Successful HR managers are able to navigate through grey areas when faced with situations that do not have clear-cut solutions.
Importance of background verification in talent acquisition process
Talent acquisition that incorporates a thorough background verification is crucial to hiring the right people. Background verification solutions provider AuthBridge found that in 2017, more than 15% of prospective employees misrepresented information on their resumes. This was a 50% rise YoY. Background verification is a crucial element of recruitment. The lengthy process of pre-employment screening that can take up to 20 days and a high turnover rate makes it difficult for employers to conduct background verification. Rape and crime cases involving drivers, employees of financial institutions, delivery boys have made headlines in the recent times.
The damage to reputation is directly linked to the financial performance of a business as well. Businesses in every industry, be it food, furniture, travel, accommodation or banking, need to conduct comprehensive background verification to protect their reputation and build trust. Talent acquisition is a strategic function & needs full competence and capability to serve as a link between an organisation’s management and its employees.
The successful HR professional recognises how hiring the right employees is critical to the business’s bottom lines as well as for building reputation and trust. Hiring the right candidates is also crucial to customer satisfaction. For successful HR professionals, hiring right by consulting professional employee background verification services is a top priority. This is the assured way to building a safe and secure work environment while ensuring the company’s business goals are met.