Business growth is the focal agenda for companies rather than cost cutting motives, which was earlier the thriving factor during recessional times. Having looked at the last year progression, the competition has just intensified. Talent Acquisition and Retention has become more than important. Organisations are struggling with hiring the right fit for the right role, while matching the massive hiring targets to meet growth requirements.
About 15% of candidates lied on their resume in 2017. However, employers have not been able to uncover such frauds easily, leading to bad hires and damage to business outcomes. This is because recruiters are still underestimating the power of background verification services and how it can effectively help in overcoming some major business challenges.
Below are the key business challenges which can be overcome using effective background checks-
1. Accelerated Business Growth Even though economic challenges cause businesses to rethink hiring decisions, they are, however, supportive of the fact that decisive and thought-through hiring techniques would lead to authentic talent acquisition.
Further, employers are majorly concerned with finding and retaining quality talent which brings forth the need and significance of background screening. Not only do organizations need to verify, they need to verify hires quickly to be able to onboard faster and reduce the dropout rate.
Verifying new hires not only improves the quality of hires consistently; but also helps in the identification of top-level candidates, which in turn lowers attrition and leads to reduced business risks. Effective background checks focus on verifying the identity, profile, and reputation of individuals through identity checks, employment verification, education verification, address verification, criminal checks, drug abuse tests, and more. With tech-enabled background checks, background screening companies can help employers with real-time results for hiring and onboarding candidates faster!
2. Mitigate Risks & fulfill Compliance Employers are increasingly becoming aware of industry-compliant practices and the risk of facing penalties which can range from loss of contracts to filing of lawsuits. Recognizing such concerns, employers are now majorly concerned about maintaining industry compliance and staying adept with occurring changes. In order to help in mitigating employee risks related to insider threats, company frauds, etc., employers are increasingly associating with background verification providers and seeking customized solutions to fulfill compliance requirements as well as create a secure workplace. Several of the leading background screening companies provide expert solutions on pre-employment background verification.
3. Cost Management After talent acquisition and risk mitigation, managing costs becomes a key concern to employers. Outsourcing background checks to professional background screening providers help in reducing costs. It also helps companies contain hiring costs by enhancing the quality of new hires and reducing the attrition rate. Screening the candidates for employment history, criminal background, etc. can help in removing the bad hires from the list and reduce the cost of replacement hiring.
4. Competition management Acquiring top-quality talent is instrumental in achieving business success as companies focus their concentration on growth and expansion. Surviving in a competitive industry is a challenge that can be met with the help of attracting and retaining experienced and required talent. An efficient and structured background screening program can enhance the quality of new hires and aid in business growth plans. Moreover, tech-enabled background verification providers deliver quick TAT and hence can facilitate acquiring of better talent in the shortest possible time.
Background verification is a specialized task and not a core business area for employers. They need experts for conducting background checks. The role of background verification is most definitely irrefutable. Outsourcing background checks though can help organizations keep a time-consuming bureaucratic process in check.