The U.S. economy might be bullish right now, but the International Monetary Fund (IMF) has been hinting at a potential global economic slowdown for some time now. In its October World Economic Outlook, the IMF predicted a downward revision in its global growth projections for 2020, which is a downward revision of 0.2% from its April projections. If this happens, and it’s looking like a strong possibility that it might in spite of the current positivity, how—and why—will it affect your need for international criminal background checks?
The Increased Need for Due Diligence
It’s a well-known fact that desperate people do desperate things, and while the current state of the economy doesn’t suggest anyone is desperate, we know from previous experience that all that can change practically overnight. Remember how the Lehman Bros collapse led to a full-blown banking crisis in a matter of hours? Companies failed, debt rocketed, and consumers found their equity in their homes all but wiped out.
This resulted in a marked increase in white-collar crimes such as fraud and embezzlement, as well as a rise in theft by employees in retail and wholesale environments. A report from the National White Collar Crime Center shows a number of ways in which workers can steal from an organization. These include failure to ring up purchases, taking merchandise from storage rooms or receiving areas and reselling it privately, cheating on expense accounts, or misappropriating funds through billing, inventory or payroll schemes.
Far More Chancers to Choose From
For companies that survive an economic slowdown, it’s not just business as usual. Every position available is likely to have two or three times the number of applications, and this proportionately increases the risk of unintentionally hiring someone dishonest. And in the United States, 45 million members of the population have previously lived in another country. Even if your candidate is an American citizen and has lived in the U.S. for the past 20 years, it’s important to verify who they were before their arrival. Thorough international criminal background checks give you a complete, 360-degree view of every person you’re planning to hire, so you can avoid unpleasant surprises.
Critical Credential Verification
In today’s global economy, often your search for the right employee may begin at home and extend to other countries and even industries. You could end up employing from a completely unexpected direction, to find someone with the right vision to take your company forward. When this happens, it’s vital to have the assurance of knowing the person you hire has successfully passed professional international criminal background checks. These checks not only deliver information on any convictions, but also include verification of both identity and education.
Meeting Company Screening Budgets
When finances grow tighter, companies are quick to cut back on purchases and activities that are thought of as “nice to have” in an effort to reduce their costs. One area your company shouldn’t consider sacrificing is your international criminal background checks. Even if your budgets are dramatically reduced, most identity verification companies will work with you to make the most of the funds available for screening.
It’s important to know who you can trust in challenging times, and to be sure every employee is working in the best interest of your company.
For more information on international criminal background checks, please contact us at +1 (800) 295-7109.