There’s an old saying most of us have heard or used at least once: never judge a book by its cover. Of course, the saying is meant to remind us that while first impressions matter, they’re not everything. It’s also increasingly true of prospective employees, and just because someone looks like the perfect candidate on paper, hiring them without proper employee screening may well be the worst decision you make all year.
In our business, we’ve seen it all, and we know just how hard it can be to make the right decisions when you don’t have all the facts, and how that can impact a company. For these reasons, we recommend organizations who value their bottom line, culture and reputation do their homework first, and find out what the truth behind that killer resume really is.
Increased Resume Fraud
As competition for top jobs has become tighter, there’s been a marked increase in resume fraud. Studies have found more than half of all resumes contain falsifications. Some of those may be minor issues or the result of misremembered facts, but when it comes to fake qualifications, fraudulent experience and other serious issues, you need to know before you make an offer.
Choosing the Right People Is Critical
A study by Harvard Business Review revealed the actual cost associated with hiring the wrong employees, and they pegged that cost at 2.5 times the annual salary of the employee. This means even if your employee was only going to cost you $50,000 a year, the cost to the company to rectify the hiring mistake will be $150,000, and that’s a big chunk of change. Here’s why those costs are so high, and what you will spend money on every time you make a poor hiring decision:
- The initial interview round
- The cost of training the new hire
- Costs associated with certifications for the job
- Loss of customers due to poor performance
- Loss of other employees due to poor culture and morale
- Disciplinary costs
- Termination costs
- Cost of interviewing new employees to replace terminated employees
- Cost of training new employee, certifications and so on
In short, employees that are the wrong choice are a money pit, and that’s if they don’t attempt to sue. A bad employee will cost you many times more than vetting and background screening services ever will.
Benefits of Hiring Smartly
If hiring the wrong employees sounds like a nightmare, that’s because it is. However, that nightmare can be limited or eliminated simply by conducting an in depth and detailed employee background check before you make the offer.
With a background check, you can be sure that the person you’re hiring is who they say they are, that they know what they say they know, and that they will be a good fit for your company. You can eliminate issues related to employees with criminal histories, or financial troubles, or anything else you choose to check for.
All of that adds up to a work force that gets along better, increased productivity, and a significantly improved return on your hiring and training investment, and that’s an easy decision to take.