Savvy HR professionals understand that, in business, all roads eventually lead back to the all-important bottom line. Operating with any other goal will take you off course quickly.
Background screening may seem like just another task you must check off the list to fill that open position, but it's much more. Background screening processes and the resulting information can end up having a major impact on the company's bottom line.
Here are 5 ways background screening increases your bottom line:
#1: Reduces time wasted on hiring tasks.
When a position opens up, hiring managers must spend a significant amount of time selecting, interviewing, and choosing a candidate to fill the role. A thoughtful background screening process can 'weed out' unqualified or unsafe applicants. This assists in paring down the applicant pool to only the most attractive candidates, saving time and money.
#2: Lessens the chance of hiring mistakes.
Hiring the wrong person can end up costing companies roughly 25% of that person's annual salary. Conducting a pre-employment screening background check before a person is hired can circumvent these losses, and protect the business's bottom line.
#3: Mitigates the risk of losing clients.
The last problem managers want to deal with is an inept employee who mishandles customer accounts. Losing just one customer because of a bad hire can take years to recover from. A thorough background check can uncover issues in an applicant's history that can warn you up front that they may not be a good choice.
#4: Decreases the chances of a negligent hiring lawsuit.
The news is full of people who have been injured or killed because of an employer's shoddy background check processes. Performing a full background check on job candidates safeguards your company from falling victim to negligent hiring lawsuits.
#5 Increases the hiring process's productivity.
Checking an applicant's criminal history along with previous employment verification and education history is a quick way to gain lots of valuable insight into that person. Background checks paint a clearer picture of the candidate than a resume and interview do alone. This information allows the hiring manager to forge ahead faster and with greater confidence.
Conclusion: Protecting a company's bottom line is the top priority. A thorough and complete background screening process will go a long way toward minimizing the risk of a bad hire for the safety and productivity of your workplace.