Ted is a fabulous employee who is looking for a job. Ted is interviewing with 2 companies at the same time, and is offered a position with both, pending background checks. Company A uses a background screening company that is slow to respond. Company B's background screener is fast in returning results. Company B receives Ted's background check days before Company A, and they end up with Ted. Company A loses out.
Don't miss a great employee because your background screening vendor is slow!
Our world is fast-paced, and it's a fact that vendors must be active and reactive in order to keep satisfied clients. In this environment, businesses who partner with sluggish vendors will pay a steep price.
Let's look at 2 important costs associated with slow background checks:
1: You lose the cream of the crop. With the economy bouncing back, top tier candidates have more choices than in recent years. Businesses who want to hire top employees must move fast. Losing a top applicant can result in costs that are immeasurable, in terms of idea generation, client retention, etc. Ask yourself: how much money would that candidate have made our company? I bet it would have been more than you saved by going with an inferior background screener.
2: You spend more on recruiting. If your background screening vendor has a slow response, your number one candidate could end up having another job before you are ready to extend the offer. This can cause increased spending in advertising for the job and extra hours for HR interviewing new candidates.
As you can see, working with a background screening vendor who puts a priority on returning results as quickly as possible is imperative to a productive hiring process. Waiting around on a background check to be returned is just not acceptable, and can damage your bottom line. Not only do you want to hire top employees, a successful company also wants to minimize wasted time and money. When choosing a background screening partner, make sure they have the same goal!
Want to learn more about the Cost of A Bad Hire? Check out our