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Benefits

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The most important benefits of comprehensive employment background screening:

  • Helps you hire right in the first place
  • Reduced fraud coming from internal staff
  • Avoid negative publicity
  • Mitigation of negligent hiring liability
About hiring the right people at the first time - bad recruiting is very expensive. A company will have to pay internal HR in charge with the process, sometimes 1 to 3 net monthly salaries to the external recruiting agency, the salary of the employee during trial period, the associated cost of trainings, dismissal packages and legal fees in case problems were not detected and handled during the trial period. That usually rounds up to 6 monthly salaries, but could cost you even one-year salary! (The Saratoga Institute estimates the cost of turnover at 150% of annual compensation. The cost for senior executive turnover is significantly higher, up to 5 times the annual salaries) And salaries are typically the biggest part of the operational cost, therefore will end up in almost doubling your costs and wiping all your profits for the year!
Counting the cost of Employee Dishonesty, the typical organization loses 5% of its annual revenue to internal staff fraud, also called occupational fraud.

In addition, employee theft and dishonesty have collateral damages like reducing production, damage public confidence, destroy employer reputation, and negatively affect employee morale. Theft and fraud is something of which employers are aware but perhaps a bit complacent.
In answering the question “Who is lying?”, surveys show that managers are more likely to lie in their CVs than other workers (38%, compared to 22%). That because they tend to be more ambitious, and they have more “opportunities” to lie as they tend to have longer CVs.

In May 2012, Yahoo CEO Scott Thompson was ousted after only four months in the job when it was revealed he had lied on his resume. He had accounting qualifications, but wanted to impress the search engine company so he had told them he had a computer science degree which, in fact, he had not received. With so much as stake, there is no wonder many companies are calling professional screening firms to check on their employees.
Negligent Hiring is "the failure of the employer to investigate a job applicant's work experience, character, criminal history and other relevant data prior to the hiring of an employee." Negligent hiring liability holds employers responsible both for what they do know and what they should have known about their employees. As a manager taking the hiring decision, you need to protect yourself by ordering background screening services.

Mindit will not tell you who to hire. It will tell you who was honest in the submitted CV and who has inaccurate information that you might want to check before taking a decision.