Statistics have shown that more than 20% of CVs or resumes have discrepancies and hence it’s imperative that a thorough Background Screening and Due Diligence process is in place to sieve out the wrong hires who can be detrimental to your organization. Your candidates and employees need to be of the highest level of “integrity” and “security”. Both aspects cannot be compromised otherwise it might cost your organization in terms of reduced productivity, fraud related costs, reputational damages and even a decline in shareholder earnings.
Since the discrepancies can be in several areas, the candidates must be channeled through different background checkpoints based on the risks associated with their functions or roles. A thorough background screening process will greatly mitigate the “security” and “integrity” risks. Organizations need to understand the following when implementing a background screening strategy:
- Why and how companies should conduct background screening?
- What to look out for when working with the right background screening partner as outsourcing this activity is the ideal move. This is really because background screening is an enormous task given the diverse global background of candidates, inherent risks and complexity of country-specific personal data related laws and regulations.