A noteworthy number of job seeker fake information given on their resumes. Shockingly, a lot of job applicants who falsify their data still secure the spot. How is that probable? From statistics done, around 50 percent of the resume comprises incorrect and falsified information, and a lot of businesses don’t have adequate in-house resources to perform comprehensive verification processes or checks on applicants’ criminal records. With that in mind, firms can easily make uninformed mistakes that could prove to be dear.
There is an assortment of reasons why applicants fake information. Some would be a strategy to hide times of unemployment, cover history of substance abuse or conceal criminal records. However, others want to edge out the competition in the competitive economy and job market today. Employment verification is too crucial for any organization to hesitate on, hand over to an incompetent individual, or overlook screening requirements as well as standards. You have to look after your workplace and reduce the risk for your company. For that reason, the company ought to establish partnerships with people that will give them the resources or expertise to carry out an exhaustive process. In the piece are a few reasons why employment verification is paramount in business.
Roughly half of all people applying for jobs lie on their resumes. If you want to figure out which applicants have fabricated their credentials, you ensure you can get rid of them from the outset with little time wasted in the application process.
You also obtain value since there’s limited access to information. Employers don’t want to offer any more info than what is necessary and are quite undecided to answer to a reference request. However, at the same time, past bosses time and again carry the key to the most significant understanding concerning the applicant or candidate. Therefore, with employee verification, you can access such information.
Additionally, many employers hire an outside agency to carry out background checks on prospective staffs – and for a good cause. Background checks are intricate and inefficient to be performed internally. Outsourcing the expertise from outside organization saves on both time and money, more so when small business owners don’t have enough resources to be channeled to performing these checks internally.
Another reason employee verification is essential is because of compliance issues. The Fair Credit Reporting Act puts in place standards for employment assessment. A list of compliance requirements triggered by the Act comprises of different disclosures; an employer ought to make before, during, and after assessing the background of an employee. The FCRA also sets punitive consequences for non-compliance. Employee verification delivers the tools to stay compliant while aligning with the system.
Last but not least, the US Chamber of Commerce approximates that employee theft accounts for around 20 to 40 billion dollars loss per year to American companies. This cost is transferred to the US consumers at a 400 dollars yearly rate per working adult. An individual in employment is 15 times more likely to steal from a boss than nonemployees.