How Can Employers Save Money With Employee Verification?

Have you ever been a victim of a “bad hire”?

A bad hire is a condition when the employee can’t take his take up his tasks effectively, which eventually results in the wastage of time, resources and money significantly.  In short, you as an employer are not getting enough output in return of that hiring.

Certainly, it’s a big concern. You must be aware of its cost and efficiency. A few surveys have put an estimated loss up to $ 240,000 due to these bad hires. The Association of Certified Fraud Examiners (ACFE) report states that businesses are to bear the loss of about 5% of the yearly revenue because of the frauds. The case of smaller businesses is worse than that. They may end up losing up to 50% more earning if compared with the leading organizations.

These substantial losses are due to bad hires or being fooled by the inexperienced employees through fake experience and other professional qualification documents. 

How can employers save millions of currency via employee verification?

• Missing Background Checks

It is certain that discrepancies are at the grass-root level or, the very time when you onboard a new employee. During that crucial stage, you can prevent this happening through background screening or verification. However, this service is in the nascent stage in India. It is simply because entrepreneurs are not aware of the availability of such verification services.

Despite being aware of the laws associated with background law checks, we have a very little knowledge about these services in India. We have Fox I Vision and many other ones that have been preventing us from bad hires. The only thing is to tap these revolutions that can really help us in saving millions of rupees.

• Being Conscious of Associated Threats

The community of entrepreneurs hardly attends the fact that a wrong hiring can push them behind their competitors. Although a few of them know how massively it can disturb their efficiency and productivity, yet they hardly think about business losses, high attrition rate of good employees, increase in hiring cost and bearing re-training cost. These are, certainly, burdens that keep piling up losses.

Unlike usually, many business tycoons have started off listening to these kinds of complaints. They are taking it no more a generic problem. Rather, their instinct has been completely changed towards seeing these discrepancies. Now, they are trying to administer these grievances to improve productivity and profitability.

• Seriously Carrying Out Background Check

This check is basically connected to the exposure of the previous professional accuracy of the hire. It assists management to finally decide whether or not to recruit the person. This investigation reveals if or not the potential hire was fired or he left the firm on his own, or, were there any management issues or personal reasons. This together with the document check practice helps to presume the new hire is going to be a boon or bane for the company.     In the nutshell, you have a bundle of benefits from these checks about the prospective onboarding in your company. You can simply back off the negatives, which can put an extra burden of re-hiring and re-training cost on your company’s budget. Besides, you get off frauds that scale from fake employment certificate, false salary slip, designation manipulation and exit on a bad note to severe criminal records, as of possessing fake degrees and qualification certificates etc..