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Do Background Checks Save Money?

There are so many things to think about during the hiring process. You have to comb through resumes, call references, and interview candidates, looking for the right mix of experience, personality, and skills. So when it comes to doing a background check, it can seem like an extraneous step – and one that costs your business money. But no matter how you slice it, background checks actually wind up saving businesses money – and in more ways than one.

Cut out candidates with criminal backgrounds

The first and most obvious way pre employment screening can save you cash is when it comes to fraud. Hiring somebody with a record of stealing money, defrauding customers or clients, or even violence can cost your company far more money than the cost of a background check. It’s all about risk mitigation: Background employment screenings give you more control over hiring people who don’t have a history of crime.

The real costs of hiring employees

Hiring the wrong person can prove to be very costly for employers. When you have a bad employee, morale can drop significantly as others jump in to pick up the slack. If you’ve hired the wrong person, it can result in missed business opportunities and overall decreased satisfaction from staff and clients. Using a background check lets you weed out potential bad employees from the start. That’s because a verified background check doesn’t just look at criminal records, it also explores references, education, and more. You get a 360-degree view of any potential candidates from square one, so you can rest assured that you’ve made the correct choice.

DIY background checks can be expensive

Many employers believe they can “strike out on their own” and learn about job candidates from social media, online databases, and by calling references. However, there are many regulations and laws put in place to ensure that everyone is treated fairly. When you perform your own background screening checks, you put yourself and your company at risk of being found biased, or even worse, of breaking the law. Make sure you maintain compliance by getting a verified third-party background screening company to perform your employment checks.

 

At the end of the day, the relatively small cost of a background screening check pales in comparison to the risk of the alternatives. Contact us today to see how we can help your business stay safe.

 

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