Introduction
Background checks help the companies improve their quality of recruitment and enhance their productivity. Companies conduct background checks for most key positions they hire for. The global background verification market is estimated to be $100 billion. Due to the increase in cases of identity theft and damages resulting from occupational frauds exceeding $6.3 billion in 2016, background checks are becoming an integral part of the hiring process.
Why Undertake Comprehensive Background Verification
Some of the key benefits of a comprehensive background verification in hiring are as follows:
Better Quality of Hiring
The biggest advantage of a good background check process is that it improves the quality of hiring. It encourages applicants with the right skills and experience and discourages applicants trying to hide information. Due to the increased quality of the pool of applicants, the overall quality of the hiring improves considerably.
Improved Workplace Safety
It is the responsibility of the employers to thoroughly assess whether the employee being recruited is sound for the job. It is the moral and statutory obligation of the employer to provide a safe working environment. They should know if the potential recruits have a shady past, criminal records, or have been involved in other illegal activities. Background checks enable employers to assess if the potential recruits pose any threat to the other employees or customers.
Better Regulatory Compliance
Background checks help the employers improve their regulatory compliance. Thorough background checks can ensure that the employers meet the industry standards and government regulations while hiring for different positions. Not meeting these regulatory compliances can lead to heavy fines and damages for the employers.
Reduced Attrition
A foolproof background verification process leads to the hiring of the right staff. This is critical for the companies to be productive and meet their plans. A wrong hire can be costly and the replacement cost can run up to 5 times the salary of the position being recruited for. Background verification is a sound investment which reduces costs in the long run and increases the productivity.
How Virtual Badging Helps
Virtual badging makes background verification a seamless part of the entire hiring process. it facilitates on-demand background verification of the potential recruits and once the background verification is completed, they are issued Virtual Badges automatically. The background verification should not be a one-time exercise as people may change and new developments may occur which the companies should be aware of. Virtual badging makes the background verification a continuous process and the Virtual Badge issued to the employees may be revoked if the situation demands it. Virtual badging makes the background verification process more comprehensive and efficient.