Business

It Pays to Pay for Background Checks

At a business, you have to know how to effectively manage your resources. Managing your resources not only involves dealing with machines and equipment, but also with people. Your most valuable resources are your employees; that’s why the department of managing employees is called “human resources”. They are the most important part of a business, but also the most difficult to properly vet.

When you are looking for a new appliance for your office, you can simply look at what capabilities you want in your new appliance. Then you compare what you need with the specifications and capabilities of various options. Once you’ve made a decision, you purchase the appliance. It should act exactly as advertised, or you can have it replaced with a different device. Human beings are much more difficult to assess. You have to spend a lot of time learning how to vet employees and how to interview them to determine which employees will work best for your business.

Background Checks

Hiring employees is difficult because you do not know how they will interact with other employees and how well they can do the job, which is why you demand a resume, recommendations, and so on. These are all supposed to be data points that help you determine how well someone will do. However, you also need to be confident that all of these things are true. If you are hiring someone, it pays to invest in background checks. A HireRight pre-employment background check in Singapore can save your business a significant amount of money.

Savings

On average, a fraudulent employee costs a company about 30% of that employee’s salary. For example, if someone claims to speak Mandarin but they actually don’t, that will end up costing you about 30% of what you would pay that person in a year. It costs you that much because you will likely pay that person for a short amount of time. Plus, you will have to spend the money advertising and interviewing for that position all over again. There will be lost productivity as well.

Recent data has shown that fraudulent hiring behaviour is on the rise in Asia. There are many factors for this rise in fraud. One of them is the rising prominence of international students and online schooling. It’s much easier now to falsify a degree since there are so many schools around the world. Furthermore, there are more ways now to falsify credentials simply by producing forgeries. Employees can go online and find someone to forge documents for them, or they can simply make them with computer programs. These fraudulent employees could cost you a lot of money.

Recent research has found that one-third of job applications in East Asia contain fraudulent information. Such information could be something as benign as someone’s actual degree program, or something as large as work experience. The only way to know for sure is to hire someone to do a thorough background check on your potential employees. Such research will find anything they are attempting to falsify or hide. You’ll then be able to hire a new employee with knowledge that you are getting a great employee.

 

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