Why Verfication required?
Employees are the most valuable assets of the organization. The organizations are focused on hiring the best candidates to achieve growth, turnover and competitive advantage. While hiring attention is on selecting candidates with the required soft and technical skills, there is very limited emphasis on knowing the prospective employee’s background and determining the true identity of the person.
Given the backdrop that terrorists, financial crime groups, narcotics dealers etc. are implanting their resources within the organization for the purpose of obtaining sensitive information or providing their resources a discrete cover, it becomes critical for organization to have proper screening processes.
Secondly, various reports issued by consultancy companies indicate that at a minimum, 20% of candidates submit false or inaccurate resumes. The inaccuracies normally are relating to salary, job title and duties, education etc. Considering this, the honest candidate loses out on the job and a dishonest candidate is selected since reliance is primarily placed on the resume. The pre-employment background screening process also helps in complying with some of the country and industry specific regulations and laws.
An incorrect hire can result in financial, legal, operation and reputation loss and damage. Additionally the organization incurs the cost of hiring, training, etc. If a serious offence is done by the employee there is significant reputation damage and employee morale loss. A well-developed and implemented policy can substantially mitigate these risks and resultant losses.