The Most Complete Business Solution To Reduce Risks Is Background Checks

Background checks on potential employees are usually conducted before a formal offer of employment is made. While doing background checks throughout the hiring process may protect the company from bad headlines, it also protects the company’s assets.

The global background check market is anticipated to increase from US$ 2767 million in 2020 to US$ 3760.9 million by 2027, at a forecasted CAGR of 3.5% from 2022 to 2030.

A thorough background check is a protection that helps employers to choose job candidates with knowledge. Background checks can help you spot potential issues early on rather than expose you to unpleasant situations later.

A background check conducted by an employer that works with a third party is permitted under the Fair Credit Reporting Act (FCRA). A potential employer must notify you in writing of their intentions to acquire a report and must also seek your consent in writing.

How to Conduct a Background Check

1. Create a policy for background checks

Businesses can create standards for a fair, consistent approach more easily when they have a written background check policy. This policy should contain the following details:

  • Which criminal records checks will your company run?
  • When and how these tests will be conducted by the company
  • How the findings of these tests will be used to decide employment decisions
  • Recruiting managers’ and the HR team’s responsibilities in reference to the selection process
  1. Choose a partner for a background check

Concentrate your search on FCRA-compliant partners who can scale with your business and offer a range of screenings to give you the tools you need to make the best hiring decisions.

3. Explain the background check to applicants

It’s critical, as was already mentioned, to inform candidates of any background checks. Additionally, employers are required to provide candidates the aforementioned adverse action notice and obtain their signature on a release form before beginning any screenings.

4. Permission To Clarify

If an applicant’s background check turns up anything that might jeopardize your offer of employment, give them a chance to clarify the situation. Candidates must be given access to the results of their background checks by employers so that they may, if they choose, file a complaint with the background check provider

5. Make a choice

Once you have all the information you require, it is time to choose the strategy that will work best for your company. If the candidate is a good fit, you are prepared to extend an employment offer and prepare for the onboarding process.

Up to 80% of resumes contain false information, according to Dr. John Sullivan’s opinion piece for ERE. Additionally, on average, 57% of them are lies. The worst offenders are undergrads, with 83% of them confessing to lying on their resumes.

What You Will Need In Order To Do a Background Check For Employment

To check the candidate’s online presence for background checks, you might need the candidate’s permission to view their credit report, other documents like their school transcripts, and social media profiles.

  • Social Security numbers verification

By digging up a candidate’s Social Security number, you may determine whether they are being honest about who they are and whether they have the right to work in the country (SSN).

  • Check for Criminal Records

You might need to look into any evidence of a criminal history to make sure the applicants haven’t engaged in dishonest behavior in the past or have warrants out for their arrest right now.

  • Drug Testing

Drug testing could be necessary as part of a background check in order to prevent decreased productivity at work and greater employee turnover rates.

  • Checking credit

Performing a credit check will allow you to confirm the applicant’s name, address, and contact details. You can evaluate their financial responsibility by running a credit check.

This is important, particularly if they want to work in finance or in a role that requires handling money.

  • Employment History

Background checks also corroborate employment history. A fast online search can confirm or disprove the reliability of a company and a candidate’s resume.

Assessment of the Employment Screening Market 2023

The market for employment screening services is predicted to grow at a rate of 12.6% between 2023 and 2028, reaching estimated values of USD 6.76 billion and USD 8.57 billion, respectively.

  1. Potential employers might want to verify your employment history to make sure the information on your CV, which includes the places you’ve worked, the dates you were employed there, your job title, and your pay, is accurate.
  1. Reference checks are frequently absolutely essential for companies to complete the background screening precisely since they provide a whole perspective of the applicant that simply cannot be represented by a resume or employment verification alone.
  1. In 78% of cases, applicants either lied on their applications or considered lying on their resumes. An employment history check can be used to confirm work descriptions, start and end dates, and rehire eligibility.

Proportion Of Reasons In Doing Background Check

Reasons Rate
1. Verify employment qualifications 38%
2. Protect your organization 25%
3. Safeguard customer data and cybersecurity 27% 
4. Maintain legal compliance 29%

How Long Does a Background Check Take?

The usual turnaround time for a background check is three to seven days. Checks are occasionally delayed as a result of incomplete or erroneous check request or release forms. However, it is necessary to complete the majority of the inspections in a week. FBI checks are one exception, however the majority of jobs won’t require that much time. FBI checks can take up to 30 days.

Conclusion

If your firm is looking for a fresh start and a consulting examination of your current screening method, please get in contact with us or visit hedgeBD for a background check that is free of errors and to learn more about our other services to help your business flourish.

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