Why Run Background Checks?
Common sense tells us that screening potential associates helps us to protect our assets, clients, and reputations. But what do the numbers say?
If you’re on the fence about screening your candidates, consider these statistics before playing the odds.
A Game of Numbers
- How much do you think it costs to replace an employee? Of course it depends on a number of factors, but on average, it will cost $7K to replace a regular salaried employee, $10K for mid-level, and a whopping $40K to replace a senior executive.
- One of the key things employees are trying to avoid when they run background checks is the possibility of litigation down the line. Did you know that employers lose 72% of all negligent hiring suits and the average award in these suit is $3 million? Yikes.
- Double check all resume claims! Over 85% of resumes include errors, omissions, and falsifications, while 34% contain outright lies (11% of applicants fudged the details about why they left former employers.)
- Would you believe that 30% of business failures is due to some form of employee theft? About 15% of applicants admit to internal theft of merchandise, 4.4% admit to theft of cash.
Statistics for At-risk Industries
Criminal records and sex offender registries are especially important resources for hiring managers in the health and child care industries. Clients for these industries are the most vulnerable of our communities: children, the elderly, and home care patients. Did you know that:
- There are over 400,000 new sexual assault victims each year?
- While there are over 550,000 registered sex offenders in the U.S., it’s estimated that over 100,000 have failed to register?
Work with Trusted Background Check Providers
It is vitally important to work with thorough and verified providers. Contact VICTIG to learn more about your options.