Every expense a business owner makes comes with an analysis of the return on the investment (ROI). From subscriptions to payroll services to renting office equipment, costs must justify the benefits in the long run. Knowing the ROI of an online background check involves measuring the advantages gained in multiple areas of your business process because of the decisions you made based on that report. Let’s take a closer look at the gains you can achieve by investing in regular background screening as part of your hiring process.
The Society for Human Resource Management (SHRM) states that the average cost for hiring a new employee is roughly $4,129. This cost doesn’t account for bad hire situations that might require letting an employee go and handling the fall out with customer safety or other costly situations. Background check services help employers see red flags and avoid investing time and resources into the wrong candidate.
Consider some of these additional cost-saving benefits of using an online background check service:
Online background check services give you a clear snapshot of your candidate. They save you additional costs related to the expense of turnover by making sure you have hired the right person for the job before they start.
Whether you use a simple online orientation module or have dedicated staff to walk your new hire through their expected duties, training costs time, money, and resources. A comprehensive employee background check can increase the quality of hire and ensure they are the right person for the role. This will cut down on the time it takes to train them, potentially saving thousands of dollars.
Putting cost aside, an effective online background check service helps boost your overall safety and security in the workplace, as well as valuable assets. Workplace violence also impacts your bottom line financially in lost wages and possible lawsuits.
If you make a bad hiring decision, the effect can affect your current employees and their ability to work together as a team. Onboarding an individual who was not honest about their skills and abilities for the job role they fill can add extra work burdens onto the existing staff. This pressure negatively impacts the overall attitude and performance levels of your company.
Hiring managers have an obligation to create and maintain a safe working environment for their employees and are liable for the actions of these team members. It is vital in today’s job market to perform a comprehensive background check to ensure that the criminal, educational, and career history of your new hire is accurate. This crucial onboarding step helps you minimize the risk of many negative consequences like workplace violence, depressed workplace morale, and more.