siliconindia | | April 20179Financial Cost: When cost and speed become the most prevalent hiring metrics, hiring within a certain time period adds pressure, and the mechanisms & processes in place become even more important. Vendor costs 70 percent, background verification 66 percent, referral cost 65 percent and assessments 50 percent account for the top four contributors to the hiring cost across levels. The financial implica-tions of a bad hire have a lasting impact from the time of recruitment through onboarding, but in the matter of senior leadership, it has an impact on the future of the company.Challenges with Mobility & Permeability: With greater permea-bility of companies, talent poaching and mobility across companies and industries, it is more challenging to decipher true backgrounds. In addition, as more executives live, study and work abroad, it has also become increasingly important that employers are able to pro-cure such information.Mitigate Risk with Background Screening: The importance of background screening at a junior level is well known. However, background screening at a senior executive level is more import-ant because of the lasting impact they have on the entire organi-zation. Today, many leading organizations opt for an in-depth, in-vestigative background check, one that goes beyond the standard criminal record searches as well as education and employment verifications, to proactively uncover `the good, the bad and the ugly' about a candidate. For example, it is good practice to conduct financial checks on a candidate to determine if they have negative records regarding bank-ruptcy, credit standing and money laundering, a risk heightened now. Purushotham SalvaniPost demonetizing, many bank employees have been caught opening fake bank accounts, doing irreparable damage to their CVs and the brand & repute of the banks, even prompting suggestions of taking away the banks license. Background screening and finding the correct candidates can avoid such occurrences, taking into consideration the complications that arise because of country-specific complexities. The ideal provider should be highly capable and also up-to-date on the latest laws and legisla-tions governing background screening process. Its primary role is to check candidate creden-tials in a safe and legal manner so that com-panies can continually hire the right talent for their business. The success or failure of any company depends, to a large extent, on the people who govern the leadership positions. Not screening leadership role candidates can have lasting im-pact on the company and its employees. Back-ground screening cannot guarantee business success but it can certainly help ensure that the right leadership is in place; and in an eco-nomic downturn, or a hiring crunch, such con-siderations become specifically crucial which could make all the difference to the survival of a company.
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