The Importance of Employee Background Checks for Big Companies

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Background checks have become a standard practice for large companies today. It is estimated that about 90% of all Fortune 500 companies run background checks on potential employees before making a final decision on them.

Background checks are necessary for large companies, especially those that deal with sensitive customer and financial information. It is important to ensure any new or existing employees are not a threat to the company’s safety and security.

The background check process is vitally important and worth the effort. Not only does it help businesses to avoid hiring someone who might potentially be a risk, but it also helps them identify potential risks before they become a problem. 

Background checks are an important part of any hiring process, and ongoing periodic screening of existing employees, and they should not be overlooked or taken lightly.

How Big Companies Implement Background Checks on their Potential Employees

Background checks are often used by large companies to assess the suitability and trustworthiness of their potential and existing employees. They are a necessary part of the hiring process, and ongoing safety of the business organisation. The checking can reveal information about an applicant that might not be as obvious in their resume or job interview.  They help big companies know more about the potential employee and can be used to weed out the applicants who have a criminal record, who might be a flight risk, or who have bad credit. Periodically planned background checks also help to identify any nefarious / inappropriate behaviour in the existing workforce.

Background checks can range from simple to complex. Some background checks may involve verifying past employment, education history, driving records, and credit history. Background checks are often done through an online system that is easy to use and delivers rapid results.

There are 40+ background checks categories, which include:

  • Criminal records checks
  • Character reference checks
  • Financial checks
  • Credit histories
  • Education attainment checks

Top 3 Reasons Why Large Companies Should Consider Hiring a Background Checking Company

Business owners are now realising that they also need to conduct background checks on their employees. There are many reasons why businesses should run periodic background screening on their employees. 

It helps in ensuring that you hire only the best of the best for your company. It helps in avoiding lawsuits and other legal issues that may arise due to the inappropriate behaviour of an employee. Background checks also help in determining whether an employee is a good fit for your company culture.

The top 3 reasons you should hire a background checking company is because they will save you time, they'll help you find the right candidate, and they'll help your company stay compliant with the law. Background checking companies have been providing employers with the necessary information to make the right hiring and workforce decisions. 

A background checking company is a business that specialises in gathering and assessing information about a person's past and providing it to the employer. The information can include criminal records, education, and employment history. Background checking companies are also known as pre-employment screening companies.

Conclusion: Find the Best Background Checking Company for Your Business / Public Sector Organisation

Background checks can be done by hiring a specialised business. The choice of such a specialised background screening business will depend on what type of information you need, how much time you have, and how much money you want to spend.

You should always do your homework before you hire a company and that includes doing a comprehensive check on their solution and services.

The best background checking company for your needs is the one that will provide the information you need fast and in the most effective way possible. They should also have a wide variety of background checks. 

And finally, choose a company which has an automated platform that provides real time updates, and accurate, rapid responses.

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FAQs

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FAQs

What background check do I need?

This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.

Why should employers check the background of potential employees?

Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.

How long do background checks take?

Again, this depends on the type of checks you need. Simple identity checks can be carried out in as little as a few hours but a worldwide criminal background check for instance might take several weeks. A simple pre-employment check package takes around a week. Our account managers are specialists and can provide detailed information into which checks you need and how long they will take.

Can you do a background check online?

All Veremark checks are carried out online and digitally. This eliminates the need to collect, store and manage paper documents and information making the process faster, more efficient and ensures complete safety of candidate data and documents.

What are the benefits of a background check?

In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.

What does a background check show?

Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.

Transform your hiring process

Request a discovery session with one of our background screening experts today.

State of Hiring and Background Checks Discrepancies

Veremark’s 2022 Annual Report is based on the background check data collected from over 100,000 checks from companies and professionals across 6 countries and 5 key industries last year.

This report focuses on the state of hiring and background check discrepancies and is an essential guide to all recruiters and HR professionals conducting hires, background checks and onboarding in 2022.

In this report, we discuss:  

  • What areas and factors can Background Checks discover?  
  • Where did the findings come from by country and sector?
  • Discrepancies by top 5 sectors
    • Fintech and Financial Services      
    • HR, Staffing and Recruiting      
    • Technology and Software      
    • Professional Services      
    • Business Process Outsourcing (BPO)
  • Discrepancies by top 6 countries
    • Estonia      
    • Singapore      
    • United Kingdom      
    • Australia & New Zealand      
    • India      
    • Philippines
Get your own copy!