Background screening ROI calculator

Whether you’re building a business case for screening, or just interested in how partnering with a third-party check provider can benefit your business, this ROI calculator can help you get an idea of the financial impact this type of service can have.
80%
of a company's attrition rate is down to bad hiring decisions i
The cost of replacing an employee is around
150%
of their salary ii
Veremark's screening can reduce the probability of bad hires being made by
25%
Find out how Veremark can help improve hiring outcomes, build a stronger workforce, and help save you money with this calculator.
Company size (no. of employees)
1000
What's your current attrition rate?
10%
Does your organisation carry out its own background checks?
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What's the average salary in your organisation?
$50,000
How many people carry out background checks in your organisation?
10
How many hours per week does each person spend doing them?
5 hours
Calculate
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This figure is calculated from data that shows that 80% of departing employees are down to bad hiring decisions, which equates to around 46 people from the information you've provided here. The cost to replace an employee is around 150% of their salary, meaning an average of $165,000 for your company.

Background screening from Veremark can reduce bad hiring decisions by 25% and remove the HR admin burden of in-house pre-hire and employment checks by 100%.

The above figure shows the potential cost savings in reduced staff turnover and associated costs of re-hiring, training, and onboarding, reduced burden on HR department and improved hiring outcomes.
$4,687,500
is your background screening ROI over 3 years
Compare this figure with Veremark’s pricing
Get a quote now
Guide to ROI on background screening

How do you prove the worth of a background screening program?

Introducing a background screening program into your organization usually means proving its potential benefits to the company’s bottom line. While some checks may be mandatory or industry policy, others may not be - but these are the checks that can provide real-world advantages to how your organization grows and prospers.

Download this guide to discover:

  • The 'soft' benefits of employee screening on your workforce
  • The harder, more tangible benefits - and how to measure them
  • A model and hypothesis based on a medium-sized business
  • The improvements to expect when you start screening your candidates

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.